Business Highlights: China tries to defuse concerns over economy; US mortgage rates at 20-year highs

  • 📰 AP
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 51%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Business Highlights: A summary of the day’s top stories in the business world.

NEW YORK — Wall Street fell for a third straight day as rising yields in the bond market keep cranking up the pressure. The S&P 500 lost 0.8% Thursday, with August on track to be its worst month of the year by far. The Dow fell 290 points, or 0.8%, and the Nasdaq composite gave back 1.2%. Stocks broadly have retreated in August, in part because a swift rise in bond yields is forcing a reassessment of how much to pay for them.

NEW YORK — The average long-term U.S. mortgage rate jumped this week to its highest level in 20 years. That’s grim news for would-be homebuyers already facing high home prices caused a lack of supply. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan jumped to 7.09% from 6.96% last week. That’s the highest since April of 2002, when the average rate clocked in at 7.13%.

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 728. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Exclusive: Tyson Foods plans to sell China poultry business -sourcesU.S. meat and processed food maker Tyson Foods plans to sell its China poultry business, three people with knowledge of the matter said, in the latest case of a multinational firm looking to divest from the country in recent years.
Source: Reuters - 🏆 2. / 97 Read more »