NEW YORK (AP) — Stocks are flat in afternoon trading on Wall Street as investors digest second-quarter results from companies including Facebook, Ford and Caterpillar. Investors also have two economic reports to interpret. The Labor Department reported weekly applications for unemployment aid dropped to the lowest level since February 2006, while new home sales plunged 8.1 percent in June.
WASHINGTON (AP) — The International Monetary Fund foresees the global economy expanding less than it had previously forecast this year, slowed by weaker growth in the United States, Russia and developing economies. The lending organization says global growth will be 3.4 percent in 2014, below its April forecast of 3.7 percent.
NEW YORK (AP) — All three U.S. airlines serving Israel are resuming flights to Tel Aviv today, following a two-day hiatus caused by combat in the Gaza Strip. United Airlines was the first to announce the resumption of flights after the Federal Aviation Administration lifted its ban on U.S. flights in and out of Israel. Delta Air Lines and US Airways are also restarting their once-daily flights.
WASHINGTON (AP) — Morgan Stanley has agreed to pay $275 million to settle civil charges that it misled investors about risky mortgage bonds it sold ahead of the 2008 financial crisis. The Securities and Exchange Commission says the money will go to investors who were harmed. The SEC says Morgan Stanley failed to accurately disclose the delinquency status of home mortgages backing two securities deals that it financed and sold in 2007. The bank isn’t admitting or denying the allegations.
WASHINGTON (AP) — Average long-term mortgage rates have barely changed this week. Mortgage company Freddie Mac says the nationwide average for a 30-year loan is 4.13 percent, unchanged from last week. The average for the 15-year mortgage has edged up to 3.26 percent from 3.23 percent last week. Mortgage rates are below the levels of a year ago.
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