NEW YORK (AP) — U.S. stocks are falling in afternoon trading as investors await corporate earnings reports this week. Technology and small companies have fallen sharply. The Dow Jones industrial average dropped below 17,000 for the first time since crossing that threshold last week on news that employers have been hiring more.
FLINT, Mich. (AP) — A second Michigan city with strong auto industry bonds could be on the brink of beginning the same process. Much like Detroit, Flint, Michigan, also has suffered a spectacular drop in population and factory jobs, and a corresponding rise in property abandonment. Flint’s state-appointed overseer says the city can forestall bankruptcy with imposed cost-cutting and tax- and fee-increases. But he’s concerned it would have to seek court relief if a judge rules against cutting retiree health benefits.
FORT WORTH, Texas (AP) — The CEO of American Airlines says travel demand is still strong and he is not worried about airlines adding so many flights that they will drive down prices. American Airlines Group Inc. CEO Doug Parker says airlines can charge profitable fares even as they add seats, which is different than in past years, when they were losing money. Air France-KLM, on the other hand, lowered its 2014 earnings forecast because overcapacity on international flying is hurting profits. Last month, Deutsche Lufthansa AG issued a similar warning.
DETROIT (AP) — Ford is recalling 100,566 vehicles in North America for various safety defects. The company announced the six separate recalls today. No injuries related to the defects have been reported. Ford will notify owners and dealers will repair the vehicles for free.
WASHINGTON (AP) — U.S. employers advertised more jobs in May than in any month in the past seven years, a sign that this year’s strong hiring trend is likely to continue. Employers posted 4.64 million jobs, a 3.8 percent increase from April’s total of 4.46 million, the Labor Department said Tuesday. That’s the fourth straight strong gain and is the highest number since June 2007.
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