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NEW YORK (AP) — Trading has been light on Wall Street today, where stocks have been drifting lower. There's been little fresh economic data to offset the reports of sluggish growth that have weighed on the market this week. The Dow was down about 70 points in afternoon trading. The S&P 500 is also down, while the Nasdaq has been hovering between positive and negative territory.
WASHINGTON (AP) — Consumer confidence is edging upward. The University of Michigan says its index of consumer sentiment has risen to 82.5 this month. The survey was conducted before the government this week revised its estimate of how much the economy shrank in the first quarter to 2.9 percent. The survey did find that steady hiring is improving American's finances, with 40 percent of respondents saying their finances had improved in June, the most in seven years.
NEW YORK (AP) — A federal judge in New York has ordered The Bank of New York Mellon to return a $539 million payment from Argentina. The bank says it received the money for distribution to bondholders who had exchanged their bonds for lesser value ones. But U.S. District Judge Thomas P. Griesa has declared the payment illegal. He's imploring Argentina to negotiate a deal with lawyers for U.S. hedge funds who are demanding the full $1.65 billion they are owed. Argentina's next payment to creditors is due Monday.
NEW YORK (AP) — Michaels' stock has returned to public markets. The arts and crafts store operator priced an initial public offering at $17 per share today, at the low end of its predicted range. Shares were down in morning trading, but have since moved higher. Michaels' IPO was delayed two years after its CEO resigned following a stroke. The Irving, Texas, company raised $472 million from today's offering.
MINNEAPOLIS (AP) — President Barack Obama is blasting Republicans in Congress, saying their efforts to thwart his economic agenda are leaving intact a system "rigged" against American families. Speaking to a crowd in Minneapolis, Obama said he's been taking what steps he can on his own because Republicans have blocked or voted down "every single serious idea" to help the middle class, including raising the minimum wage and extending unemployment benefits. House Speaker John Boehner has announced plans to sue the president for exceeding his authority.
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