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NEW YORK (AP) — Major stock indexes have been slightly higher in afternoon trading as the market comes off a three-day losing streak. The stock market has drifted lower over recent weeks as investors speculate about the Federal Reserve's next move. Many think the Fed will raise its benchmark interest rate later this year for the first time since the Great Recession. A solid jobs report on Friday suggested that the economy has started to recover from its winter slump.
DALLAS (AP) — Airlines stocks are down again after disappointing monthly reports from American and Southwest, which suggests that airlines are losing the ability to raise prices. American lowered its second-quarter forecasts for a key revenue figure and pretax margins today. Southwest says that same key revenue number fell 6 percent in May, and CEO Gary Kelly says the airline is beginning to scale back its planned flying in the second half of the year because the economy is weaker than expected.
NEW YORK (AP) — Millions of fliers might soon need to buy new carry-on suitcases. Global airlines today announced new guidelines that would shrink the size of bags allowed on planes. It's part of an effort to free up space in packed overhead bins. Under the new guidelines set by the airlines' trade group, the International Air Transport Association, bags could be no larger than be 21.5 inches tall by 13.5 inches wide by 7.5 inches deep. That's smaller than the current maximum size allowed by U.S. airlines: 22 inches by 14 inches by 9 inches.
WASHINGTON (AP) — House Republicans are proposing a spending bill that cuts the budget at the Environmental Protection Agency by 9 percent and tries to prevent the Obama administration from enacting several regulations. The bill would reduce the EPA workforce to 15,000 people, the same level as in 1989. Among the key regulations Republicans seek to squelch are EPA efforts to cut carbon dioxide emissions from coal plants and to better protect small streams and tributaries. The GOP has heard from industry groups that the additional regulations would make it harder for businesses and farmers to operate.
WASHINGTON (AP) — Hillary Rodham Clinton and her Democratic presidential rivals are holding a series of private meetings with labor leaders in hopes of landing union endorsements that would bring organizational muscle and money to their 2016 campaigns. Clinton and former Maryland Gov. Martin O'Malley met Monday with board members of the American Federation of State, County and Municipal Employees. Vermont Sen. Bernie Sanders met the public service workers union today.
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