NEW YORK (AP) — Stocks are broadly lower this morning. Banks are returning some of their gains after a surge last week on rising interest rates. And meat producer Tyson Foods is falling after avian flu was discovered at a supplier's farm. The Dow was down close to 90 points, while the broader indexes are seeing heavier losses.
WASHINGTON (AP) — U.S. businesses increased their orders in January. The Commerce Department says factory orders rose 1.2 percent, led by a jump in demand for aircraft. Orders had risen 1.3 percent in December. However, a category that serves as a proxy for business investment edged down 0.1 percent in January after three months of solid gains.
NEW YORK (AP) — A bird flu outbreak at a Tennessee chicken farm has led to more than 73,000 chickens being destroyed. The U.S. Department of Agriculture says 30 other farms within a six-mile radius are being quarantined. The breeder supplies Tyson Foods. Tyson says it does not expect its chicken business to be disrupted.
WASHINGTON (AP) — White House trade adviser Peter Navarro says a reducing America's huge trade deficits will deliver stronger economic growth and improve national security. Speaking at an economics conference, Navarro argues that China and other trading partners use the proceeds from export sales to buy U.S. companies and technology, which erodes America's self-reliance. Navarro dismisses the argument that cracking down on imported goods would raise prices for American consumers, calling the idea "elitist." He says "modest inflation" would be a worthwhile price to pay for saving and creating U.S. jobs.
PARIS (AP) — General Motors is selling its unprofitable European car business. The French maker of Peugeot will buy the German Opel brand and Britain's Vauxhall in a $2.3 billion deal. The brands last made a full-year profit in 1999, and have lost $20 billion since.