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NEW YORK (AP) — Stocks are lower in afternoon trading on Wall Street, led lower by banks. As corporate earnings season picks up the pace this week, Goldman Sachs and Citigroup each reported profits that beat analysts' expectations, while also saying their stock trading businesses struggled.
WASHINGTON (AP) — Treasury Secretary Steven Mnuchin (mih-NOO'-shin) says that the Federal Reserve's independence is important globally, while refusing to comment on President Trump's latest attack on the Fed. Trump tweeted yesterday that if the Fed had done its job properly, the stock market would be 5,000 to 10,000 points higher and overall growth would have been "well over" 4% last year instead of 3%.
NEW YORK (AP) — Ride-hailing giant Lyft has pulled 3,000 electric bikes off the streets after customers complained the bikes were braking too hard. Lyft removed electric bikes from its New York, San Francisco and Washington, D.C. markets, saying the company was aware of reports of injuries, but would not specify the number of complaints it had received. Some riders complained via Twitter of being thrown over the handlebars after hitting the brakes.
FRANKFURT, Ky. (AP) — An aluminum company planning to build a $1.7 billion plant in Appalachia is forming a partnership with a Russian company that until recently faced U.S. sanctions. Russian aluminum giant Rusal wants to invest $200 million in an aluminum rolling mill that Braidy Industries intends to build near Ashland, Kentucky. The U.S. Treasury Department removed Rusal from its sanctions list in January.
WASHINGTON (AP) — Federal lawmakers say they'll approve badly needed funding for Washington's transit system, but only if it avoids buying new rail cars from China. U.S. Senators from Virginia and Maryland proposed the idea in new legislation. It reflects concerns that China's state-owned rail company could hurt American manufacturers and make the system vulnerable to cyberespionage.
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