NEW YORK (AP) — Stocks are slightly lower in afternoon trading after the S&P 500 and the Dow closed last week at record highs. One analyst says the stock market may be entering the “summer doldrums.” Scott Wren at Wells Fargo Advisors says after the recent string of gains, “a week or two of consolidation isn’t anything out of the ordinary.” The S&P 500 has gained for four of the past five weeks and is up 6 percent for the year.
WASHINGTON (AP) — The Supreme Court is making it tougher for investors to join together to sue corporations for securities fraud. In a unanimous ruling, the justices say companies should have a chance at the early stages of a lawsuit to show that any alleged fraud was not responsible for a drop in the company’s stock price. The ruling is a partial victory for Halliburton Co., which is trying to block a class-action lawsuit claiming the energy services company inflated its stock price.
DETROIT (AP) — A recall of defective air bags is spreading to more manufacturers. BMW, Chrysler, Ford, Honda, Mazda, Nissan and Toyota will all recall cars at the U.S. government’s request because their air bag inflators could rupture. If that happens, the air bags might not work properly in a crash, and shards could fly out and cause injury. The air bags are made by Japanese supplier Takata. The government estimates more than 1 million vehicles in the U.S. could be affected.
WASHINGTON (AP) — President Barack Obama says many American women can’t even get a paid day off to give birth. The United States is the only industrialized nation that doesn’t mandate paid leave for mothers of newborns, and Obama says that’s not a list he wants to be on. He’s convened what the White House is calling a summit on working families to push employers to adopt family-friendly policies. However, so far, the president has not backed legislation that would raise payroll taxes to cover the costs of paid family leave.
RIO DE JANEIRO (AP) — Brazil may have been looking for an economic boost from the tourism and attention generated by the World Cup. But that’s not how it’s playing out for some. A group that represents Brazil’s goods, services and tourism industries says those sectors stand to lose $13.5 billion during the Cup. They says it’s a result of a decline in business and because businesses have to pay double to any employees required to work on days decreed as holidays because of soccer matches.
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