NEW YORK (AP) — Stocks are higher on Wall Street after the European Central Bank surprised traders by trimming its main interest rate to a record low and announcing it will purchase asset-backed securities in an effort to stimulate the region’s economy. Investors also have some encouraging news on the U.S. economy, with private surveys showing services firms expanded at the fastest pace on record last month while private businesses added jobs at a healthy pace.
WASHINGTON (AP) — The Institute for Supply Management says U.S. services firms continue to expand. Its services index rose to 59.6 last month, with 15 of 17 industries reporting growth. Only mining and arts, entertainment and recreation contracted in August. The ISM survey covers businesses that employ 90 percent of the American workforce, including retail, construction, health care and financial services firms.
NEW ORLEANS (AP) — A federal judge has ruled that BP acted “recklessly” and bears most of the responsibility for the worst offshore oil spill in U.S. history. The decision could cost BP roughly $18 billion in additional penalties. BP’s market value plummeted by $7 billion after the ruling, with shares down 5 percent in afternoon trading. BP already agreed to pay billions in criminal fines and compensation to people and businesses affected by the disaster. It says it will appeal today’s ruling.
NEW YORK (AP) — Google has agreed to pay full refunds totaling at least $19 million to consumers who were charged for purchases that children made without parental consent. The Federal Trade Commission says since 2011, consumers reported hundreds of dollars of charges children made by clicking on popup boxes within kids’ apps downloaded from the Google Play store. The charges range from 99 cents to $200.
WASHINGTON (AP) — Mortgage rates remain at a 52-week low. Freddie Mac says the average rate on a 30-year fixed mortgage rate is 4.10 percent for the third straight week. The average for a 15-year mortgage, a popular choice for people who are refinancing, slipped to 3.24 percent.
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