NEW YORK
Renewed Europe fears push stocks down again
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A spike in borrowing costs for the Spanish government renewed worries about Europe’s debt crisis and pushed stocks lower for the second day in a row.
A stalemate in Congress over cutting the budget deficit also pulled the market down Thursday. Technology stocks sank after NetApp and Applied Materials predicted weaker earnings.
In Spain, an auction of 10-year bonds left the country paying interest rates of nearly 7 percent, the highest rate since 1997. Economists see that level as unsustainable because it would make the interest payments on Spain’s debt so high that the government would barely be able to afford them.
The Dow Jones industrial average dropped 134.86 points, or 1.1 percent, to close at 11,770.73. The Standard & Poor’s 500 index lost 20.75, or 1.7 percent, to 1,216.16. The Nasdaq slid 51.62, or 2 percent, to 2,587.99.
CHICAGO
Man says Southwest owes him 45 free drinks
A Chicago area man claims Southwest Airlines owes him 45 free drinks.
Adam Levitt has filed a federal lawsuit against the discount carrier over what he calls a breach of contract.
Levitt says for years he booked flights for the Business Select class, which gave travelers drink coupons worth $5 with no expiration date. But the lawsuit claims Southwest changed its policy last year saying Business Select travelers could only use coupons on the day of travel printed on them.
Levitt says his coupons are now worthless and his lawsuit includes copies of each of the 45 free drink coupons he claims he’s owed.
$21.7 billion order more good news for Boeing
Boeing is starting to fly right.
An Indonesian airline’s commitment to buy $21.7 billion worth of new planes is the latest good news for the company after a year when some things could have gone better.
Earlier this week, Emirates Airlines ordered $18 billion worth of 777s. Both deals come shortly after Boeing finally began delivering its two newest planes, the next-generation 787 and the latest version of the iconic 747.
“This order is a big deal,” RBC Capital Markets analyst Robert Stallard wrote in a research note to clients. The deal “gives a meaningful boost to Boeing’s backlog.”
— From news wire reports
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