Stocks fall as fears of a long shutdown mount
NEW YORK — Wall Street to Washington: end the shutdown and move on.
The U.S. stock market ended lower Wednesday as traders, Europe’s central banker and Wall Street CEOs urged Congress to stop the two-day government shutdown.
Wall Street made it clear the longer the budget fight drags on, the more its bankers worry about significant damage to the economy and the possibility that Congress won’t allow the government to borrow more. The financial market sees that as a disastrous move that could send the U.S. into recession.
The Dow Jones industrial average fell as much as 147 in the first hour of trading. It ended the day down 58.56 at 15,133.14. The S&P 500 fell 1.13 to 1,693.87. The Nasdaq declined 2.96 to 3,815.02.
ADP say job growth in Sept. seen as lackluster
WASHINGTON — U.S. businesses added just 166,000 jobs in September, only slightly more than the previous two months. The lack of improvement in hiring, along with the threat of a prolonged government shutdown, could help persuade the Federal Reserve to delay scaling back its stimulus.
Payroll company ADP said Wednesday private employers added just 159,000 jobs in August and 161,000 in July. Both were lower than the previous estimates.
The figures are taking on greater importance because they may be the only measure of the September job market for some time. The idled Labor Department will likely delay its report scheduled for Friday.
Southwest fires captain over hard NYC landing
DALLAS — Southwest Airlines has fired the captain of a plane that landed so hard at New York’s LaGuardia airport that its nose gear collapsed.
A spokeswoman said the airline terminated the captain last week after it finished its review of the July incident, in which 16 people were hurt.
The airline has not publicly identified the pilots. It has said a nose-first landing violates its procedures.
Beanie Babies creator sobs and pleads guilty
CHICAGO — The billionaire who created Beanie Babies broke down crying in court Wednesday as he pleaded guilty to one count of tax evasion for hiding $25 million in income in secret Swiss bank accounts.
H. Ty Warner, 69, also apologized as he stood before a judge in Chicago, removing his designer tortoise-shell glasses and wiping away tears as he struggled to regain his composure.
The toy-maker’s plea deal says guidelines call for a prison term of around four years — a calculation that makes it likely he’ll serve time behind bars. It also requires he pay a $53 million civil penalty.
Enterprise Holdings to hire 11,000 full timers
ST. LOUIS — Enterprise Holdings, the nation’s largest rental car company, plans to hire 11,000 new full-time workers by the middle of next year, the company said Wednesday.
The hiring is expected to be complete by July 31, and could boost the company’s workforce to more than 80,000, depending on attrition, company executive Marie Artim said.
Enterprise Holdings operates Enterprise Rent-A-Car, Alamo Rent A Car and National Car Rental. Its overall fleet includes 1.3 million vehicles at 8,200 rental stores.