Indexes lower for the third straight day
Investors were in a selling mood at the end of a mostly subdued week of trading, sending U.S. stocks lower for the third day in a row Thursday. Energy stocks led the broad decline, which gathered momentum in the final hour of trading ahead of the long Easter holiday weekend. The slide marked the lowest close for the stock market since Feb. 13 and came on a day when several major banks reported their latest quarterly results, kicking off the company earnings season. The Standard & Poor’s 500 index slid 15.98 points, or 0.7 percent, to 2,328.95. The Dow Jones industrial average fell 138.61 points, or 0.7 percent, to 20,453.25. The Nasdaq composite index lost 31.01 points, or 0.5 percent, to 5,805.15. Small-company stocks fell more than the rest of the market. The Russell 2000 index lost 13.96 points, or 1 percent, to 1,345.24. Benchmark U.S. crude rose 7 cents to close at $53.18 per barrel in New York.
Report: Uber secretly tracked Lyft drivers
A new report said Uber used a secret program dubbed “Hell’ to track Lyft drivers to see if they were driving for both ride-hailing services and otherwise stifle competition. It’s the latest in a series of troubles for Uber, which is also dealing with executive departures and accusations of sexism and sexual harassment. Only a small group of Uber employees, including CEO Travis Kalanick, knew about the program, according to a story in the Information, which was based on an anonymous source who was not authorized to speak publicly. The program was discontinued in early 2016, according to the report.
FOOD AND DRINK
Big financial bump for McDonald’s CEO
McDonald’s CEO Steve Easterbrook’s total compensation nearly doubled to $15.4 million last year, his second full year in the top job, according to a Securities and Exchange Commission filing Thursday. Easterbrook has been widely credited with setting the world’s largest burger chain on a path to growth after several challenging years, through the introduction of promotions like all-day breakfast and putting a renewed emphasis on food quality and taste.