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Latest Business News: U.S. Stocks Slump

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Latest Business News: U.S. Stocks Slump

Latest Business News: U.S. Stocks Slump
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Latest Business News: U.S. Stocks Slump

by Wochit 1:04 mins

Stocks sold off as a continued rise in Treasury yields and a steep tumble in Chinese stocks fueled further weakness. Delta Air Lines said that it has completed its purchase of a 49 percent stake in British airline Virgin Atlantic.The two carriers plan to start cross-selling seats on each other's flights in July. Erste Group Bank reversed guidance from just two months ago, saying it plans a cash call to help repay emergency state funding and that operating profit will fall this year rather than hold steady. Its stock fell almost 10 percent, roughly matching what analysts say will be the extent of earnings dilution from the new shares. Central and eastern Europe's No. 3 lender said it will raise about 660 million euros ($867 million) in equity in the third quarter and that operating profit will fall as much as 5 percent this year.

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