TICKER: Pilots union at American Airlines says it’s seeing more safety and maintenance issues; Wall Street slumps as rising yields crank up the pressure
The pilots union at American Airlines says there has been “a significant spike” in safety issues at the airline, including fewer routine aircraft inspections and shorter test flights on planes returning from major maintenance work.
The union also says it has seen incidents in which tools were left in wheel wells and items were left in the sterile area around planes parked at airport gates.
A spokesman said Monday that union officials have raised their concerns with senior managers at the airline and were encouraged by the company’s response. American, which is based in Fort Worth, Texas, did not immediately comment on the matter.
Wall Street slumps as rising yields crank up the pressure
U.S. stocks slumped Monday after higher yields in the bond market caused by a strong U.S. economy cranked up the pressure on Wall Street.
The S&P 500 tumbled 1.2%, following up on its 1.6% loss from last week, which was its worst since October. The Dow Jones Industrial Average dropped 248 points, or 0.7%, and the Nasdaq composite slumped 1.8%.
Stocks had been solidly higher earlier in the day, as oil prices eased with hopes that international efforts to calm escalating tensions in the Middle East may help. But Treasury yields also spurted upward following the latest report on the U.S. economy to blow past expectations.