The U.S. Justice Department said on Wednesdays that it had filed a civil rights lawsuit against Ferguson, Missouri, to enforce a police and court reform plan after the city said it wanted to amend some aspects of a consent decree it reached with the federal agency. The Justice Department initiated a civil rights investigation into Ferguson's policing and court practices after an unarmed black teenager was killed by a white police officer in 2014. It resulted in a report that was extremely critical of Ferguson's police and court systems.
The Dow and S&P 500 posted their fourth straight day of losses while the Nasdaq ended its three-day down streak. The market had traded higher for much of the session after Yellen told Congress she does not expect the central bank to reverse the rate hike program it began in December. "The market was strong (early in the day) because Janet Yellen confirmed the fact the Fed would go very slow on rate hikes because the economy was showing some signs of sluggishness," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
By Sue Britt and Julia Edwards FERGUSON, Mo/WASHINGTON (Reuters) - City officials in Ferguson, Missouri said on Wednesday they want to negotiate with the U.S. Justice Department over police reforms, after voting to amend an agreement born of seven months of talks with the federal government. Mayor James Knowles told a press conference that reforms had to be affordable and attainable. Ferguson's city council voted on Tuesday to accept the reform agreement, called a consent decree, subject to conditions, including that it not be required to increase police officers' pay and police staffing levels.