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US stock indexes end mostly higher after volatile day
NEW YORK (AP) — Investors rode out another turbulent day on Wall Street Thursday that kept stock indexes flipping between gains and losses until a late-day bounce gave the market a modest gain. Major U.S. indexes spent much of the day reacting to big moves in U.S. government bond yields, which fell sharply in the early going and then recovered some of their decline by mid-afternoon. Bonds have been among the loudest and earliest to cry out warnings about the economy.
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Walmart delivers big in 2Q
NEW YORK (AP) — Walmart offered a dose of optimism amid growing concerns over weakening economic growth by raising its annual outlook after a strong second quarter. Sales at stores opened at least a year rose 2.8%, its 20th consecutive quarter in the right direction as the world’s largest retailer continues to expand its grocery delivery services
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US retail sales rise strongly in sign of consumer optimism
WASHINGTON (AP) — U.S. consumers spent more at retail stores and restaurants in July, a sign that concerns about slower global growth that have roiled financial markets haven’t dampened consumer confidence. The Commerce Department says retail sales increased a healthy 0.7% last month, after a 0.3% gain in June.
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China threatens retaliation if US tariff hikes go ahead
BEIJING (AP) — China has threatened to retaliate if U.S. tariff hikes planned for Sept. 1 go ahead. The government says it will take “necessary countermeasures” but gave no details. President Donald Trump says he plans to impose 10% duties on an additional $300 billion of Chinese imports in a fight over trade and technology. The Chinese announcement made no mention of Trump’s decision to postpone some of the penalties until Dec. 15.
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US makes new push for graphic warning labels on cigarettes
WASHINGTON (AP) — The U.S. Food and Drug Administration is making a new push to add graphic images to cigarette packets. Regulators on Thursday proposed adding images of blackened lungs, cancerous tumors and other diseases to all cigarette pack to discourage Americans from lighting up. The FDA’s last attempt to require graphic warning labels was defeated in court by the tobacco companies.
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Whistleblower accuses GE of fraud, misleading investors
NEW YORK (AP) — A whistleblower who warned regulators about Bernard Madoff’s Ponzi scheme is now accusing General Electric of misleading investors, sending the company’s stock on a downward spiral. Investigator Harry Markopolos accused GE of engaging in accounting fraud worth $38 billion. He says the company is hiding $29 billion in long-term care losses and heading for bankruptcy. GE stood behind its financial reporting Thursday, calling Markopolos’s claims unsubstantiated and meritless.
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As bond yields fall, S&P 500 dividends could lure investors
NEW YORK (AP) — With bond yields plunging because of worries about the global economy, investors might turn their attention to companies in the S&P 500 paying some juicy dividends. The yield on the 10-year Treasury has been steadily falling all year and stood at 1.58% as of Wednesday. Meanwhile, the S&P 500 is offering a dividend yield of 2% overall.
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US industrial output fell 0.2% in July as factories struggle
WASHINGTON (AP) — U.S. industrial production fell 0.2% in July, as factory activity slumped in a worrisome sign for the economy. The Federal Reserve says manufacturing production declined 0.4% last month. Output decreased for autos, fabricated metals, wood products, textiles and plastics and rubber products. Over the past 12 months, factory production has fallen 0.5%.
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Venezuela’s Maduro battles for control of US-based refinery
CARACAS, Venezuela (AP) — Venezuela’s government has nullified the newly named board of the country’s prized Citgo refineries in the U.S., saying opposition leaders had no right to appoint them. The opposition-run National Assembly appointed the 15-member Citgo board early this year after congress leader Juan Guaidó declared presidential powers, arguing that President Nicolas Maduro’s re-election was illegitimate.
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JCPenney halves losses, will begin selling used clothing
NEW YORK (AP) — Shares of J.C. Penney surged after the ailing department store cut its quarterly losses in half and announced that it would begin selling used clothing to staunch fading sales. Retailers have been searching for ways to get people back into its stores in the decade since the global economic downturn altered consumer behaviour, a period that has run parallel with the ascent of Amazon.com. The company said it will begin selling used clothing in 30 locations.
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Tapestry offers downbeat outlook and its stock tumbles
NEW YORK (AP) — Tapestry Inc.’s shares lost nearly a quarter of their value after the fashion company said that it would have an unexpected drop in profits and revenue in the current quarter. The New York-based company, which owns the Coach, Kate Spade and Stuart Weitzman labels, said it expects its revenue in the current quarter to be slightly below the prior year and its earnings to decline on a year-over-year basis. Its business is mainly being dragged down by the Kate Spade brand, which it bought in 2017.
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The S&P 500 rose 7 points, or 0.2%, to 2,847.60. The Dow Jones Industrial Average gained 99.97 points, or 0.4%, to 25,579.39. The Nasdaq composite dropped 7.32 points, or 0.1%, to 7,766.62, while the Russell 2000 index of smaller companies lost 5.87 points, or 0.4%, to 1,461.65.
The Associated Press
