US stocks end turbulent week with broad gains
NEW YORK (AP) — Stocks around the world jumped Friday to cap another tumultuous week. Technology stocks and banks drove the broad rally. Bond yields rose. Investors have been frantically trying to rejigger their predictions about whether the U.S.-China trade war and slowing global economies will drag the U.S. into a recession. That’s resulted in volatile markets. This week the Dow Jones Industrial Average had four days where it rose or fell by more than 300 points — with an 800-point drop thrown into the mix.
US home building fell 4% in July, slowing housing market
WASHINGTON (AP) — The pace of U.S. home construction fell a sharp 4% in July despite strong demand from would-be buyers, held back by a shortage of skilled labor and affordable land. Housing starts slipped last month to a seasonally adjusted annual rate of 1.19 million units. So far this year, housing starts have declined 3.1%. Though there was a slight 1.3% uptick in the construction of single-family homes last month, the gain was offset by a 17.2% plunge in the apartment category.
Hong Kong cuts taxes to shore up economy amid protests
HONG KONG (AP) — Hong Kong has promised tax cuts and subsidies to reverse an economic slowdown that has been aggravated by anti-government protests. The territory’s financial secretary cut this year’s official economic growth outlook to 0 to 1%. Hong Kong’s economic growth already was declining before anti-government protests disrupted tourism and retail sales. Hurt by the plunge in U.S.-Chinese trade, growth already was declining before protests erupted over a proposed extradition law and other grievances.
Cathay Pacific CEO resigns after Beijing pressure
HONG KONG (AP) — The CEO of Cathay Pacific Airways has resigned following pressure by Beijing on the Hong Kong carrier over the participation by some of its employees in anti-government protests. Cathay Pacific said the airline needs to “reset confidence” after its commitment to safety was “called into question.” Rupert Hogg became the highest-profile corporate casualty of Chinese pressure on companies to support the ruling Communist Party’s position.
California’s 113-month job growth ties record set in 1960s
SACRAMENTO, Calif. (AP) — California officials have announced that job growth in the world’s fifth largest economy is now in its 113th month, tying the expansion of the 1960s as the longest on record. But a trade war with China could threaten to derail California’s growth.
Trump appoints student loan industry exec to watchdog job
NEW YORK (AP) — The Trump administration is appointing a longtime student loan industry executive to be the government’s top watchdog for the $1.5 trillion student loan market. Robert Cameron, the new student loan ombudsman, previously worked for the Pennsylvania Higher Education Assistance Agency, which has been cited in the past for poor industry practices.
New York pursuing Sacklers’ financial records in opioid case
NEW YORK (AP) — New York is demanding that companies connected to the Sackler family hand over financial records as the state tries to trace where money made from opioid sales ended up. The state is sending subpoenas to investment advisers and companies linked to the family that owns OxyContin maker Purdue Pharma. Most states are suing Purdue over the opioid crisis, and several are also suing the Sackler family.
Mormon church warning: Beware of those fancy coffee drinks
SALT LAKE CITY (AP) — The Church of Jesus Christ of Latter-day Saints has issued a warning to members that coffee is prohibited no matter how fancy the name, vaping is banned despite the alluring flavors and marijuana is outlawed unless prescribed by a competent doctor. The new guidance in the August issue of a church youth magazine doesn’t include fundamental changes to the religion’s strict health code, but the clarifications seem to reflect growing concern about adherence to the rules.
Flooding, a trade war and Deere cuts outlook again
NEW YORK (AP) — Deere & Co. is cutting its profit expectations for the year as beleaguered farmers and an escalating trade war with China cut into sales. Widespread and heavy flooding severely delayed planting this year for thousands of farmers. China this month abruptly cut off purchases of U.S. farm products in protest of tariffs and tariff threats from the Trump administration.
Beer named for Pacific island nuke test site draws criticism
HAGATNA, Guam (AP) — A Texas-based company is facing criticism for naming a beer after the location of nuclear tests that resulted in contamination of a Pacific island chain. The Pacific Daily News reported Manhattan Project Beer Company is under scrutiny by Marshall Islanders who were exposed to high levels of radiation by U.S. government research from 1946 to 1958. The company says it has several beers with nuclear themes. Islanders say the names are insensitive to people dealing with the impacts of radiation.
The S&P 500 rose 41.08 points, or 1.4%, to 2,888.68. The Dow Jones Industrial Average added 306.62 points, or 1.2%, to 25,886.01. The Nasdaq climbed 129.38 points, 1.7%, to 7,895.99. The Russell 2000 of smaller-company stocks rose 31.99 points, or 2.2%, to 1,493.64.