Why wealth gap has grown despite record-long economic growth
WASHINGTON (AP) — As it enters its 11th year, America’s economic expansion is now the longest on record — a streak that has shrunk unemployment, swelled household wealth, revived the housing market and helped fuel an explosive rise in the stock market. Yet even after a full decade of uninterrupted economic growth, the richest Americans now hold a greater share of the nation’s wealth than they did before the Great Recession began in 2007.
AP-NORC Poll: Trump not boosted by strong American economy
WASHINGTON (AP) — President Donald Trump is receiving mixed reviews for his stewardship of the U.S. economy, even as more Americans feel good about how the economy is doing. That’s according to a new survey by The Associated Press-NORC Center for Public Affairs Research. Nearly two-thirds of Americans describe the economy as “good,” though fewer give positive marks to the president himself.
S&P 500 hits all-time as US-China trade truce spurs optimism
NEW YORK (AP) — Wall Street kicked off July with a record high for S&P 500 index after a cease-fire in the U.S. trade war with China put Wall Street in a buying mood. The broad rally came after the world’s two biggest economies agreed over the weekend to resume negotiations. Investors have been worried the fallout from the trade dispute could hurt global economic growth and corporate profits. Technology and financial stocks accounted for most of the gains.
WASHINGTON (AP) — Spending on U.S. construction projects fell in May, the first drop in six months, as home building fell for a fifth straight month. The Commerce Department says spending fell 0.8% in May, the first decline since a 1.3% drop in November, to a seasonally adjusted annual rate of $1.29 trillion.
Administration moves to ease drive-time rules for truckers
OPAL, Va. (AP) — The Trump administration is moving to ease the federal regulations that dictate how much time truckers are allowed to drive their rigs each day. The rule changes are a priority for the trucking industry, which has forged a strong relationship with President Donald Trump. Industry lobby groups have pushed to make the rules more flexible. But highway safety advocates say the anticipated adjustments will lead to longer work days at a time when they say driver fatigue is a serious problem.
OPEC weighs extension of output cuts amid slackening demand
VIENNA (AP) — OPEC is extending its deal to cut production for another nine months in a bid to keep oil prices from sagging as the oil cartel faces a weakening outlook for demand. The decision among the members of the Organization of the Petroleum Exporting Countries at a meeting Monday at OPEC’s headquarters in Vienna was widely expected. The cuts are aimed to put upward pressure on the price of oil and reduce oversupply.
Analysis: EU leaders leader fail again to share out top jobs
BRUSSELS (AP) — European Union leaders knew Monday they had let their people down. After a choppy few years, they had a precious opportunity to show unity as they huddled to make appointments for prestigious EU jobs, people who will run the world’s biggest trading bloc for the next five years.
US manufacturing growth slows in June for 3rd straight month
WASHINGTON (AP) — U.S. factory activity grew at a slower pace in June for the third straight month as measures of new orders and inventories fell. The Institute for Supply Management, an association of purchasing managers, says that its manufacturing index slipped to 51.7 last month from 52.1 in May.
Chief says shorthanded TSA will handle July 4 travel surge
Travelers should prepare for a little more time getting through security checkpoints over the July 4 weekend. The head of the Transportation Security Administration says, however, there is no evidence that the deployment of about 350 screeners to the U.S.-Mexico border is making airport lines longer. David Pekoske says he still wants money to hire another 700 screeners, but low pay makes it hard to hire and retain officers in many cities.
Genesee & Wyoming being taken private in $6.37B deal
DARIEN, Conn. (AP) — Railroad operator Genesee & Wyoming is being taken private in a deal valued at about $6.37 billion. The companies put the transaction’s value at $8.4 billion, including debt. The deal is expected to close by the end of the year or early next year.
The S&P 500 index rose 22.57, or 0.8%, to 2,964.33. The Dow Jones Industrial Average gained 117.47 points, or 0.4%, to 26,717.43. The Nasdaq composite rose 84.92 points, or 1.1%, to 8,091.16. The Russell 2000 index of smaller company stocks added 3.09 points, or 0.2%, to 1,569.66.