NEW YORK (AP) _ Major U.S. indexes have closed at record highs on a holiday-shortened trading day on Wall Street. The Dow today easily beat the record it marked in October. The S&P, a broader index tracked by many index funds, closed at its third straight record high, and the Nasdaq also closed at a record.
The S&P 500 rose 22 points, or 0.8%, to 2,995.
The Dow rose 179 points, or 0.7%, to 26,966. The Nasdaq rose 61 points, or 0.8%, to 8,170.
Health care and technology stocks led the gains. Bond prices rose, sending yields lower.
Markets will be closed tomorrow for the Independence Day holiday.
US trade deficit rises to 5-month high of $55.5B in May
WASHINGTON (AP) _ The trade deficit rose to a five-month high in May as the imbalance with China and Mexico widened. The Commerce Department says the gap between the goods and services the U.S. sells and what it buys from foreign countries rose 8.4% to $55.5 billion in May, the highest since December.
Exports increased 2% on rising shipments of soybeans, aircraft and cars. But imports climbed more — 3.3%— on an increase in crude oil and cellphones.
The deficit in the trade of goods with Mexico rose 18.1% to a record $9.6 billion. The goods gap with China widened 12.2%.
President Donald Trump sees America’s trade deficits as a sign of weakness but hasn’t been able to reduce them.
US services companies grow more slowly in June
WASHINGTON (AP) — Services companies grew at a slower pace in June as the pace of hiring, orders and production decelerated. The Institute for Supply Management says its non-manufacturing index fell to 55.1 from 56.9 in May although the overall results remain healthy. Anything above 50 signals growth and the services sector is enjoying a 113-month winning streak.
Sixteen services industries reported growth last month, led by real estate.
Services dominate the American economy, accounting for 84% of private-sector jobs.
Survey: Modest job gains in June hint at slowdown
WASHINGTON (AP) _ Payroll processor ADP reports that U.S. companies added just 102,000 jobs in June as small businesses and construction firms shed workers. The meager gains come after just 41,000 jobs were added in May and likely indicate a slowdown in the economy. Most of the gains came in the health care, education, professional services and trade and transportation sectors.
Businesses with fewer than 20 employees cut 37,000 jobs while construction firms let go 18,000 workers. The ADP’s figures don’t include government hiring and frequently diverge from the government’s official report, which is scheduled to be released Friday. Economists expect that report will show job gains of 164,000, while the unemployment rate stays 3.6%.
Trump says US should start manipulating the dollar
WASHINGTON (AP) _ In a tweet today, President Donald Trump accuses China and Europe of playing a “big currency manipulation game.” He says the United States should match that effort, a move that directly contradicts official U.S. policy not to manipulate the dollar’s value to gain trade advantages.
Back in May, Trump’s own Treasury Department found that no country meets the criteria of being labeled a currency manipulator, although the report did put China and eight other countries on a watch list.
A country manipulates its currency when it drives down the value to make its exports cheaper.
US sanctions Cuban firm to weaken Maduro’s hold in Venezuela
CARACAS, Venezuela (AP) _ The United States is hitting Cuba’s state-run oil shipping firm Cubametales with financial sanctions, saying it’s a key player propping up Venezuela’s President Nicolás Maduro (nee-koh-LAHS’ mah-DOO’-roh). Treasury Secretary Steven Mnuchin (mih-NOO’-shin) says that Maduro clings to power using shipments of Venezuelan oil to buy critical military and intelligence support from Havana.
Treasury officials also say they’re lifting sanctions on PB Tankers because the firm stopped delivering Venezuelan oil to the island nation.
The Trump administration considers Maduro’s re-election last year illegitimate and backs opposition leader Juan Guaidó’s campaign to oust the socialist leader.
Maduro says the U.S. is leading an imperialist economic war against Venezuela.
Boeing to pay $100 million to crash families, communities
UNDATED (AP) _ Boeing says it will pay $100 million to families and communities affected by deadly crashes of its 737 Max airliner. The company faces dozens of lawsuits over the accidents in Indonesia and Ethiopia. Preliminary investigations point to the role played by new software that pushed the planes’ noses down.
The company said today that some of the money will go toward living expenses and to cover hardship suffered by the families of dead passengers.
Relatives of passengers on a Lion Air Max that crashed off the coast of Indonesia agreed to try to settle through mediation, but families of passengers killed in an Ethiopian Airlines crash are waiting until more is known about the accidents.
Boeing is updating the software and Max jets have been grounded worldwide since March.