Estimated read time: 2-3 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Investors are betting that higher investment from businesses will help drive the economy this year. A spurt of merger news and a positive outlook for the technology industry lifted the stock market yesterday. The S&P 500 climbed six points to 1,936. The Dow gained 41 points to 16,775. The Nasdaq rose 13 to 4,310. Still, major indexes had their first weekly losses in a month.
UNDATED (AP) — The price of oil is near $107 a barrel as Iraq's widening insurgency fuels concerns that supplies from OPEC's No. 2 producer could be slowed. Benchmark U.S. crude for July delivery rose 38 cents to close at $106.91 in New York on Friday. For the week, it rose 4.1 percent. Brent crude gained 39 cents to close at $113.41 a barrel in London. Brent rose 4.4 percent this week.
PHILADELPHIA (AP) — Travelers in the Philadelphia area are being forced to make contingency plans as a commuter rail strike adds to the region's summer transportation woes. Four hundred workers at the Southeast Pennsylvania Transportation Authority's regional rail system went on strike this morning, shutting down 13 train lines that carry commuters to the suburbs and Philadelphia International Airport. Subways, trolleys and buses operated by SEPTA will continue to run.
WASHINGTON (AP) — President Barack Obama's lead coordinator on Detroit is joining Vice President Joe Biden's team. Don Graves will start as a counselor to Biden next week and will work on domestic policy and economic issues. Graves is a former Treasury Department official and ran Obama's jobs and competitiveness council. Graves will also keep working on Detroit's recovery.
WASHINGTON (AP) — A U.S. appeals court says the Labor Department violated the law when it lowered wages and worsened working conditions in the herding industry without notice or comment. In 2011, the department updated procedures setting minimum wages and working conditions employers must offer U.S. sheepherders, goat-herders and cattle herders before hiring foreign labor.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
