News / 

Stocks gain...Factories expand...Construction spending declines

By The Associated Press | Posted - Aug. 1, 2017 at 9:16 a.m.



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 Information in the story may be outdated or superseded by additional information.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) — U.S. stocks are rising, with banks posting some of the biggest gains. Royal Caribbean Cruises is jumping after it raised its annual profit forecast following a strong quarter, and utility company Scana is climbing after it said it plans to end construction of two nuclear reactors in South Carolina. Under Armour is tumbling after the athletic apparel company lowered its revenue projections and said it will cut jobs and expenses. Oil prices turned lower.

WASHINGTON (AP) — U.S. factories expanded again last month — a good sign for the economy. But pace of growth was down from June. The Institute for Supply Management reports that its manufacturing index slipped to 56.3 from the June reading of 57.8. Still, anything above 50 signals that manufacturers are expanding, and America's factories have been on an 11-month winning streak. Factory orders, production and hiring all grew more slowly in July. Export orders also grew but at a slower clip.

WASHINGTON (AP) — U.S. construction spending declined in June for the second time in three months, as spending on government construction projects plunged by the largest amount in 15 years. The Commerce Department reports that construction spending fell 1.3 percent in June, the biggest drop since a 1.8 decline in April. Spending rose a tiny 0.3 percent in May. The only positive reading in June was in non-residential construction, which ticked up 0.1 percent.

NEW YORK (AP) — Jurors are deliberating for a second day at the federal securities fraud trial of former pharmaceutical company CEO Martin Shkreli (SHKREL'-ee). They got the case Monday in New York and resumed work Tuesday. Prosecutors say Shkreli looted his drug company to pay back investors in two failed hedge funds he ran. The defense says investors got their original investments back and even made hefty profits.

DETROIT (AP) — U.S. sales of new cars and trucks showed declines in July as consumers pulled back on purchases and hoped for Labor Day deals. July was likely the seventh straight month of lower sales in a peaking market. Analysts have been predicting lower U.S. sales this year after an unprecedented seven straight years of growth. U.S. new vehicle sales hit a record 17.55 million last year.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Associated Press

    SIGN UP FOR THE KSL.COM NEWSLETTER

    Catch up on the top news and features from KSL.com, sent weekly.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast