Stocks rise…Fed chair signals more hikes ahead…Durable goods orders fall
NEW YORK (AP) – Technology companies are leading stocks higher in morning trading on Wall Street, reversing all of the market’s losses yesterday. Energy stocks are rising along with oil prices. Several retailers fell after issuing disappointing earnings or outlooks.
WASHINGTON (AP) – Federal Reserve Chairman Jerome Powell is signaling that he expects the Fed to continue gradually raising interest rates if the U.S. economic expansion remains strong. Speaking to an annual conference of central bankers in Jackson Hole, Wyoming, the Fed chairman says the central bank recognizes that the path of inflation is so uncertain that it generally needs to strike a balance between being supportive of growth and being restrictive.
WASHINGTON (AP) – Orders for long-lasting U.S. factory goods fell 1.7 percent in July, the third decrease in the past four months. The Commerce Department says orders for durable goods – items meant to last at least three years such as autos and appliances – totaled $246.9 billion last month. Much of the decline came from a steep 35.4 percent drop in orders for nondefense aircraft, a volatile category on a monthly basis.
WASHINGTON (AP) – President Donald Trump continues to receive poor marks from a majority of Americans on his overall job performance, even as he enjoys relatively good assessments of his handling of the economy. A poll released today by The Associated Press-NORC Center for Public Affairs Research finds 60 percent of Americans disapprove of Trump’s work as president, compared with 38 percent who approve. But 51 percent say they approve of his handling of the economy, and nearly 9 in 10 Republicans do.
WASHINGTON (AP) – The Trump administration has laid down rules aimed at preventing residents in high-tax states from avoiding a new cap on widely popular state and local tax deductions. Treasury Department’s rules released yesterday target moves by heavily Democratic states like New York, New Jersey and California to skirt the $10,000 cap on state and local deductions set the GOP tax package enacted late last year.