Stocks slightly higher…GDP up 4.2 percent…Pending home sales fall
NEW YORK (AP) – Stock indexes are slightly higher in morning trading on Wall Street as technology companies continue to climb. Retailers are falling, with Dick’s Sporting Goods taking sharp losses after it reported slower sales than analysts expected. The S&P 500 index is on track for its fourth gain in a row.
WASHINGTON (AP) – The U.S. economy grew at a strong 4.2 percent annual rate in the second quarter, the best showing in nearly four years. Strength in business investment offset slightly slower consumer spending. The Commerce Department revised upward its estimate of growth in the April-June quarter from an initial estimate of 4.1 percent. The second quarter was a sharp improvement from a 2.2 percent annual gain in the first quarter, though some of the strength came from temporary factors.
WASHINGTON (AP) – Fewer Americans signed contracts in July to buy homes compared to the previous month. The National Association of Realtors says its pending home sales index fell 0.7 percent last month to 106.2. Pending sales in July fell in the West and South, but they rose in the Northeast and Midwest. Pending sales are a barometer of home purchases that are completed a month or two later.
SUMNER, Texas (AP) – Federal immigration agents have arrested 160 workers following a raid at Texas company that manufactures trailers. Yesterday’s raid targeted Load Trail Trailers in Sumner, about 90 miles northeast of Dallas. A U.S. Immigration and Customs Enforcement statement says its investigation began after a tip that Load Trail was knowingly hiring workers who were in the United States illegally. It was at least the second immigration raid targeting the business, the last coming in 2014.
LONDON (AP) – Britain’s Brexit minister says the U.K. and the European Union may not meet their self-imposed October deadline for a divorce deal. Britain and the EU aim to hammer out an agreement on divorce terms and future trade by a European Council summit in October so that it can be approved by individual EU countries before the U.K. leaves the bloc on March 29. But talks have stalled, and the U.K. has ramped up planning for a “no deal” Brexit.