Wall Street rising … Trump talks about NAFTA replacement … Construction spending up slightly in August
NEW YORK (AP) – U.S. manufacturers, basic materials makers and car companies are rising today after the U.S. and Canada agreed to a new trade deal that also includes Mexico. At 10:33 a.m. Eastern Time, the S&P 500 climbed 22 points, to 2,936. The Dow rose 255 points, to 26,714. The Nasdaq jumped 55 points, to 8,102. The Russell 2000 index of smaller-company stocks inched up 1 point, or 0.1 percent, to 1,698.
TORONTO (AP) – President Donald Trump will make a statement about a revamped North American free trade deal this morning (11 a.m. Eastern). The agreement between the United States, Mexico and Canada came together late Sunday, just before a midnight deadline imposed by the U.S. It gives U.S. farmers greater access to the Canadian dairy market. But it keeps a NAFTA dispute-resolution process that the U.S. wanted to jettison and offers Canada protection if Trump goes ahead with plans to impose tariffs on cars, trucks and auto parts imported into the United States.
WASHINGTON (AP) – Spending on U.S. construction projects edged up a slight 0.1 percent in August as a strong gain in government spending offset weakness in home building and nonresidential construction. The Commerce Department says that the rise, which followed a 0.2 percent July increase, put total construction at a seasonally adjusted annual rate of $1.32 trillion. That was down 0.4 percent from a record high set in May. Residential construction fell 0.7 percent while nonresidential construction edged down 0.2 percent.
BOSTON (AP) – After less than two years and a precipitous decline in the share price at General Electric, John Flannery is being ousted as chairman and CEO. Flannery took over for longtime CEO Jeff Immelt (IM’-melt) in June 2017 with the company trying to re-establish its industrial roots. However, as Flannery has restructured the multinational conglomerate, its value has dipped below $100 billion and shares are down more than 35 percent this year. The company says that H. Lawrence Culp Jr. will take over as chairman and CEO immediately.
WASHINGTON (AP) – A little-known venture capitalist is on the verge of acquiring DeVry University, one of the largest for-profit colleges in the country. The deal, once complete, would put Bradley Palmer in control of a national chain that’s beset by thousands of student complaints. Palmer, chairman of Palm Ventures in Connecticut, runs Cogswell Education LLC. The business-friendly Trump administration has given a tentative green light to the sale.