Wall Street rallying…Construction spending falls in May…OPEC weighs extension of output cuts amid slackening demand
NEW YORK (AP) – Stocks are rallying early today after the U.S. and China have agreed to resume trade talks. Technology and consumer-focused companies led the gains. Investors also sold safe-haven investments such as gold, which fell 1.2%, and bonds. The yield on the 10-year Treasury rose to 2.01%. At 10:47 a.m. Eastern time, the Dow was up 186 points, at 26,786. The S&P 500 rose 27 points, to 2,969. And the Nasdaq added 100 points to 8,106.
WASHINGTON (AP) – Spending on U.S. construction projects fell in May, the first drop in six months, as home building fell for a fifth straight month. The Commerce Department says spending fell 0.8% in May, the first decline since a 1.3% drop in November, to a seasonally adjusted annual rate of $1.29 trillion.
WASHINGTON (AP) – President Donald Trump is receiving mixed reviews for his stewardship of the U.S. economy, even as more Americans feel good about how the economy is doing. A new survey by The Associated Press-NORC Center for Public Affairs Research says that nearly two-thirds of Americans describe the economy as “good,” though fewer give positive marks to the president himself.
VIENNA (AP) – OPEC appears ready to extend its current deal to cut production for nine months as the oil cartel faces a weakening outlook for demand because of waning global growth. Member country representatives are meeting today at the Organization of the Petroleum Exporting Countries’ headquarters in Vienna and will hold talks with non-member producing states on Tuesday.
TOKYO (AP) – Japanese whalers returned to port today with their first catch after resuming commercial whaling for the first time in 31 years. A fleet of five boats left the northern Japanese port of Kushiro earlier in the day and brought back two minke (MIHN’-kee) whales. It was the first commercial hunt since 1988, when Japan switched to what it called research whaling after commercial whaling was banned by the International Whaling Commission.