Stocks close at record highs…Service companies’ growth slows in June…Boeing to pay $100 to families
NEW YORK (AP) – Major U.S. indexes closed at record highs on a holiday-shortened trading day on Wall Street today. The Dow easily beat the record it marked back in October, closing up 179 points, or 0.7%, to 26,966. The S&P closed at its third straight record high up 22 points, or 0.8%, to 2,995. The Nasdaq also closed at a record, it rose 61 points, or 0.8%, to 8,170.
WASHINGTON (AP) – U.S. services companies grew at a slower pace in June as the pace of hiring, orders and production decelerated. The Institute for Supply Management, an association of purchasing managers, says its non-manufacturing index fell to 55.1 down from 56.9 in May. Although, anything above 50 signals growth, and the services sector is enjoying a 113-month winning streak.
UNDATED (AP) – Boeing says it will pay $100 million to families and communities affected by deadly crashes of its 737 Max airliner. The company faces dozens of lawsuits over the accidents in Indonesia and Ethiopia. Preliminary investigations point to the role played by new software that pushed the planes’ noses down. The company said today that some of the money will go toward living expenses and to cover hardship suffered by the families of dead passengers.
WASHINGTON (AP) – In a tweet today, President Donald Trump accused China and Europe of playing a “big currency manipulation game.” He says the United States should match that effort, a move that directly contradicts official U.S. policy not to manipulate the dollar’s value to gain trade advantages. A weaker dollar would boost U.S. exports but could run the risk of causing foreign investors who are helping to finance the federal government’s $22 trillion national debt to move their investments elsewhere to avoid the risk of currency depreciation lowering their returns.
CARACAS, Venezuela (AP) – The United States is hitting Cuba’s state-run oil shipping firm Cubametales with financial sanctions saying it’s a key player propping up Venezuela’s President Nicolas Maduro (nee-koh-LAHS’ mah-DOO’-roh). U.S. Treasury Secretary Steven Mnuchin (mih-NOO’-shin) says that Maduro clings to power using shipments of Venezuelan oil to buy critical military and intelligence support from Havana. Meanwhile, Treasury officials say they’re lifting sanctions on PB Tankers because the firm stopped delivering Venezuelan oil to the island nation.