Stocks rise…Consumer prices tick up…White House yanks drug ‘rebate’ plan
NEW YORK (AP) – Stock indexes are mostly higher in early trading on Wall Street, led by technology and communications companies. Early buying briefly nudged the Dow Jones Industrial Average above the 27,000 point mark for the first time, a day after the S&P 500 made its first move above 3,000.
WASHINGTON (AP) – The Labor Department says consumer prices ticked up a slight one-tenth of a percent in June, as cheaper gas prices were offset by higher rents and auto costs. Excluding volatile food and energy prices, core inflation rose 0.3% in June, the biggest increase in 18 months. It was up 2.1% from a year ago. Overall, the consumer price index increased 1.6% from a year earlier.
WASHINGTON (AP) – The White House says President Donald Trump is withdrawing a plan that would have eased the financial bite of drug costs for people on Medicare by allowing them to receive rebates that drug makers now pay insurers and middlemen. The plan from Health and Human Services Secretary Alex Azar (AY’-zahr) ran into opposition after the nonpartisan Congressional Budget Office said the plan would have little impact on manufacturer prices and would cost taxpayers $177 billion over 10 years.
ATLANTA (AP) – Sustained demand for air travel pushed Delta past expectations during the second quarter and the company upped its guidance for the year. Delta, unlike some rival airlines, has not been hamstrung by problems with Boeing’s 737 Max because it uses other planes. The Atlanta carrier posted earnings of $1.44 billion, or $2.21 per share and says it now expects full-year per-share earnings of between $6.75 and $7.25.
SEATTLE (AP) – Amazon will spend more than $700 million to provide additional training to about one-third of its U.S. workforce. The Seattle company says it will provide its workers with the skills to transition into software engineering positions and technical roles. Like other companies, Amazon has struggled to find technically qualified U.S. employees. It says its U.S. workforce will hit 300,000 this year.