Stocks edge higher…Home sales tumble…IMF downgrades its outlook
NEW YORK (AP) – Stocks are edging higher in early trading on Wall Street as consumer products companies and banks gain ground. Coca-Cola, Hasbro and Stanley Black & Decker all rose sharply after reporting earnings that were better than analysts were expecting. Banks were also higher. Bank of America rose 1.3%
WASHINGTON (AP) – U.S. home sales tumbled 1.7% in June, with rising prices and a scarce supply locking out many Americans from ownership. The National Association of Realtors says homes were sold last month at a seasonally adjusted annualized rate of 5.27 million units. Sales have shriveled 2.2% over the past 12 months, despite such positive trends as a robust job market and falling mortgage rates.
WASHINGTON (AP) – The International Monetary Fund is downgrading its outlook for the world economy because of simmering international trade tensions. But at the same time, the fund is boosting its forecast for U.S. economy this year, citing expectations that the Federal Reserve will cut interest rates. The IMF expects the global economy to expand 3.2% in 2019, down from 3.6% in 2018 and from the 3.3% expansion it forecast for this year back in April.
NEW YORK (AP) – China’s e-commerce juggernaut Alibaba will allow nearly 30 million small and medium-sized businesses from the U.S. to sell on its platform in the U.S. and around the globe. Alibaba is looking to juice its growth, which has been held in check by Amazon and threatened by trade tensions between the U.S. and China. U.S. businesses, until now, were only able to buy merchandise on Alibaba.com.
FORT LAUDERDALE, Fla. (AP) – Four months after the country’s largest auto dealership chain named a new chief executive to replace its longtime CEO, it’s making another change at the top. Chief Financial Officer Cheryl Miller is the new CEO at AutoNation, replacing Carl Liebert, who is departing in a mutual agreement with the board. CEO Mike Jackson stepped down in March after leading AutoNation for 20 years and named Liebert, was brought in from outside the auto retailing industry, as his replacement.