Tech leads stocks higher…Inflation highest in 6 years…Ryan: GOP tax cuts have improved the economy
NEW YORK (AP) – Stocks are rising in early trading on Wall Street as technology companies like Apple resume their upward march. Software company CA is soaring after chipmaker Broadcom agreed to buy it for $18.9 billion. Health care and industrial companies are also higher.
WASHINGTON (AP) – Consumer prices jumped 2.9 percent in June compared with a year ago, the largest annual gain since February 2012. More expensive gas, car insurance and rent are among the factors. But compared with the previous month, the Labor Department says the consumer price index ticked up just a tenth of a percent in June. Core prices, which exclude the volatile food and energy categories, rose 0.2 percent in June and 2.3 percent from a year earlier.
WASHINGTON (AP) – House Speaker Paul Ryan is crediting the GOP’s tax cuts with improving the U.S. economy. In a speech today to the Economic Club of Washington, D.C., Ryan says, “Tax reform is working. It is improving people’s lives.” The cuts are projected to add $1.5 trillion to the deficit, but Republicans say those costs will be covered by economic growth.
MOSCOW (AP) – Russian President Vladimir Putin has extended a ban on Western food imports for another 18 months after the European Union’s decision to prolong its broader, punitive sanctions over Russia’s actions in Ukraine. Putin’s decree keeps the food ban in place until Dec. 31, 2019. It follows the EU’s move to extend its restrictions until year’s end. The U.S. and the EU have introduced several rounds of sanctions to punish Russia for the annexation of Ukraine’s Crimea and support for separatist rebels in eastern Ukraine.
LONDON (AP) – Britain’s culture secretary has cleared the way for 21st Century Fox’s bid for Sky following pledges that it will safeguard the independence of Sky News. The decision clears the final regulatory hurdle for Fox’s bid for the 61 percent of Sky that it does not already own. Britain’s government had been looking at the issue amid fears the takeover would give Rupert Murdoch too much power in the U.K. media market.