Stocks fall…Faster-than-expected growth for US factories in June…Battle over Puerto Rico’s budget
NEW YORK (AP) – Energy companies are leading U.S. stocks broadly lower in afternoon trading, adding to the market’s losses from last week. Retailers and other consumer-focused companies also fell, outweighing gains by banks. Investors’ jitters over escalating global trade tensions and weak economic data from Asia weighed on the market.
WASHINGTON (AP) – American manufacturing expanded at an unexpectedly fast pace in June, another sign of strength for U.S. industry. The Institute for Supply Management says its manufacturing index rose last month to 60.2. That’s the highest level since February and up from 58.7 in May. Anything over 50 signals growth, and U.S. factories are on a 22-month winning streak. Production and new export orders grew faster in June. Hiring and new orders overall grew, but more slowly than they did in May.
SAN JUAN, Puerto Rico (AP) – A disagreement over which budget Puerto Rico will use this fiscal year has deepened as the governor of the U.S. territory signed the version approved by legislators instead of the one implemented by a federal control board over the weekend. Gov. Ricardo Rossello says the board’s budget is not in Puerto Rico’s best interest. His announcement today comes a day after a board that oversees the island’s finances approved an $8.7 billion budget, saying that legislators failed to submit one.
NEW YORK (AP) – Vanguard says it will stop charging commissions to trade most of its competitors’ exchange-traded funds. Vanguard currently allows customers to make online trades of 77 of its own ETFs without commissions. Now, it plans to extend the practice to nearly 1,800 ETFs from BlackRock, Charles Schwab, State Street Global Advisors and other rivals in August.
SEATTLE (AP) – Looking for a plastic straw to sip your soda? It’s no longer allowed in Seattle bars and restaurants. Neither are plastic utensils in a push to reduce marine plastic pollution. Businesses that sell food or drinks won’t be allowed to offer the plastic items under a rule that went into effect Sunday. Businesses that don’t comply may face a fine of up to $250.