AP NEWS

Business Highlights

August 22, 2018

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S&P 500 marks longest bull run on mixed day for indexes

NEW YORK (AP) — The bull market in U.S. stocks is now the longest on record. The current bull run on Wall Street became the longest in history on Wednesday at 3,453 days, beating the bull market of the 1990s that ended in the dot-com collapse in 2000. That’s how long the benchmark S&P 500 index of major U.S. stocks has gone without a drop of 20 percent or more, the traditional definition of a bear market.

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For many young investors, the stock market’s only gone up

NEW YORK (AP) — For many younger investors, the stock market has only gone one direction: up. The S&P 500 is in the midst of its longest-ever bull run, and it’s been nearly nine and a half years since the last drop of 20 percent. What will these investors do when the next downturn inevitably arrives? How they respond will be crucial because this generation of workers bears a heavier responsibility for paying for their own retirement.

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San Francisco’s $2.2 billion ‘Grand Central’ terminal open

SAN FRANCISCO (AP) — After nearly a decade of construction, San Francisco’s new $2.2 billion transit terminal is open. Coined the “Grand Central of the West,” the Salesforce Transit Center spans 2.5 blocks in the South of Market neighborhood and features a rooftop park. It has already become a popular spot for locals and tourists on sunny days.

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Fed minutes suggest further rate hikes coming ‘soon’

WASHINGTON (AP) — Federal Reserve officials earlier this month said that a strong economy meant that it would “likely soon be appropriate” to boost their benchmark interest rate for a third time this year. But minutes of their discussions also revealed growing concerns about how the economy would fare under the Trump administration’s trade policies and a possible escalation of trade wars.

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Can tech giants work together against their common enemies?

NEW YORK (AP) — Facebook, Twitter and Google squabble for users, engineers and advertiser money, but when it comes to security threats, elections meddling and other common enemies, it makes sense for these tech giants to work together. Cooperating also makes the companies look good in the eyes of their users and regulators.

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Fed Chair Powell’s take on economy is awaited as risks loom

WASHINGTON (AP) — Is financial turmoil in Turkey and other emerging economies at risk of spreading? Will America’s trade war with China derail the U.S. economy? Does the Federal Reserve have the means to fight the next recession? And: Is Chairman Jerome Powell troubled by President Donald Trump’s public scolding of the Fed’s interest rate hikes?

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US home sales fell 0.7 percent, 4th straight monthly decline

WASHINGTON (AP) — U.S. sales of existing homes slipped for the fourth consecutive month in July. They fell 0.7 percent to the slowest pace in more than two years as the real estate market shows signs of cooling. The National Association of Realtors says homes sold last month at a seasonally adjusted annual pace of 5.34 million. The U.S. housing market is hurt by a widening wealth gap, as inventories of lower-priced homes remain tight.

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Keeping families together on the plane without going broke

The Transportation Department has resisted requiring airlines to ensure that families sit together without paying extra seat fees. Parents can feel pressured to pay more money to sit with their young children on crowded planes. A consumer group is protesting to Transportation Secretary Elaine Chao, but the agency says instead it’s offering tips on its website and monitoring complaints.

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Clouds clear, and Lowe’s delivers strong second quarter

NEW YORK (AP) — Lowe’s rebounded in the second quarter after dismal weather cut into projects at home and into company profits to start the year. Investors shrugged off a more guarded outlook from the home-improvement retailer, which trimmed its expectations for the year as it shifts direction under new CEO Marvin Ellison. Ellison came to its helm last month.

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Cubans getting early taste of mobile internet in system test

HAVANA (AP) — One of the world’s least-wired countries is getting a little more connected. Cubans with cellphones are getting mobile access to the internet in a tentative but significant opening of communications on the communist-governed island.

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Atlantic City casino earnings up 1.6 percent in 2nd quarter

ATLANTIC CITY, N.J. (AP) — Atlantic City’s casinos saw their second quarter earnings increase by 1.6 percent compared with the second quarter of 2017. Figures released Wednesday by the New Jersey Division of Gaming Enforcement show the casinos reported a gross operating profit of $171.4 million in the second quarter. Regulators had erroneously reported earlier in the day that profits had declined slightly.

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The S&P 500 index finished with a loss of 1.14 points, or 0.04 percent, at 2,861.82. The Dow Jones Industrial Average slid 88.69 points, or 0.3 percent, to 25,733.60. The Nasdaq composite gained 29.92 points, or 0.4 percent, to 7,889.10. The Russell 2000 index of smaller-company stocks picked up 4.50 points, or 0.3 percent, to 1,722.54.

U.S. benchmark crude climbed 3.1 percent to $67.87 per barrel in New York. Brent crude, the standard for international oil prices, dipped 0.1 percent to $74.70 per barrel in London. Heating oil rose 2.1 percent to $2.17 a gallon. Wholesale gasoline gained 2.5 percent to $2.07 a gallon. Natural gas dropped 0.8 percent to $2.96 per 1,000 cubic feet.

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