Stocks fade...Jobs lost...Denso investment
NEW YORK (AP) — U.S. stocks faded a bit from their record highs in early trading, and the Standard & Poor’s 500 index was on pace to snap its longest winning streak in four years. Treasury yields climbed after the government’s monthly jobs report showed wages rose more than expected last month, which should keep the Federal Reserve on pace to continue raising interest rates.
NEW YORK (AP) — The Standard & Poor’s 500 index fell nearly 3 points, or 0.1 percent, to 2,549, as of 10:00 a.m. Eastern time. If it stays there, it would be the first loss for the index in nine days. The Dow Jones industrial average lost 8, or less than 0.1 percent, to 22,767, and the Nasdaq composite was close to flat at 6,586. All three indexes closed at records on Thursday.
WASHINGTON (AP) — The U.S. shed 33,000 jobs in September because of Hurricanes Harvey and Irma, which closed thousands of businesses in Texas and Florida and forced widespread evacuations. It marked the first monthly hiring decline in nearly seven years. Economists had been warning of a particularly weak figure and cautioned not to take too much away from the report.
NASHVILLE, Tenn. (AP) — Automotive supplier Denso says it will invest $1 billion in its Maryville, Tennessee manufacturing plant, and create more than 1,000 new jobs. The investment is intended to make the plant the Japanese company’s primary manufacturer in North American for electrification and safety systems. The Maryville expansion comes atop a $400 million investment announced by Denso in 2015.
TUSTIN, Calif. (AP) — Robert L. McKay, who designed the first Taco Bell restaurant and with founder Glenn Bell turned it from a quirky food stand into a fast-food empire, has died. He was 86. His son, Rob McKay, says McKay died last week from cancer. Bell opened his first Taco Bell in Downey, California in 1962, selling hard-shell tacos and other Mexican-inspired fast food.