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Stocks rise...US factories report faster growth...Dakota Access pipeline begins service

June 1, 2017

NEW YORK (AP) — Stocks are climbing in afternoon trading on Wall Street after a survey showed that hiring by private businesses was stronger than expected in May. The Standard & Poor’s 500 index has been trading above 2,420 for the first time and could top last week’s record close.

WASHINGTON (AP) — American factories grew at a slightly faster pace in May, registering a ninth straight month of growth. The Institute for Supply Management says its manufacturing index rose to 54.9 last month from 54.8 in April. Anything above 50 signals that factories are expanding. Fifteen of 18 manufacturing industries posted growth last month, led by minerals and furniture companies. New orders and hiring grew faster in May, while production and export orders grew more slowly.

DETROIT (AP) — Memorial Day promotions may have helped the auto industry reverse a four-month downward trend in U.S. auto sales in May. When major automakers finish reporting sales today, analysts expect the industry to eke out a small gain in May after falling 2.4 percent from January through April. Honda, Nissan, Ford and Volkswagen are all reporting U.S. sales gains last month, with Ford beating General Motors for the first time since March of last year. GM sales fell 1.5 percent, while Toyota fell 0.5 percent and Fiat Chrysler dropped about 1 percent.

BISMARCK, N.D. (AP) — The $3.8 billion Dakota Access pipeline is officially in service. Texas-based Energy Transfer Partners announced today that the line carrying North Dakota oil through South Dakota and Iowa to a distribution point in Illinois has started shipping for customers. Four Native American tribes in the Dakotas are still fighting in court, hoping to persuade a judge to shut down the line.

UNDATED (AP) — Boarding passes could become relics for air travelers. JetBlue Airways plans to test facial-recognition check-in for a few flights beginning later this month, and Delta Air Lines plans to let some passengers board with their fingerprints instead of a boarding pass. Paper boarding passes are already shunned by many travelers who prefer to use mobile boarding passes on their phones.

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