Stocks dip...Consumer spending rises...Mortgage rates tick up
NEW YORK (AP) — Stocks are dipping in morning trading on Wall Street after a four-day rally brought major indexes to record highs. Banks are slipping along with consumer-focused companies, which have made large gains recently. Technology companies are taking small losses.
WASHINGTON (AP) — Consumer spending has risen for the sixth straight month, bolstered by strong job growth and tax cuts. The Commerce Department says spending rose a solid 0.4 percent in July, while a key measure of inflation posted its largest annual gain in more than six years. Inflation, as measured by a gauge closely watched by the Federal Reserve, rose 2.3 percent for the 12 months ending in July, the fastest annual increases since March 2012.
WASHINGTON (AP) — Long-term mortgage rates have ticked up this week. Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages rose slightly to 4.52 percent from 4.51 percent last week. The rate averaged 3.82 percent a year ago. The average rate on 15-year, fixed-rate loans fell to 3.97 percent this week from 3.98 percent last week.
CAMDEN, N.J. (AP) — Campbell Soup Co. plans to focus on its core snacks and soup business in North America and sell its international business, paying down debt. The planned sales will leave Campbell Soup with brands including Goldfish, Pepperidge Farm and Snyder’s of Hanover. The company says it’s working urgently to complete all the moves by next July.
GAITHERSBURG, Md. (AP) — A Maryland pharmaceutical company will acquire the maker of the opioid overdose reversal nasal spray Narcan. The Baltimore Sun reports Emergent Solutions has agreed to pay $735 million in cash and stock to Ireland-based Adapt Pharma. Narcan is the only approved nasal spray version of naxolone, costing $150 for two doses. Emergent says the company plans to invest in addiction and overdose drugs and work with federal officials to ensure grants to offset costs.