Stocks slip...Jobless claims rise...GDP growth revised upward...Mortgage rates flat
NEW YORK (AP) — Stocks are slipping in early trading on Wall Street as technology and industrial companies decline. Energy companies are higher as the price of oil rises. Drug and medical device maker Abbott Laboratories is climbing after regulators approved its new blood glucose monitoring system for diabetes patients.
WASHINGTON (AP) — The number of Americans applying for unemployment benefits rose by 12,000 last week to 272,000 as Florida continued to absorb the economic impact of Hurricane Irma. The Labor Department says the less-volatile four-week average rose by 9,000 to 277,750, the highest since February 2016. In the aftermath of Irma, claims rose 81 percent in Florida from a week earlier. But claims fell 29 percent in Texas as the economic impact of Hurricane Harvey continued to fade.
WASHINGTON (AP) — Economic growth in the second quarter of the year has been revised upward. The Commerce Department says the gross domestic product grew at an upgraded annual rate of 3.1 percent from April through June. That’s the strongest performance since the economy grew at a 3.2 percent pace in the first quarter of 2015. But growth is expected to slow sharply this quarter in the wake of a string of devastating hurricanes.
WASHINGTON (AP) — Long-term mortgage rates are unchanged this week. Mortgage buyer Freddie Mac says the 30-year fixed-rate mortgage remains at 3.83 percent and the 15-year home loan at 3.13 percent. Two weeks ago, the 30-year mortgage hit a low for the year before bouncing back up last week. So far this year, the 30-year rate is running above last year’s average of 3.65 percent.
WASHINGTON (AP) — President Donald Trump says reducing the corporate tax rate to 20 percent is a “non-negotiable” part of his tax plan. Trump tells “Fox & Friends” that he wanted to go lower, but “the numbers really work at 20.” The president and congressional Republicans unveiled a tax overhaul plan yesterday that cuts corporations’ top tax rate from 35 percent to 20 percent. The plan includes other changes that Trump says will benefit the middle class.