Stocks mixed...GDP up 3 percent...Penney’s shares tumble after weak profit outlook
NEW YORK (AP) — Stocks are mixed in early trading on Wall Street. Technology companies are rising thanks to solid quarterly earnings from Microsoft, Intel and Google’s parent company, Alphabet. Energy companies and retailers are losing ground.
WASHINGTON (AP) — The Commerce Department says the U.S. economy grew at a solid annual rate of 3 percent in the third quarter, despite the impact of hurricanes Harvey and Irma. It’s the first time in three years that growth has hit at least 3 percent for two consecutive quarters. The advance in the gross domestic product — the country’s total output of goods and services — followed a 3.1 percent rise in the second quarter. That’s the strongest two-quarter showing since back-to-back gains of 4.6 percent and 5.2 percent in the second and third quarters of 2014.
NEW YORK (AP) — J.C. Penney is issuing a weak profit forecast as it accelerates the clearance of slow-moving inventory, primarily in women’s clothing. Shares tumbled more than 20 percent to an all-time low in early Wall Street trading, pulling Sears, Dillard’s, Kohl’s and other retailers down with it. The S&P index that tracks department stores tumbled almost 4 percent.
DETROIT (AP) — The U.S. is investigating complaints that steering wheels can come loose on some Ford Fusion sedans. The National Highway Traffic Safety Administration says one driver complained that the wheel completely detached from the steering column. Two other people reported that the bolt attaching the wheel to the steering column came loose while driving. The probe revealed today covers about 841,000 midsize sedans from the 2014 through 2016 model years.
MOSCOW (AP) — Russian state-owned television station RT says Twitter pushed it to spend millions on advertising ahead of the 2016 U.S. presidential election. RT published what it said were excerpts from Twitter’s pitch made in April last year to get the TV station to spend millions of dollars on advertising, an offer that RT says it has turned down. Twitter said yesterday it would ban ads from RT and Sputnik, two state-sponsored Russian news outlets that the U.S. intelligence community has said tried to interfere with the 2016 U.S. presidential election.