By The Associated Press
Sep. 04, 2018
Amazon is 2nd US company to reach $1 trillion market value
NEW YORK (AP) — Amazon has become the second publicly traded company to be worth $1 trillion, hot on the heels of Apple. In two decades the company expanded far beyond its bookseller beginnings, and its blowout success made its founder and CEO, Jeff Bezos, No. 1 on Forbes' billionaires list this year. Amazon has cemented customer loyalty through its Echo voice devices and the Prime membership program that offers fast, free shipping as well as music and video streaming perks.
Twitter CEO says company isn't biased, wants healthy debate
WASHINGTON (AP) — Twitter's CEO says the company isn't biased against Republicans or Democrats and is working on ways to ensure that debate is healthier on its platform. In testimony released before a House hearing Wednesday, Jack Dorsey says he wants to be clear about one thing: "Twitter does not use political ideology to make any decisions, whether related to ranking content on our service or how we enforce our rules." The testimony comes amid complaints that conservatives have been censored on social media.
Good for business? Nike gets political with Kaepernick ad
NEW YORK (AP) — Why do it? Nike has touched off a furor by wading into football's national anthem debate with an ad featuring Colin Kaepernick, the former 49ers quarterback who was the first athlete to kneel during "The Star-Spangled Banner" to protest police brutality against blacks. Marketing experts disagree over whether the ad is smart business. But some note approvingly that it has made a big splash. And they say it could solidify Nike's bond with athletes, especially black ones.
Cars are cruising down the monthly subscription highway
SAN FRANCISCO (AP) — If you already subscribe to digital services like Netflix to binge on TV shows and Spotify to groove to music, it might be time to consider joining the early wave of motorists who pay a monthly fee to bundle cars, insurance and maintenance into a single package. These still-developing car subscription programs are gaining traction among motorists who don't want to be locked into the hassles of car ownership or multiyear leasing commitments, but still want a vehicle available whenever they want.
US factories grew at faster pace in August
WASHINGTON (AP) — U.S. factories grew at a faster pace in August as American industry continues to show robust health. The Institute for Supply Management, a trade group of purchasing managers, says its manufacturing index jumped last month to 61.3 from 58.1 in July. Anything over 50 signals growth, and U.S. manufacturing is on a 24-month winning streak. Sixteen of 18 manufacturing industries expanded in August, led by makers of electronic equipment, clothing, textiles and paper products.
NYC fines unpaid by Kushner Cos.: Over $500K and counting
NEW YORK (AP) — The Kushner family real estate firm has amassed over half a million dollars in unpaid fines for various New York City sanitation and building violations. City figures compiled for The Associated Press by a tenant watchdog group show that most of the fines to the Kushner Cos. stretched over the past five years. The firm says the figures are misleading because many fines are the fault of tenants illegally renting their apartments and businesses in its buildings not cleaning up properly.
Tiny Alaska village experiences boom in polar bear tourism
JUNEAU, Alaska (AP) — A tiny Alaska Native village has experienced a boom in tourism in recent years as polar bears spend more time on land than on diminishing Arctic sea ice. Alaska's Energy Desk reports more than 2,000 people visited the northern Alaska village of Kaktovik on the Beaufort Sea last year to see polar bears in the wild. Jennifer Reed of the Arctic National Wildlife Refuge says the village had less than 50 visitors annually before 2011.
US construction spending rose 0.1 percent in July
WASHINGTON (AP) — Spending on U.S. construction projects ticked up 0.1 percent in July, led by an increase in homebuilding and the publicly funded building of schools and highways. The Commerce Department says the slightly July increase brought total construction spending to a seasonally-adjusted annual rate of $1.32 trillion, 5.8 percent higher than a year ago.
Health and tech stocks dip; Amazon flirts with $1 trillion
U.S. stocks finish slightly lower as health care and technology companies suffer losses, but banks rise and Amazon climbs again. The online retailer briefly traded above $1 trillion in market value, a mark only Apple has surpassed. Nike fell after it gave an endorsement deal to former San Francisco 49ers quarterback Colin Kaeperick.
The S&P 500 index gave up 4.80 points, or 0.2 percent, to 2,896.72. The Dow Jones Industrial Average dipped 12.34 points to 25,952.48. The Nasdaq composite fell 18.29 points, or 0.2 percent, to 8,091.25. The Russell 2000 index lost 7.38 points, or 0.4 percent, to 1,733.38.
Benchmark U.S. crude rose 0.1 percent to $69.87 a barrel in New York. Brent Crude, used to price international oils, was little changed at $78.17 a barrel in London. Wholesale gasoline dipped 0.1 percent to $1.99 a gallon. Heating oil rose 0.5 percent to $2.25 a gallon. Natural gas slumped 3.2 percent to $2.82 per 1,000 cubic feet.