Stocks edging higher ... Sears no longer sells Whirlpool ... Lord & Taylor sells Manhattan flagship store
NEW YORK (AP) — U.S. stocks are edging higher this morning as construction equipment maker Caterpillar and Post-it note maker 3M lead a rally in industrial companies, while banks are climbing along with interest rates. Steep losses for drugmaker Biogen, health insurer Centene and scientific equipment maker Waters are pulling health care companies lower. At 10:48 a.m. Eastern Time, the S&P 500 was up 2 points, to 2,567. The Dow was up 172 points to 23,446. And the Nasdaq was up 10 points to 6,597. The Russell 2000 index of smaller-company stocks climbed 5 points, to 1,503.
NEW YORK (AP) — Sears will no longer sell Whirlpool appliances, ending a business relationship that dates back more than 100 years. In a note sent to its stores last week, Sears said that Whirlpool was making demands that would’ve made it difficult to sell its appliances at a competitive price. Sears has been ravaged by new competition for years, from stores like Home Depot and also from Amazon.com and other online retailers. It’s been closing stores as competitors take a bigger slice of the territory it dominated for decades.
NEW YORK (AP) - Lord & Taylor’s flagship store in Manhattan, known for its holiday displays along Fifth Avenue, is being sold to the office space sharing company WeWork. The nearly 100-year-old building will be converted to WeWork headquarters, with room remaining for a Lord & Taylor store. WeWork attracts millennials who are looking to share office space, a consumer segment that Hudson’s Bay and other department stores want to attract.
LONDON (AP) — British lawmakers are asking Facebook for information about Russian-linked online activity around the U.K.’s European Union membership referendum and recent election. A House of Commons committee says it is seeking details of ads and pages set up by Russian-linked accounts during the 2016 referendum and 2017 election campaign.
RIYADH, Saudi Arabia (AP) — Saudi Arabia’s Crown Prince Mohammed bin Salman has announced plans for a new $500 billion city to be built in the country’s northwest that will be run entirely on alternative energy and be an innovation hub for the future. The project, dubbed Neom, will be built on untouched land along the country’s Red Sea coastline near Egypt and Jordan. The ambitious project could lead the way in the use of drones, driverless cars and robotics.