Faster delivery of nearly everything is the next big thing
NEW YORK (AP) — Retailers are betting big on delivery services that will drop off everything from gadgets to groceries on doorsteps faster. Amazon’s Prime shipping program is setting the pace for shoppers’ expectations, rolling out a new program where contractors around the country can launch businesses that deliver Amazon packages. The nation’s largest online player is forcing other companies to radically think of new initiatives to get their products into the hands of consumers more easily.
Fed gives OK to 32 of 35 biggest US banks to raise dividends
WASHINGTON (AP) — The Federal Reserve has given the OK to 32 of the 35 biggest banks in the U.S. to raise their dividends and buy back shares, judging their financial foundations sturdy enough to withstand a major economic downturn. Announcing the results of the second round of its annual stress tests, the Fed also approved the plans of Wall Street powerhouses Goldman Sachs and Morgan Stanley, but on condition they keep their total dividend payouts and stock buybacks at current levels.
Trump choice to head IRS says he’ll work for all taxpayers
WASHINGTON (AP) — Under sharp questioning from some Democratic senators, President Donald Trump’s choice to head the IRS promised to work for the benefit of ordinary taxpayers in administering the massive new tax law. Charles Rettig is a Beverly Hills tax lawyer who has represented thousands of individuals and companies in civil and criminal tax matters before the agency and against it in court. If confirmed, he will face a huge challenge in administering the most sweeping overhaul of the tax code in 30 years.
2Q Fund Review: Better, but still not easy, for investors
NEW YORK (AP) — For fund investors, the second quarter was another topsy-turvy adventure; any gains they made didn’t come easily. Most stock funds rebounded from first-quarter losses, with growth and small-cap funds among the top performers. Bond funds scuffled again, though their losses were milder than during the first three months of the year.
Amid Harley feud, Trump hails economy at future factory site
MT. PLEASANT, Wisconsin (AP) — President Donald Trump highlighted his economic policies Thursday by taking part in the ceremonial groundbreaking for a $10 billion Foxconn factory complex that may bring thousands of jobs to Wisconsin, “America is open for business more than it has ever been open for business.” Trump’s celebration comes after Milwaukee-based Harley-Davidson recently announced it is moving some motorcycle production overseas.
Kushners say in lawsuit they’re victims of anti-Trump anger
NEW YORK (AP) — Jared Kushner’s family company is suing a New Jersey city that it says delayed a major twin-tower project because of “political animus” toward President Donald Trump. A federal suit filed Wednesday by the Kushner Cos. claims Jersey City “put politics over principle” when it broke an agreement to help the family firm and its partner with their planned One Journal Square project. The mayor says the suit is “hearsay nonsense.”
BJ’s Wholesale Club shares soar on 1st trading day
NEW YORK (AP) — BJ’s got a warm welcome from Wall Street even as it continues to be a laggard in the highly competitive warehouse club market. Shares of BJ’s Wholesale Club Holdings Inc. rallied more than 29 percent to close Thursday at $22 as it returned to the public markets after seven years. BJ’s return comes as it’s contending with a different retail landscape than it wrestled with when it first bowed out of the public market.
Beyond politics: Facebook to release limited info on all ads
NEW YORK (AP) — Facebook says it will release more information on all advertisements running on its service. The move is part of a broader effort to encourage “transparency” in its operations. The company will let everyone see all ads run by a given Facebook “page,” which is typically the public profile of a business, group or public figure. It did something similar with political and election-related “issue” ads following the 2016 election.
Interior watchdog reviews Zinke’s ties to Halliburton boss
HELENA, Mont. (AP) — The U.S. Interior Department’s inspector general is looking into a complaint about a Montana land deal that links Interior Secretary Ryan Zinke and the head of energy services giant Halliburton. Spokeswoman Nancy DiPaolo said Thursday that the Office of Inspector General is conducting a preliminary review that will determine whether a full investigation into the land deal is opened.
US tech stocks jump; Amazon deal shakes health care firms
NEW YORK (AP) — A rally for technology companies helped U.S. stocks recover some of their recent losses Thursday, but trading remained uneven as investors tried to figure out if the tensions between the U.S. and other nations will spill over into a trade war. Technology companies and banks were responsible for the bulk of the gains. Amazon surged and shook investors in two separate industries.
The S&P 500 index added 16.68 points, or 0.6 percent, to 2,716.31. The Dow Jones Industrial Average rose 98.46 points, or 0.4 percent, to 24,216.05. The Nasdaq composite gained 58.60 points, or 0.8 percent, to 7,503.68. The Russell 2000 index of smaller-company stocks picked up 4.56 points, or 0.3 percent, to 1,645.02.
Benchmark U.S. crude continued to surge and gained 0.9 percent to $73.45 a barrel in New York. Brent crude, used to price international oils, rose 0.3 percent to $77.85 a barrel in London. Wholesale gasoline was unchanged at $2.13 a gallon. Heating oil remained at $2.18 a gallon. Natural gas fell 1.4 percent to $2.94 per 1,000 cubic feet.