Real Estate Daily News Buzz is designed to give news snippets to readers that our (yet to be award winning) editors thought you could use to start your day. They come from various business perspectives, real estate, government, the Fed, local news, and the stock markets to save you time. Here you will find the headlines and what the news buzz of the day will be.
Friday, the Standard & Poor’s 500 index rose 11.44 points, or 0.5 percent, to 2,459.27, a record. The Dow Jones industrial average gained 84.65 points, or 0.4 percent, to 21,637.74, a record. The Nasdaq composite added 38.03 points, or 0.6 percent, to 6,312.47.
Benchmark U.S. crude rose 46 cents, or 1 percent, to settle at $46.54 per barrel on New York Mercantile Exchange. Brent crude, used to price international oils, gained 49 cents, or 1 percent, to $48.91 per barrel in London. In other energy trading, wholesale gasoline picked up 3 cents to $1.56 a gallon. Heating oil rose 2 cents to $1.52 a gallon. Natural gas gained 2 cents to $2.98 per 1,000 cubic feet.
Modest gains push US stocks indexes to record highs — Gains by big technology and health care companies pushed U.S. stocks modestly higher Friday, lifting several major indexes to new highs. The Standard & Poor’s 500 index, Dow Jones industrial average and Russell 2000 index of smaller-company stocks each set records as the market posted its third straight day of gains. High-dividend stocks like real estate companies also posted big gains as bond yields fell. The lower yields and a weak forecast from JPMorgan Chase weighed on bank stocks.
US retail sales fall for a 2nd month as consumers pull back — Americans curtailed their shopping in June, with less spending at restaurants, department stores and gasoline stations. The spending pullback came despite a healthy job market and suggests that economic growth could remain sluggish.
Citigroup profit falls 3 percent, hurt by credit costs — Citigroup’s second-quarter profit fell 3 percent from a year earlier as the bank had to set aside more money to cover souring loans, especially in its credit card business.
How hot is too hot aboard an airliner? The law doesn’t say — A mother says her baby overheated on a delayed flight at Denver’s airport in a case that underscores a fact of air travel in the U.S.: There is no government rule on how hot is too hot when a plane is on the ground. Emily France says her 4-month-old son went limp in the sweltering cabin as they waited for takeoff June 22. Doctors say the boy suffered no lasting effects.
JPMorgan CEO shifts topic to politics from financial results — JPMorgan Chase CEO Jamie Dimon changed the topic to politics when asked about financial results. The head of the nation’s largest bank, who sits on President Trump’s advisory council, vented irritation with politicians and the news media. Some of the changes Republicans have proposed, like cutting taxes and regulations, would help the bank.
Dispute could mean financial panic in bitcoin — An internal dispute over the digital currency bitcoin could soon mean financial losses, whipsawing prices and delays in processing payments. It’s also possible that nothing much changes. It all depends on whether the people who maintain bitcoin can agree by July 31 to implement a major software upgrade — one designed to improve capacity on the increasingly clogged network.
Trump, administration press Republicans to back health bill — President Donald Trump and other administration officials are lobbying Republicans from both sides of the Atlantic to support a reworked health care bill. The president says wavering senators “must come through” to keep the measure from collapsing. But the bill is hovering near failure as Senate Majority Leader Mitch McConnell strains to keep more Republicans from deserting. The measure would repeal much of the Obama-era health care law.
Honda unveils new Accord as midsize cars fall out of favor — The latest version of Honda’s venerable Accord midsize car is lower, wider, lighter and sleeker than its predecessor, and the company says it’s faster and handles better. But no matter how nice it looks, how well it drives or how big it is inside, it’ll be a tough sell with U.S. buyers who are migrating by the thousands from sedans to SUVs and trucks.
Cheaper gas, wireless plans keep US inflation in check — Lower costs for gas, airline fares, new and used cars and wireless mobile phone connections kept U.S. consumer prices flat last month, evidence that inflation remains muted. The Labor Department says the unchanged reading followed a drop of 0.1 percent the previous month.
Germany checking Daimler cars amid diesel emissions probe — The German Transport Ministry says the country’s motor transport authority will examine cars made by Daimler amid an investigation into suspected manipulation of diesel emissions controls. Daimler said in May that prosecutors would search several offices in Germany and it was cooperating with the probe.