Nearly everyone’s a winner: Funds rose again last quarter
NEW YORK (AP) — Nearly every type of fund rose last quarter, whether they focus on stocks or bonds, U.S. or foreign. Gains were so widespread that 93 percent of the roughly 7,600 funds that Morningstar tracks made money over the last three months. The nearly universal climb for funds means many retirement accounts and other portfolios are the largest they’ve ever been. The average 401(k) balance had already come into the second quarter at a record level, according to Fidelity.
Science Says: Are hot dogs healthier without added nitrites?
NEW YORK (AP) — Oscar Mayer is running ads touting that its hot dogs no longer have added nitrites. It’s the latest company to ditch artificial ingredients and instead is using nitrites derived from celery juice. That doesn’t necessarily mean the hot dogs are any healthier. Whether people advise against processed meat or defend it, many agree that it makes little difference whether the source of nitrites to preserve processed meat is artificial or natural.
Industrial companies lead US stock indexes mostly higher
Wall Street closed out the final day of the second quarter with slight gains after a broad rally faded in the last few minutes of trading Friday. The Dow Jones industrial average and the Standard & Poor’s 500 index eked out tiny gains, while the Nasdaq composite closed essentially flat. Trading was mostly subdued ahead of the Independence Day holiday. Many investors seized on the final trading day of the quarter to buy more shares or close out positions and book profits.
US consumer spending up just 0.1 percent despite income gain
WASHINGTON (AP) — Americans enjoyed a healthy increase in income last month but didn’t spend much of the gain. The Commerce Department says personal income rose 0.4 percent in May, but spending increased just 0.1 percent.
Trump suggests just repeal Obamacare, then try to replace it
WASHINGTON (AP) — President Donald Trump says that if Senate Republicans can’t make a deal on legislation to repeal and replace ‘Obamacare,’ they should go ahead and repeal the whole law immediately and replace it later on. Trump’s intervention comes with Senate GOP leaders immersed in delicate negotiations to find enough votes to pass their repeal-and-replace bill, and could end up making it even harder for them to achieve compromise.
Illinois misses deadline to pass budget, consequences hover
SPRINGFIELD, Ill. (AP) — A $36.5 billion plan to rebuild Illinois’ crumbling finances has passed a critical test, but not in time to prevent the state from starting its third consecutive fiscal year without a budget. The House approved the plan on a preliminary vote Friday, but a final vote won’t come before the fiscal year starts Saturday. Without a budget, the state enters dangerous territory, including a promised credit downgrade to “junk” status.
Ivanka works for free, but Trump White House can pay well
WASHINGTON (AP) — More than 40 percent of White House staffers earn in excess of $100,000 a year. And some of the wealthiest aides to President Donald Trump aren’t paid at all. The White House released details about staff salaries on Friday. Among those forgoing a salary are Trump’s daughter Ivanka and her husband, Jared Kushner.
Trump’s Labor Dept wants salary to count on overtime rule
WASHINGTON (AP) — The Labor Department says it wants salary level to count when it determines who is eligible for overtime pay. But it’s holding off setting the maximum pay a worker can get and still qualify. That’s according to a brief filed Friday in federal court in New Orleans in a case over whether the Obama administration had the right to double the threshold to around $47,000 and make millions more Americans eligible for overtime pay.
Germany passes law against online hate speech
BERLIN (AP) — German lawmakers approved a bill Friday aimed at cracking down on hate speech on social networks, which critics say could have drastic consequences for free speech online. The measure approved is designed to enforce the country’s existing limits on speech, including the long-standing ban on Holocaust denial. It would fine social networking sites up to 50 million euros ($56 million) if they persistently fail to remove illegal content within a week, including defamatory “fake news.”
Commission vacancies threaten Trump’s energy ‘dominance’
WASHINGTON (AP) — The five-member commission that oversees natural gas pipelines and other energy projects is down to a single commissioner as one of the panel’s two remaining members steps down. The departure of Democrat Colette Honorable from Federal Energy Regulatory Commission hobbles the panel’s ability to make decisions on projects worth billions of dollars and threatens to undermine President Donald Trump’s promise of U.S. “energy dominance” in the global market.
Nevada pot sites stock, check bud before legal sales fire up
LAS VEGAS (AP) — Marijuana dispensaries in Nevada are working overtime to prepare for the start of recreational pot sales Saturday. Residents and tourists in Sin City are expected to flock to the facilities in strip malls, near strip clubs and on the Las Vegas Strip as early as 12:01 a.m. In preparation, dispensaries have been furiously stamping labels on pot products, stocking up their shelves, adding security and checkout stations, and announcing specials.
The Standard & Poor’s 500 index rose 3.71 points, or 0.2 percent, to 2,423.41. The Dow Jones industrial average gained 62.60 points, or 0.3 percent, to 21,349.63. The Nasdaq composite lost 3.93 points, or 0.1 percent, to 6,140.42.
Benchmark U.S. crude gained $1.11, or 2.5 percent, to settle at $46.04 a barrel in New York. Brent, the international standard, rose $1.14, or 2.4 percent, to close at $48.77 a barrel in London. In other energy futures trading, wholesale gasoline picked up 4 cents to $1.51 per gallon. Heating oil added 3 cents to $1.48 per gallon. Natural gas was little changed at $3.04 per 1,000 cubic feet.
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