Business News

Jul 27, 6:03 PM EDT

Business Highlights


Amazon and Foxconn reflect a growing trend: Deliver it now

WASHINGTON (AP) - Amazon's plans to add 50,000 jobs at a dozen warehouses across the United States and Foxconn's decision to build a $10 billion plant and hire up to 13,000 workers in Wisconsin aren't just feel-good stories of job creation. They reflect the pressures companies now feel to be as close to their customers as possible - a trend that's helping restore some American factories and jobs.


Forbes: Amazon CEO Bezos was briefly the world's richest man

NEW YORK (AP) - Forbes magazine says Amazon CEO Jeff Bezos briefly became the world's richest man Thursday, as stock in his e-commerce company hit an all-time high. But Microsoft founder Bill Gates reclaimed the lead by afternoon, as Amazon's stock fell below the day's opening price.


Why Twitter won't ban President Donald Trump

NEW YORK (AP) - Twitter has made it clear that it won't ban Donald Trump, whether the president follows its rules against harassment or not, The president's tweets draw attention to the struggling service, even if tweets mocking reporters and rivals undercut Twitter's stated commitment to make the service a welcoming place. For now, however, the attention doesn't appear to be helping Twitter's user growth. The number of users was unchanged from the previous quarter.


Falling tech stocks pull US indexes off their record highs

NEW YORK (AP) - U.S. stock indexes pulled back from their record highs Thursday after drops for technology, health care and industrial stocks offset another big gain for telecoms.


Air bag inflator ruptures, driver killed in Florida crash

DETROIT (AP) - A Florida driver has died in a crash near Tampa that involved an exploding Takata air bag inflator. According to Honda, the crash happened July 19 in Holiday. Authorities have yet to release the cause of death. If the driver was killed by the inflator, it would be the 19th death worldwide and 13th death in the U.S. blamed on the inflators.


Demand overseas keeps Mustang on top despite lower US sales

DETROIT (AP) - Mustang sales have dipped in the U.S. so far this year, where industry sales are softening and consumers increasingly prefer SUVs. But the world remains captivated by the quintessential American car, and Ford has been rapidly expanding the markets where the Mustang is sold to meet that demand. According to IHS Markit, Ford's growling pony car became the best-selling sports car in the world last year, with more than 150,000 sold.


GOP's repeal of insurance mandate could backfire

WASHINGTON (AP) - Getting rid of the Affordable Care Act's highly unpopular penalty for not having health insurance could backfire on Republicans. Experts say it would prompt significant premium increases if it were actually to pass. Premiums would go up because insurers fear that without a requirement to carry coverage, some healthy people would just drop their policies. Republicans say it's just a strategy to keep their "repeal and replace" legislation moving forward.


Trump choice for Fed board says he likes rule change ideas

WASHINGTON (AP) - Randal Quarles, who's poised to be a Federal Reserve official and key player in President Donald Trump's effort to scale back financial rules, has a clear idea of where regulators should apply pruning shears. Speaking at his Senate confirmation hearing Thursday, Quarles said he agreed with the recent urgings of the man he'd be replacing on the Fed board as the head of bank supervision.


Why you still can't ditch your cable box

NEW YORK (AP) - Not that long ago, the clunky cable box looked like it was on its way out. The federal government was pressuring cable companies to open up their near-monopoly on boxes to more competition, and industry leader Comcast promised apps that could render some boxes obsolete. But today, the vast majority of customers still need to rent a box to get full service from cable providers, and those box-replacing apps remain elusive.


Businesses, cities cashing in on total solar eclipse crowds

BARTLETT, Tenn. (AP) - Millions of eyes will be fixed on the sky when a total solar eclipse crosses the U.S. in August. It's likely many of those eyes will be will be safely behind special eclipse glasses churned out by a Tennessee company. American Paper Optics is one of the many businesses including hotels, campgrounds and retail stores taking advantage of the crowds drawn by the coast-to-coast eclipse.


The Standard & Poor's 500 index fell 2.41 points, or 0.1 percent, from its record set a day earlier to close at 2,475.42. The Nasdaq composite likewise fell from a record, down 40.56, or 0.6 percent, to 6,382.19. The Dow Jones industrial average was an exception, and it rose 85.54, or 0.4 percent, to 21,796.55 to set another all-time high.

Benchmark U.S. crude rose 29 cents to settle at $49.04 Thursday. Brent crude, the international standard, gained 52 cents to $51.49 a barrel. Natural gas rose 5 cents to $2.97 per 1,000 cubic feet, heating oil gained nearly a penny to $1.60 per gallon and wholesale gasoline rose 3 cents to $1.64 per gallon.

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