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Market back to rallying after reports on profits and inflation

NEW YORK (AP) — Wall Street is back to climbing on Friday following more encouraging profit reports and the latest signal that inflation is loosening its chokehold on the economy. The S&P 500 was 1% higher in the late afternoon, with less than an hour remaining in trading, and near its highest level in more than 15 months. The Dow Jones Industrial Average was up 182 points, or 0.5%, at 35,465 after breaking a 13-day winning streak the day before. The Nasdaq composite was up 1.9% as Big Tech stocks led the market. Stocks have been rallying recently on hopes high inflation is cooling ...

Southwest’s soaring labor costs overshadow its record revenue

DALLAS (AP) — Southwest Airlines said second-quarter earnings dropped 10% to $683 million as labor costs soared, offsetting record revenue at the start of the peak summer travel season. The airline also warned Thursday that a key revenue ratio will drop and non-fuel costs will rise in the third quarter. The shares fell nearly 9% to close at $33.02, the stocks’ worst one-day percentage decline since June 2020, shortly after the COVID-19 pandemic crippled air travel. Southwest said that revenue for every seat flown one mile — a closely watched ratio in the airline business — ...

Court-appointed manager of Miss. capital water system gets to fix sewage problems

By EMILY WAGSTER PETTUS The Associated Press JACKSON, Miss. — The independent manager working to fix the long-troubled water system in Mississippi’s capital city will also be assigned to oversee repairs to the city’s deteriorating sewer system, under an order filed Wednesday. Officials from the U.S. Justice Department, the U.S. Environmental Protection Agency, the Mississippi Department of Environmental Quality and the city of Jackson all agreed to give the extra duties to Ted Henifin. Henifin had decades of experience running water systems in other states before U.S. ...

Wall Street rally runs out of gas

Bond yields jump The Associated Press NEW YORK — Stocks fell Thursday, taking some air out of Wall Street’s big recent rally, despite fatter-than-expected profit reports from big companies and the latest signals of a resilient economy. The S&P 500 sank 29.34, or 0.6%, to 4,537.41 after touching its highest level in nearly 16 months during the morning. The Dow Jones Industrial Average also flipped from an early gain to a loss and dropped 237.40, or 0.7%, to 35,282.72. The Nasdaq composite fell 77.17, or 0.5%, at 14,050.11. Honeywell International was a heavy weight on the market ...

White House rolls out measures aimed at lowering cost of housing

By MICHAEL CASEY The Associated Press The White House is taking steps aimed at increasing the the supply of affordable housing while also bolstering protections for renters. The housing measures announced Thursday include providing communities with $85 million in funding from the Department of Housing and Urban Development to reduce barriers to affordable housing, such as zoning restrictions that in some places have become a hurdle to increasing the supply and density of affordable housing. HUD would provide grants upwards of $10 million. “HUD recognizes that communities have ...

Trump says his lawyers have met with prosecutors ahead of possible ’20 election indictment

WASHINGTON (AP) — Lawyers for Donald Trump met Thursday with members of special counsel Jack Smith’s team ahead of a potential indictment over the former president’s efforts to overturn the results of the 2020 election, according to a person familiar with the matter. Trump himself confirmed the meeting in a post on his Truth Social network, writing, “My attorneys had a productive meeting with the DOJ this morning, explaining in detail that I did nothing wrong, was advised by many lawyers, and that an Indictment of me would only further destroy our Country.” He added that ...