Stocks end mixed amid weak economic reports
NEW YORK — Stocks ended the first day of trading in September mixed Tuesday after reports that the U.S. economy is weakening at a time when China and Europe also are slowing. U.S. construction spending fell by the most in a year, while manufacturing contracted for a third straight month.
The Dow Jones industrial average closed down 54.90 at 13,035.94. The S&P 500 fell 1.64 to 1,404.94. The Nasdaq index bucked the losing trend, gaining 8.10 at 3,075.06.
S.C.’s DHEC asks to enter Savannah River dredge suit
A second South Carolina state agency has asked to be part of a federal lawsuit brought by environmental groups in two states challenging the $650 million dredging of the Savannah River shipping channel.
Attorneys for the state Department of Health and Environmental Control, in court documents filed late last week, said the agency should be allowed to participate because DHEC would have to issue a Pollution Control Act permit if the court were to require one.
The permit is at the center of the lawsuit brought by the Southern Environmental Law Center against the Army Corps of Engineers. The lawsuit contends that because toxic cadmium from river silt will be dumped on the South Carolina shore of the river, the state permit is required.
Global manufacturing weakness hits America
WASHINGTON — Manufacturing is weakening around the globe, a trend that is weighing on U.S. growth just as the presidential campaign enters its final stretch.
U.S. factory activity shrank for a third straight month in August, according to a survey by the Institute for Supply Management released Tuesday.
Manufacturing has slumped as American businesses have scaled back demand for machinery, equipment and other investments. It also is contracting in just about every major economy overseas.
Pickup trucks drive U.S. auto sales to 3-year high
DETROIT — After years of sputtering, sales of big pickup trucks kicked into overdrive last month.
Demand for full-size pickups jumped 16 percent, helping make August the strongest month for U.S. auto sales in three years. Overall sales increased 20 percent from a year earlier to nearly 1.3 million, according to Autodata corp.
The rising demand shows that businesses need to replace aging trucks and feel more confident about the recovery in U.S. housing, a market where pickups are essential for hauling equipment and crews.
Apple expected to trot out iPhone 5 by end of month
LOS ANGELES — After weeks of rumors, Apple has sent out media invitations for an event, widely expected to be the launch of the iPhone 5, in San Francisco on Sept. 12.
Although the invite didn’t say what would be announced, the shadow under the “12” was of a large “5.” It is expected that the iPhone 5 will be available for pre-order almost immediately, with the device to hit stores by the end of the month.
U.S. home prices rose in July by most in 6 years
WASHINGTON — U.S. home prices jumped 3.8 percent in the 12 months ending in July, according to a private real estate data provider. The year-over-year increase was the biggest in six years, further evidence that the housing market is steadily recovering.
CoreLogic said Tuesday that home prices also rose 1.3 percent in July from June. That’s the fifth straight increase in the monthly and year-over-year price indexes.