Stocks little changed; S&P has loss for week
NEW YORK — The stock market recovered from an early swoon and ended the day pretty much where it started. The S&P 500 index had its first weekly loss in a month.
The Dow Jones industrial average rose 3.22 to close at 15,558.83. The S&P 500 edged up 1.40 to 1,691.65. The Nasdaq gained 7.98 to 3,613.16.
For the week: The Dow is up 15.09 points, or 0.1 percent; the S&P 500 is down 0.44 points, or 0.03 percent; The Nasdaq is up 25.55 points, or 0.7 percent.
Boeing shuffling execs, including 787 engineer
SEATTLE — Boeing announced internally Friday a reshuffling of top engineering executives that sees Mike Sinnett leaving his post as chief project engineer for the 787 Dreamliner, according to a report in the Seattle Times.
During the last seven months of intense scrutiny of the Dreamliner program, Sinnett has been the top executive called upon to address the technical issues. His replacement is Bob Whittington, who previously held that job on the 777.
Mike Delaney, vice president of engineering at Boeing Commercial Airplanes, announced the changes.
“Since some of these moves involve changes to key people on the 777 and 787 programs, some may ask why we are making moves of this magnitude at this time,” Delaney wrote in a memo obtained by the Times. “While there is never a perfect time to make changes, by making these moves, we are giving all of these individuals an opportunity to broaden their experience and to apply their knowledge and capability to other roles or on other programs.”
Signs point, finally, to recession’s end abroad
FRANKFURT, Germany — After a year and a half of recession, Europe’s battered economy could finally be showing signs of life. It doesn’t call for a big celebration. But signs of improvement are there. On Thursday, a German index of business confidence rose for the third month in a row. Meanwhile, surveys of purchasing managers in the euro area indicate manufacturing edged back into growth territory in July.
Toyota is top-seller of autos in spite of China
TOKYO — Toyota shrugged off China sales woes to stay the world’s top selling automaker for the first half of this year, outpacing U.S. rival General Motor, which boasted such bragging rights for seven decades until 2008.
Toyota sold 4.91 million cars and trucks around the world for the January-June period, down 1.2 percent from the previous year. GM said this month it sold 4.85 million vehicles worldwide in the six months.
AP source: No Fed chair pick until this autumn
WASHINGTON — The White House says President Barack Obama is not expected to name a new chairman of the Federal Reserve until the fall, lowering expectations for an imminent announcement.
A senior official says the president has not made a decision on who will replace current Fed chairman Ben Bernanke. His term expires early next year.
The president’s pick is highly anticipated, given the Fed chairman’s impact on economic policy.
Apple Inc. smartphone market share declines
SAN FRANCISCO— Apple Inc.’s share of the global smartphone market fell during the second quarter to its lowest level in four years, according to data released Friday.
Apple took 13.1 percent of the worldwide market, according to ABI Research, down from 16.6 percent a year ago. That’s the lowest level since the third quarter of 2009, two years after the launch of the first iPhone.
Applesold 31.2 million iPhones in the April-to-June period, up from 26 million in the same period a year ago, the report said. But the company’s sales growth isn’t keeping pace with the overall smartphone market, which grew 52 percent.