Business Highlights

AP News
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Posted: Jul 03, 2017 5:28 PM

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Soy 'milk'? Even federal agencies can't agree on terminology

NEW YORK (AP) — The dairy industry says terms like "soy milk" violate the federal standard for milk, but even government agencies internally clashed over the proper term. The USDA "fervently" wanted to use the term soy milk in educational materials for the public because it was easier to understand, emails show. The FDA balked, saying that would undercut its authority to police terms like milk.

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Auto sales fall 6 straight months, stay near record levels

DETROIT (AP) — Unemployment is down, consumer confidence is up, and gas prices and interest rates are still low. Even so, U.S. auto sales fell 3 percent last month. It was the sixth straight monthly decline as sales dropped off last year's record pace. Industry analysts say it's no cause for alarm. Sales are dropping slightly because most people who delayed buying autos after the Great Recession have bought new cars already.

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Tesla: 1st Model 3 to be built Friday, sales start July 28

NEW YORK (AP) — The first Tesla Model 3 electric car for the masses should come off the assembly line on Friday with the first deliveries in late July, the company's CEO says. CEO Elon Musk, in several Twitter messages early Monday, says the new car passed all government regulatory requirements for production to begin two weeks ahead of schedule.

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Silicon Valley's sexism problem: Could the tide be turning?

NEW YORK (AP) — Sexism in Silicon Valley may be coming in for a reckoning, prompted by women coming forward with stories of sexual harassment by industry bigshots. The latest is venture investor Dave McClure, who's apologized for making "inappropriate advances" toward women and is giving up leadership of the venture capital fund he co-founded, 500 Startups. But while there have been plenty of apologies, resignations and self-reflection, it's too soon to tell if they will produce meaningful change.

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TV executive Jamie Horowitz out abruptly at Fox Sports

LOS ANGELES (AP) — Fox Sports says that Jamie Horowitz is out of his job as president of Fox Sports National Networks. The sports channel confirmed his departure in a brief statement Monday, saying his departure was effective immediately.

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Gains for energy companies and banks boost stock indexes

NEW YORK (AP) — US stocks climb in a shortened day of trading as banks rise along with bond yields and interest rates and energy companies gained along with oil prices. Strong manufacturing data also helped stocks as investors bought industrial and materials companies. Car companies advance as investors weren't troubled by another decline in sales.

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Official: firm at center of cyberattack knew of problems

KIEV, Ukraine (AP) — The small Ukrainian tax software company that is accused of being the patient zero of a damaging global cyberepidemic is under investigation and will face charges, the head of Ukraine's CyberPolice suggests. Col. Serhiy Demydiuk, the head of Ukraine's national Cyberpolice unit, tells The Associated Press that Kiev-based M.E. Doc's employees had blown off repeated warnings about the security of their information technology infrastructure.

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Appeals court backs Jimmy John's franchisee in labor dispute

MINNEAPOLIS (AP) — A federal appeals court says a company that owns 10 Jimmy John's sandwich shops in the Twin Cities was within its rights to fire six union workers who circulated posters critical of the company's sick-leave policy. The full 8th U.S. Circuit Court of Appeals on Monday reversed a three-judge appeals panel's decision that had affirmed a National Labor Relations Board ruling in favor of the workers.

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Survey: US factory activity rises to near a 3-year high

WASHINGTON (AP) — U.S. factories expanded at a robust pace in June, a potential sign of strength for the economy as new orders, production and employment each improved.

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Construction spending flat in May

WASHINGTON (AP) — U.S. construction spending was flat in May with new home construction falling again, as buyers face climbing home prices climb and a lack of available properties on the market. The Commerce Department reports no increase in construction spending in May, which follows a new home construction report two weeks ago showing that housing starts fell for the third straight month.

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The Standard & Poor's 500 index added 5.61 points, or 0.2 percent, to 2,429.02. The Dow Jones industrial average rose 129.64 points, or 0.6 percent, to 21,479.27. The Nasdaq composite lost 30.36 points, or 0.5 percent, to 6,110.06.

Benchmark U.S. crude gained 73 cents, or 1.6 percent, to $46.77 a barrel in New York, its eighth gain in a row. Brent crude, used to price international oils, rose 62 cents, or 1.3 percent, to $49.39 a barrel in London.

In other energy trading, wholesale gasoline added 1 cent to $1.53 a gallon and heating oil rose 3 cents to $1.51 a gallon. Natural gas dropped 7 cents, or 2.3 percent, to $2.97 per 1,000 cubic feet.