NEW YORK (AP) — Stocks are edging higher in afternoon trading on Wall Street. But the S&P 500 index is poised for its biggest weekly loss since April after ending last week at a record high. Investors are assessing corporate earnings reports that are starting to come in for the second quarter.
WASHINGTON (AP) — U.S. business economists have sharply cut their growth forecasts for the April-to-June quarter and the full year, largely due to the dismal first quarter. A survey by the National Association of Business Economics finds that economists expect growth of 3 percent at an annual rate in the second quarter, down from 3.5 percent in a June survey. And they project that growth in 2014 as a whole will be just 1.6 percent, sharply below their previous forecast of 2.5 percent. But they are mostly optimistic about the rest of this year.
WASHINGTON (AP) — The House has passed a bill to create a permanent tax break known as bonus depreciation, aimed at making it easier for businesses to invest in new equipment. It lets businesses write off the costs of new equipment more quickly, making it popular among business groups. The tax break has been around for years but it’s never been permanent. The White House has threatened a veto because the bill would add nearly $290 billion to the budget deficit over the next decade.
NEW YORK (AP) — Amazon has asked the Federal Aviation Administration for permission to use drones as part of its plan to deliver packages to customers in 30 minutes or less. In a letter to the FAA this week, Amazon said it’s developing aerial vehicles that can travel 50 miles per hour and carry loads of up to 5 pounds. The FAA allows hobbyists and model aircraft makers to fly drones, but commercial use is banned. Amazon is asking for an exemption so it can test its drones in the U.S.
DES MOINES, Iowa (AP) — The U.S. Department of Agriculture says farmers will bring in less corn than projected earlier this year, but the soybean harvest could set a record. Today’s weekly update on the nation’s major crops says 13.86 billion bushels of corn will be harvested, fewer than earlier expected. Soybean production has been boosted to a record 3.8 billion bushels, up 165 million bushels from last month. The USDA anticipates farmers will harvest 84.1 million acres.
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