NEW YORK (AP) — U.S. stocks are moving lower in late-morning trading today. At 10:45 a.m. Eastern Time, the Dow Jones industrial average fell 12 points, to 16,705. The S&P 500 lost four points, to 1,919 and the Nasdaq composite dropped 21 points, to 4,221. The Dow and S&P 500 both closed at record highs on Friday.
WASHINGTON (AP) — U.S. manufacturers grew at a strong pace in May as measures of production and orders rose. Factories added jobs, but at a slower pace. The Institute for Supply Management says its manufacturing index rose to 55.4 last month from 54.9 in April. Any reading above 50 indicates expansion. Production surged to 61 from 55.7 in April.
WASHINGTON (AP) — U.S. construction spending posted a modest gain in April, helped by increases in home building and government construction that lifted total activity to the highest level in five years. The Commerce Department says construction spending rose 0.2 percent in April to a seasonally adjusted annual rate of $953.5 billion, the strongest performance since March 2009. The April increase was lower than economists had expected.
WASHINGTON (AP) — The Obama administration wants to give U.S. power plants more time to plan how they’ll reduce their carbon dioxide emissions. The Environmental Protection Agency has rolled out the plan to give states until mid-2018, in some cases, to determine how they’ll reach their targets to reduce greenhouse gases. That would mean a goal of cutting carbon emissions from power plants by 30 percent by the year 2030.
DETROIT (AP) — U.S. safety regulators are investigating whether a recall to fix air bags on nearly 745,000 Chrysler SUVs is working. The company recalled older-model Jeep Grand Cherokees and Libertys in 2012 because the air bags could inflate without a crash, causing injuries. Chrysler installed an electrical filter to eliminate electrical spikes on air bag circuits. But since the recall, the company has received six reports of air bags inflating without a crash on SUVs that had the recall repairs.
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