(New York) Here are the latest readings of the major market indexes:
New York Stock Exchange 13145.98 up 77.17
NYSE MKT Composite Index 2116.50 up 19.25
NASDAQ: Composite 11671.63 up 46.30
Standard and Poors 500 3499.84 up 15.29
HARRISBURG, Pa. (AP) — Pennsylvania state utility regulators have effectively extended a moratorium preventing utilities from terminating service to non-paying customers for three more weeks while the state fights the spread of the coronavirus. The four-member panel of two Democrats and two Republicans postponed a vote on Thursday’s agenda until Sept. 17, after deadlocking twice on motions to lift the moratorium over the summer. Meanwhile, Bloomsburg University is the latest Pennsylvania school to shift all instruction to remote learning. That’s starting Monday after the school saw an outbreak of coronavirus cases. The state-owned school says students living on campus won’t be required to leave residence halls.
Coca-Cola is offering voluntary buyouts to about 4,000 people to reduce the number of layoffs it says will take place as it streamlines operations. Coca-Cola is reducing the number of its individual business segments from 17 to nine, which it said Friday will result in “voluntary and involuntary” staff cuts. The streamlining is taking place during a rough stretch for Coca-Cola and almost all companies that cater to social events. Half of Coca-Cola’s sales come from stadiums, movie theaters and other places where people gather in large numbers — venues that have been closed during the coronavirus pandemic. Revenue tumbled 28% in the Atlanta company’s most recent quarter.
By MARTIN CRUTSINGER AP Economics Writer
WASHINGTON (AP) — U.S. consumers increased their spending by 1.9% last month, a dose of support for an economy struggling to emerge from the grip of a pandemic that has held back a recovery and kept roughly 27 million people jobless. The July gain marked the third straight monthly increase in consumer spending, the primary driver of the U.S. economy. Friday’s report from the Commerce Department also showed that income rose 0.4% in July after two months of declines. The consumer spending report arrives amid a hazy economic landscape, with high unemployment, struggling businesses and deep uncertainty about when the health crisis will be solved and when people and companies will feel confident enough to spend and hire normally again.
NEW YORK (AP) — Lord & Taylor, one of the country’s oldest department stores, is going out of business after filing for bankruptcy earlier this month. The company says it will close its remaining 38 stores and shut down its website. It is currently holding going out of business sales in stores and online. Lord & Taylor, founded as a dry goods store in 1826, has struggled to stay relevant as more people shop online.
LOS ANGELS (AP) — California Gov. Gavin Newsom is expected to announce plans for reopening businesses that were shuttered in July amid soaring coronavirus cases and hospitalizations. The steps he announces today could move the state slowly back toward normalcy heading into fall. The California Restaurant Association hopes Newsom will allow the return of indoor dining. Businesses and local governments buffeted by the outbreak say they need clarity in state rules to avoid confusion over who can reopen, and when. Newsom ordered sweeping closures last month, shuttering bars, indoor religious services, gyms and hair and nail salons.