Weak manufacturing threatens consumer-fueled growth
NEW YORK — Manufacturers are facing stunted growth amid the damaging trade war between the U.S. and China, and that has some on Wall Street worried that it will crimp the consumer-fueled economy. Factory output has been slowing all year, and suffered its first contraction in three years during August. For now consumers are still doing much of the lifting for the U.S. economy. But a trade-war-damaged manufacturing sector could eventually dash consumer confidence and spending.
Airbnb says it will go public in 2020
NEW YORK — Airbnb Inc. said Thursday it plans to go public in 2020, a long-awaited move by the home-sharing company that is both loved and reviled for its disruption of the hotel business. Airbnb disclosed the news in a brief statement.
Walgreens, Google affiliate to launch drone delivery test
Walgreens and a Google affiliate are testing drone deliveries that can put drugstore products on customer doorsteps minutes after being ordered. The companies said Thursday that snacks like Goldfish crackers or gummy bears as well as aspirin for a sick child will be delivered starting next month in Christiansburg, Virginia, by a 10-pound drone that flies as fast as 70 miles per hour.
Stock indexes finished mixed after early rally fades
NEW YORK — Major U.S. stock indexes ended mixed Thursday after an early rally lost its strength toward the end of the day. The S&P 500 managed to hold on to a tiny gain that extended its winning streak to a third day. Gains in health care, technology, utilities and other sectors outweighed losses elsewhere in the market. Bond yields were little changed. The market rallied in the early going on a batch of encouraging economic reports.
The S&P 500 index rose 0.06 of a point, or less than 0.1%, to 3,006.79.
The Dow Jones Industrial Average slid 52.29 points, or 0.2%, to 27,094.79.
The Nasdaq added 5.49 points, or 0.1%, to 8,182.88.
The Russell 2000 index of smaller company stocks shed 6.87 points, or 0.4%, to 1,561.47.