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BUSINESSFriday 2 October 2015
Wall Street ends flat before monthly jobs report INDUSTRY
The Associated Press On Wednesday, the S&P of manufacturing rose in for crude. The Institute for UPDATES
NEW YORK (AP) — A late 500, the most widely used September, up from its low- Supply Management said
turn gave the stock market measure of U.S. invest- est level in three years. Thursday that U.S. manu- U.S. construction
a meager gain to start the ments, closed out the Elsewhere in Asia, Japan’s facturers expanded at their spending up 0.7
month Thursday, a day af- quarter with a 7.4 percent Nikkei 225 jumped 1.9 per- slowest pace in two years percent in August
ter it finished its worst quar- loss.Among companies in cent, South Korea’s Kospi last month, held back by
ter in four years. the news, Dunkin’ Brands rose 0.8 percent, and Aus- faltering global growth. M. CRUTSINGER
Investors were looking plunged 12 percent after tralia’s S&P/ASX 200 ad- The price of crude oil fell AP Economics Writer
ahead to Friday when the the company’s revenue vanced 1.8 percent. 35 cents to close at $44.74 WASHINGTON (AP) —
government releases its estimates fell short of ana- Prices for U.S. government a barrel in New York. Brent Spending on U.S. construc-
monthly jobs report. Econo- tion projects rose in August
mists forecast that employ- Madison Square Garden Company President and CEO David O’Connor, right, is applauded by to the highest point in more
ers added 200,000 workers MSG Networks Inc. President and CEO Andrea Greenberg, center, and others as his company’s than seven years, fueled
to their payrolls last month. spinoff begins trading, Thursday, Oct. 1, 2015, on the floor of the New York Stock Exchange. by home building and gov-
Strong hiring would likely ernment projects.
raise expectations that (AP Photo/Richard Drew) Construction spending in
the Federal Reserve will in- August increased 0.7 per-
crease its benchmark inter- lysts’ forecasts. Dunkin’ bonds edged up, nudging Crude, a benchmark for cent from July, when it had
est rate at its next meeting Brands dropped $6 to an the yield down to 2.04 per- international oils used by risen 0.4 percent, the Com-
later this month. even $43. Twitter lost 8.4 cent from 2.05 percent late many U.S. refineries, fell 68 merce Department said
If the jobs report were to percent amid reports that Wednesday. The euro rose cents to close at $47.69 in Thursday.
show a gain of more than the social-media compa- to $1.1188 while the dollar London.
200,000, people will start ny will name co-founder dipped to 119.90 yen. In other futures trading on The latest result suggests
wondering about the Fed’s Jack Dorsey as CEO for a Precious and industrial met- the New York Mercantile that businesses remain
next move, said Brad Mc- second time. Its stock sank als settled with small losses. Exchange: confident enough in the
Millan, chief investment offi- $2.26 to $24.68. Gold dropped $1.50 to fin- — Wholesale gasoline re- economy to expand. Con-
cer at the Commonwealth In Europe, Germany’s ish at $1,113.70 an ounce, mained unchanged at struction activity is expect-
Financial Network. “That DAX fell 1.6 percent, and and silver slipped a penny $1.367 a gallon. ed to provide solid support
could mean we’re in for France’s CAC-40 fell 0.7 to $14.51 an ounce. Cop- — Heating oil fell 1.7 cents for the overall economy for
another big drop,” he said. percent. The FTSE 100 in- per lost 4 cents to $2.30 per to close at $1.520 a gallon. the rest of the year.
Mounting concerns about dex of leading British shares pound. — Natural gas fell 9.1 cents The gains were led by gains
slowing global economic edged up 0.2. The price of oil fell Thursday to close at $2.433 per 1,000 of 1.3 percent in home
growth and the timing of There was some encour- on weakness in U.S. manu- cubic feet, its lowest level building and 0.5 percent in
the Fed’s first interest-rate aging news out of China facturing, which could since the summer of 2012, government construction
hike in nearly a decade where an official measure lead to lower demand on high supplies.q projects.
battered markets over re- Private nonresidential con-
cent months. struction also advanced,
Without any big devel- but by a more modest 0.2
opments to drive the ac- percent. Two key areas
tion on Thursday, trading — office building and the
appeared aimless. The category that covers shop-
Standard & Poor’s 500 in- ping centers — both de-
dex took a sharp fall in clined.
the morning, languished The 1.3 percent rise in
throughout the afternoon home construction reflect-
then climbed back to finish ed a 4.8 percent surge in
the day with a slight gain. apartment construction
The S&P 500 added 3.79 and a more modest 0.7
points, or 0.2 percent, to percent rise in construction
close at 1,923.82. of single-family homes.
The Dow Jones industrial The 0.5 percent rise in gov-
average fell 12.69 points, ernment construction proj-
or 0.1 percent, to 16,272.01 ects was driven by a 0.5
and the Nasdaq compos- percent rise in state and lo-
ite gained 6.92 points, or cal projects and a 0.6 per-
0.2 percent, to 4,627.08. cent rise in federal building
projects.
Apple diversifying, names ex-Boeing CFO to board The overall economy, as
measured by the gross do-
CUPERTINO, Calif. (AP) — fire for not having enough headed the push for great- career at the company, mestic product, expanded
Apple has filled a void on women and minorities in er diversity in Silicon Valley, at an annual rate of 3.9
its board of directors with leadership roles and in their applauded Apple CEO Tim Bell also was interim CEO percent in the April-June
James Bell, the former chief overall workforce. Cook for bringing Bell on to quarter.
financial officer for aircraft Apple already has two the board of the Cupertino, in 2005. He fills a vacancy Business spending on struc-
maker Boeing Co. women on what is now an California, company. tures grew at a 6.2 percent
Bell becomes the only Afri- eight-director board. Two “We are delighted but not created on Apple’s board rate during the spring while
can American on Apple’s of Apple’s top executives, surprised,” Jackson said. construction of homes was
board, helping the iPhone Lisa Jackson and Denise “Tim Cook has made a wise when J. Crew Group CEO growing at an even faster
and iPad maker diversify its Young-Smith, are also Afri- choice. James Bell is emi- 9.3 percent rate after gains
corporate hierarchy at a can Americans. nently qualified.” Millard “Mickey” Drexler of 10 percent over the pre-
time when major technol- Civil rights leader Jesse Besides serving as Boeing’s vious six months.q
ogy companies are under Jackson, who has spear- CFO during his 38-year relinquished his spot earlier
this year.
Bell also sits on the boards
of JP Morgan Chase, Dow
Chemical and another
technology company,
CDW.q