Dow Hits Another High As Market Holds Narrow Gains
The Dow rose 25.96 points to 18559.01 in an eighth straight gain while the S&P 500 slipped 3.11 to 2163.78 and the Nasdaq fell 19.41 to 5036.37. Mixed earnings and housing data kept trading rangebound as investors awaited clarity on recession timing. Analysts cited earnings expectations and macro factors including IMF outlook and Brexit impact.
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Associated Press
IMF trims global forecast after Brexit vote
The IMF lowers its 2016 and 2017 growth projections by a tenth of a point due to the Brexit referendum while keeping 2015 and 2016 gains modest. It projects world output at 3.1 percent this year and 3.4 percent in 2017, with UK growth at 1.7 percent in 2016 and 1.3 percent in 2017.
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Feds push tighter oversight of self driving cars
U S Transportation Secretary Anthony Foxx urged closer cooperation between regulators and automakers to test autonomous driving systems before on road use. He cited the May 7 fatal Tesla Autopilot crash as a call for rigorous safety standards and framed the goal as an 80 percent reduction in crashes, acknowledging autonomous vehicles won’t be perfect.
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States sue VW over diesel emission cheating
New York Massachusetts and Maryland sue Volkswagen Audi and Porsche alleging tens of thousands of diesel vehicles used defeat devices to cheat emissions tests. New York claims employees tried to hide the cheating by falsifying documents and destroying records. VW says it is pursuing a national resolution with authorities.
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