The S&P 500 and the Dow were on track for their best weekly gains since October, recovering sharply from a bruising selloff after Britain voted to quit the European Union. Data from the Institute for Supply Management (ISM) showed its index of national factory activity rose to 53.2, topping expectations of 51.4, according to a Reuters poll. "It's been a wild ride, but positive economic momentum in the United States has and continues to be a ray of sunshine," said Daniel Kern, chief investment strategist of TFC Financial Management in Boston.
The U.S. economy remained on track to expand a tad above 2 percent in the coming months as this week's data hinted at moderate growth in consumer spending and a rebound in factory activity, the New York Federal Reserve said on Friday. The regional central bank said its Nowcast model showed the gross domestic product likely grew at a 2.08 percent annualized pace in the second quarter, compared with a 2.11 percent estimate a week ago.
By Edward Taylor FRANKFURT (Reuters) - BMW is teaming up with Intel and Mobileye to develop new technology for the auto industry that could put self-driving cars on the road by around 2021. The alliance highlights a shift in the dynamics of research and development in the car industry, which until recently saw automakers largely dictating terms for suppliers to manufacture their proprietary technologies at specified volumes and prices. Now carmakers are increasingly striking up partnerships with technology firms using open technology standards, seeking to harness their expertise in areas including machine learning and mapping as they race against Silicon Valley companies such as Google , Tesla and Apple to develop driverless vehicles.
The U.S. economy has shown signs of improvement in recent weeks but the Federal Reserve expects it will take some time before it can assess the impact of Britain's vote to leave the European Union, Fed Vice Chair Stanley Fischer said on Friday. A June 3 report showing a sharp slowdown in hiring during May and the risks around Britain's June 23 Brexit vote have raised concerns at the Fed over whether the U.S. economy was ready for more interest rate increases. More recent economic data has eased some of those concerns, but Fischer gave no steer on when the Fed might raise rates.
The Institute for Supply Management reported on Friday that its national factory index rose to 53.2 in June from 51.3 in May. A reading above 50 indicates expansion in the manufacturing sector, which accounts for about 12 percent of the U.S. economy. Outlays on private residential construction were flat, while spending on private nonresidential construction was down 0.7 percent.
STOCKHOLM (Reuters) - Spotify confirmed on Friday that it has complained to Apple Inc after the U.S. tech giant rejected an updated app for the Swedish music streaming service on iPhones.The two companies have gone head to head in the battle for music streaming customers since Apple Music was launched in more than 100 countries last year, and...
By Hugh Lawson LONDON (Reuters) - Investors will start to peek beyond the Brexit-dominated headlines in the coming week to gauge the outlook for the global economy, and what impact an expected rebound in U.S. job creation will have on central banks eyeing looser policy. Britain's shock vote to leave the European Union has cast a cloud of doubt over the world economic outlook that is unlikely to clear for months to come as economists - and central banks like the U.S. Federal Reserve - see how the referendum result impact on hard data. Much of the media focus in Europe is likely to be on the political bloodletting as Britain's ruling Conservative Party, also known as the Tories, pick a new leader.
Spotify confirmed on Friday that it has complained to Apple Inc after the U.S. tech giant rejected an updated app for the Swedish music streaming service on iPhones. The two companies have gone head to head in the battle for music streaming customers since Apple Music was launched in more than 100 countries last year, and Spotify said the rejection of its revised app for iPhones was causing it "grave harm". The complaint was in the form of a letter sent by Spotify's lawyer to Apple this week, technology website Recode reported.
(Reuters) - Tesla Motors Inc's shares were down less than 1 percent in early trading on Friday, with at least one analyst saying that initial reaction to the first fatality involving its Autopilot system was based more on perception than reality. The incident, in which a man driving a Tesla Model S was killed in a collision with a truck in Florida, has prompted an investigation by federal highway safety regulators, the U.S. government and Tesla said on Thursday. Tesla said in a blog post that the crash was the first in the more than 130 million miles that the semi-autonomous driving system has been used.