More blowout tech profits push S&P 500 higher

NEW YORK » More blowout profit reports from big tech companies pushed the S&P 500 to another record high on Wednesday. The benchmark index rose 1%, even though most of the stocks within it fell. Tech stocks accounted for the lion’s share of the gains. The Dow Jones Industrial Average rose 0.3%. The Nasdaq rose 1.7%, but smaller stocks fell. Treasury yields rose ahead of a highly anticipated speech from Federal Reserve chairman Jerome Powell on Thursday.

McDonald’s broadens internal investigation

CHICAGO » An internal investigation by McDonald’s of potential misconduct has extended beyond its former CEO who was forced out late last year. McDonald’s board of directors has hired an outside law firm as part of a probe into its human resources department to determine if Steve Easterbrook, who exited abruptly in November, covered up misconduct for others. On Wednesday, The Wall Street Journal reported that McDonald’s conducted an internal investigation in 2018 after employees complained about inappropriate physical contact between the former top HR executive, David Fairhurst, and a subordinate at a holiday party.

U.S. factory big-ticket orders jumped 11.2%

WASHINGTON » Orders to U.S. factories for big-ticket manufactured goods jumped 11.2% in July, the third consecutive monthly gain. The Commerce Department reported Wednesday that the strong advance was led by the volatile transportation sector, which spiked 35.6%. Excluding transportation, orders would have risen by a modest 2.4%.