Survey: Business economists see slowdown in growth this year
Stock indexes end an indecisive day mixed
Stocks ended an indecisive day of trading more or less where they started as traders try to make sense of newly pessimistic views on the economy. They’re also parsing another troubling drop in long-term bond yields Monday, which many see as a warning sign of a possible recession.
Large-company stocks ended broadly lower, led by drops in big technology companies. Apple fell 1.2 percent after announcing several new services including streaming video and news. Small-company stocks fared better.
The S&P 500 edged down 2 points, or 0.1 percent, to 2,798. The Dow Jones Industrial Average rose 14 points, or 0.1 percent, to 25,516. The Nasdaq slipped 5 points, or 0.1 percent, to 7,637.
Settlement reached in lawsuits over Xarelto blood thinner
A $775 million settlement has been announced in roughly 25,000 lawsuits involving the blood-thinning medication Xarelto.
Cases consolidated in federal court in New Orleans date back to 2014. They involved claims that users of the medication marketed by Bayer Healthcare and Janssen pharmaceuticals were not adequately informed of risks of life-threatening complications.
The companies noted that they prevailed in six cases tried so far, and that they continue to believe the claims are without merit. They said in a news release that the settlement will end the cost and “distraction” of the litigation. A statement from attorneys for the plaintiffs called the settlement a “fair and just resolution.”
Houston Ship Channel could stay closed several more days
A U.S. Coast Guard official said it could be several more days before a section of the Houston Ship Channel closed amid cleanup efforts after a fire at a petrochemical storage facility is reopened. Coast Guard Capt. Kevin Oditt said Monday that officials let one ship pass through the affected area Sunday. Oditt said that ship didn’t interfere with the cleanup and didn’t get contaminated.
Oditt said additional test runs with four more ships and barges were done Monday. Crews are cleaning up after products from storage tanks at the facility leaked into the ship channel after the March 17 fire. The tanks contained components of gasoline and materials used in nail polish remover, glues and paint thinner. Intercontinental Terminals Co. said it is continuing to empty the damaged tanks.
The nation’s business economists foresee a sharp slowdown in U.S. economic growth over the next two years, in sharp contrast to the Trump administration’s predictions that growth will accelerate this year and next.
That finding comes from the latest survey released Monday by the National Association for Business Economics. Its economists collectively project that growth, as measured by the gross domestic product, will reach a modest 2.4 percent this year and just 2 percent in 2020. Among the key factors in their dimmer assessment are a global slowdown and the ongoing trade conflicts between the Trump administration and several major trading partners.
Average price of gas jumps 16 cents a gallon, to $2.66
The average price of regular-grade gasoline shot up 16 cents a gallon over the past two weeks, to $2.66.
Industry analyst Trilby Lundberg of the Lundberg Survey says the rise comes as supplies tighten while refineries undergo maintenance in advance of increased demand during the summer driving season. Lundberg said Sunday that the current retail price is the same as it was a year ago.
High court won’t referee dispute over Jordan images
The Supreme Court said Monday it won’t step in to referee a copyright dispute between Nike and a photographer who took a well-known image of basketball great Michael Jordan. That means lower court rulings for the athletic apparel maker will stand.
Photographer Jacobus Rentmeester sued Nike after it used an image he took of Jordan in the 1980s as inspiration for a photograph it commissioned for its own ads. The company’s photo, which was used on posters and billboards, then became the basis for the “Jumpman” logo for Nike’s Air Jordan shoes. Rentmeester sued Beaverton, Oregonbased Nike in 2015 saying both the Nike photo and logo infringed on his copyright image.
— Wire service