Dow tops 27,000 for first time as indexes end mixed

A turbulent day on Wall Street ended in the record books Thursday as the Dow Jones Industrial Average climbed above 27,000 for the first time and the S&P 500 index hit another all-time high.

The milestones came on a day when the S&P 500 briefly moved above 3,000 for the second straight day before an early rally lost some of its momentum.

The S&P 500 rose 6.84 points, or 0.2%, to 2,999.91. The index set three straight record highs last week.

The Dow gained 227.88 points, or 0.8%, to 27,088.08. The Nasdaq composite gave up an early gain, sliding 6.49 points, or 0.1%, to 8,196.04. The Russell 2000 index of smaller company stocks dropped 7.13 points, or 0.5%, to 1,557.92.

US consumer prices tick up just 0.1% as inflation stays tame

U.S. consumer prices rose just 0.1% in June, as cheaper gas prices were offset by higher rents and auto costs.

The Labor Department said Thursday that the consumer price index increased 1.6% in June from a year earlier. That is down from 1.8% in May and the second straight drop. However, excluding the volatile food and energy prices, core inflation rose 0.3% in June, the biggest increase in 18 months. It rose 2.1% from a year ago.

In June, core inflation was pushed up by higher rents and a 1.6% jump in used car and truck prices, which followed four straight months of decline. Clothing prices rose 1.1%.

Food prices were unchanged, and gas prices fell 3.6%, the second straight sharp decline. The cost of electricity also fell 0.8%, lowering overall inflation.

US budget deficit jumps 23% through June

The U.S. budget deficit increased by $140 billion during the first nine months of this budget year to $747.1billion as government revenues and spending both hit records.

The Treasury Department reported Thursday that the deficit for the fiscal year through June is up 23.1% over a year ago, with receipts rising by 2.7% while spending increased 6.6%.

The Trump administration is forecasting that the deficit for the full budget year, which ends on Sept. 30, will top $1 trillion, up from $779 billion last year.

The Congressional Budget Office is not quite so pessimistic for this year, forecasting a deficit of $896 billion this year. But the CBO projects that deficits will top $1 trillion beginning in 2022 and will remain above $1 trillion annually through 2029.

Judge toughens order against American Airlines mechanics

A federal judge threatened American Airlines mechanics with fines and other punishment if they carry out what American claims is an illegal work slowdown that’s causing flight cancellations.

The airline said mechanics are trying to gain leverage in contract talks. Their unions deny wrongdoing.

District Court Judge John Mcbryde granted American’s request to increase restrictions that he placed on the workers and their unions last month.

American says an unusual number of planes are idled because mechanics are refusing overtime and travel assignments that they previously accepted, and failing to finish repairs on time.

Wednesday, Mcbryde issued an order directing leaders of the Transport Workers Union and the International Association of Machinists and Aerospace Workers to tell workers to resume

Amazon will provide technical training to about one-third of its U.S. workforce, both to address the need for more skilled workers and to better compete.

Amazon and other companies have struggled to find technically qualified U.S. employees. It said Thursday that it will begin providing its workers with the skills to transition into software engineering positions and similar roles.

More advanced training for workers hired to work in Amazon warehouses is occurring in an increasingly competitive environment with the unemployment rate hovering below 4%.

The Seattle company said Thursday that its U.S. workforce will hit 300,000 this year. It has more than 630,000 employees worldwide.

Jim Beam to be fined for bourbon fire that hurt rivers, fish

Authorities say Jim Beam will be fined for the warehouse fire that contaminated nearby waters with bourbon and killed fish.

Kentucky’s Energy and Environment Cabinet spokesman John Mura tells WKYT-TV that there will be a penalty. He said the state Department of Fish & Wildlife may also fine the company.

A lightning strike set the Woodford County warehouse on fire last week and destroyed about 45,000 barrels of bourbon. The site burned for days and runoff filled with alcohol and firefighting chemicals bled into nearby rivers and creeks, removing oxygen from the water and killing fish.