BUSINESS BRIEFS
S&P 500 hits another high on mixed day
A day of listless trading on Wall Street ended Thursday with another record high for the S&P 500.
The benchmark index notched its third consecutive gain after spending most of the day wavering between small gains and losses. The Dow Jones Industrial Average and Nasdaq composite also budged little, capping the day with minuscule drops.
The S&P 500 rose 2.59 points, or 0.1%, to 3,096.63. The Dow slipped 1.63 points, or less than 0.1%, to 27,781.96. The index had briefly been down around 100 points.
The Nasdaq fell 3.08 points, or less than 0.1%, to 8,479.02. The Russell 2000 index of smaller company stocks dropped 0.39 points, or less than 0.1%, to 1,588.79.
US producer prices increase 0.4% in October
U.S. producer prices rose 0.4% in October, the largest jump in six months, reflecting a surge in energy costs.
The Labor Department said the October increase in its producer price index, which measures price pressures before they reach consumers, followed a 0.3% decrease in September.
Core prices, which exclude volatile food and energy costs, rose 0.3% in October. Over the past year, wholesale prices are up a modest 1.1% while core prices have risen 1.6%.
On Wednesday, the government reported that consumer prices rose 0.4% in October, the fastest pace since March, with that gain also driven by a surge in energy prices.
US long-term mortgage rates rise; 30-year at 3.75%
U.S. long-term mortgage rates rose this week amid optimism over prospects for the U.S. economy. Rates remain at historically low levels, however, as an incentive to prospective homebuyers.
Mortgage giant Freddie Mac said the average rate for a 30-year fixed-rate mortgage jumped to 3.75% from 3.69% last week. By contrast, the benchmark rate stood at 4.94% a year ago.
The average rate on a 15-year mortgage increased to 3.2% this week from 3.13% last week.
Federal Reserve Chairman Jerome Powell told Congress this week that the central bank remains optimistic about the U.S. economy, though it still faces risks from slower growth overseas and trade tensions.
Motorola flips for its futuristic foldable phone
Motorola is bracing for the future by returning to the past. The company is adapting its historical flip-phone design for a smartphone with a foldable screen.
Samsung, Huawei and others have phones that fold like a book and offer a double-sized display when unfolded.
Motorola’s new Razr phone, on the other hand, will be smaller than a regular smartphone until unfolded to its full 6.2-inch size. The idea is to make the phone more compact for carrying and storing when folded and not in use.
The phone will be launched in the U.S. in January starting at $1,500.