Stocks higher, AA to shed 19000 jobs, Best Buy sales rise

Stocks higher, AA to shed 19000 jobs, Best Buy sales rise

NEW YORK (AP) — Stock indexes closed mostly higher on Wall Street today, nudging the S&P to another record high. Gains in technology, communication services and health care stocks outweighed losses in energy, utilities and other sectors. Consumer confidence unexpectedly dropped this month while sales of new homes accelerated faster than economists expected last month. The S&P rose 12.34 points, or 0.4%, to 3,443.62. The Dow fell 60.02 points, or 0.2%, to 28,248.44. The Nasdaq composite picked up 86.75 points, or 0.8%, to 11,466.47. The Russell 2000 index of small company stocks added 2.74 points, or 0.2%, to 1,571.21.

DALLAS (AP) — American Airlines says it will furlough or lay off 19,000 employees in October as it struggles with a sharp downturn in travel because of the pandemic. Flight attendants will bear the heaviest cuts, with 8,100 losing their jobs. The numbers announced Tuesday are in addition to 23,500 employees who accepted buyouts, retired early or took long-term leaves of absence. U.S. air travel has recovered slightly since April but remains down 70% from a year ago, and carriers say they need fewer workers. In March, passenger airlines got $25 billion from the government to save jobs for six months, but that money and a ban on furloughs both expire Oct. 1.

NEW YORK (AP) — Best Buy Co. reported that online sales more than tripled in the fiscal second quarter, as shoppers bought computers, tablets and large appliances to help them cook, work and learn from home during the pandemic. Overall, the nation’s largest consumer electronics chain reported profits that beat analysts’ expectations and overall sales rose 4% in the quarter ended Aug. 3. Same-store sales rose 5.8% during the quarter when its stores were only open by appointment for the first six weeks of the period. Best Buy said that sales growth was tracking 20% during the first three weeks of the current quarter compared to a year ago, but warned it could see a slowdown amid so much uncertainty.

ROME (AP) — During the Chinese Foreign Minister’s first stop on a five-nation European tour, Italy’s Foreign Minister warned his Chinese counterpart that Italy would be closely monitoring the implications of the new Chinese security measures in Hong Kong. Rome is the first stop for the Chinese Foreign Minister which also includes visits to France, Germany, the Netherlands and Norway. The visiting diplomat’s top agenda item in Europe was expected to be pushing Europeans to guarantee market access to telecom giant Huawei, and broader efforts to keep European countries quiet on Hong Kong and to take Beijing’s side in its tariff war with Washington.

NEW YORK (AP) — ABC ‘World News Tonight’ anchor David Muir has emerged as a star of the summer. His nightly newscast averaged 8.2 million viewers each night, a larger audience than any prime-time program on broadcast or cable television. In addition, Muir and Robin Roberts interviewed the Democratic presidential ticket of Joe Biden and Kamala Harris on Sunday, reaching 5.1 million viewers. The Nielsen company says, otherwise, Democratic convention coverage on cable networks MSNBC and CNN dominated the Nielsen ratings last week. With Democrats in the spotlight, MSNBC scored a rare win in the weekly ratings over Fox News Channel.

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