Business update: Builders lose confidence in recovery
Homebuilders are feeling increasingly pessimistic about their industry, more evidence that the economic recovery is slowing. The National Association of Home Builders said today that its monthly reading of builders’ sentiment about the housing market sank to 14 — the lowest level since March 2009. Readings below 50 indicate negative sentiment about the market. The weak job market and an increasing number of foreclosed properties have prompted builders to limit construction of new homes.
Stocks waver after homebuilder confidence drops: Stocks rose modestly today as investors bought selectively following the market’s big slide last week. The Dow Jones industrial average rose 39 points after being up more than 70 earlier in the day and after tumbling 261 on Friday. Broader indexes also rose modestly. Trading was erratic after another bad report on housing sent stocks briefly lower.
Boeing announces $12 billion in new orders: Planemaker Boeing Co. unveiled more than $12 billion in new aircraft orders during the first day of the Farnborough International Airshow in Britain, the largest aerospace trade event of the year. The flurry of aircraft orders came after two lean years for aircraft manufacturers Boeing and Airbus SAS and signaled that a rebound in the global airline market is well under way. Chicago-based Boeing announced an order for 30 Boeing 777-300ERs with a list price of $9.1 billion from Emirates Airline. The rapidly expanding Dubai-based carrier is the world’s largest 777 operator.
Halliburton 2Q profit jumps 83 percent: Halliburton Co. said energy companies have become so aggressive about exploring for natural gas in the U.S. that its land-based drilling business will make up for a suspension of deepwater drilling in the Gulf of Mexico. The Houston petroleum services company today reported an 83-percent surge in second-quarter profits. The results beat Wall Street expectations, and shares rose more than 5 percent.
Obama to GOP: Restore jobless benefits: President Barack Obama is calling on Republicans to stop blocking a bill that would extend unemployment benefits to millions of out of work Americans. Obama says Republican leaders are advancing a misguided notion that emergency relief discourages people from looking for work. He says that attitude reflects a lack of faith in the American public. After weeks of partisan wrangling, the Senate is set to take up the measure again Tuesday.