NEW YORK (AP) — Stocks are posting some slight gains so far today, as investors look at earnings news and digest today's comments from Federal Reserve Chair Janet Yellen to Congress. Energy stocks fell with the price of oil as traders judged that Iran's nuclear accord would lead to more oil on global markets.
WASHINGTON (AP) — If the improvements in the economy continue, Janet Yellen says the Fed will likely start raising interest rates later this year. The Federal Reserve chief, in her mid-year economic outlook to Congress, said she sees a number of encouraging signs that the economy is reviving after a brutal winter. She also said that even after the first rate hike, interest rates are likely to remain at very low levels "for quite some time."
WASHINGTON (AP) — U.S. factory production is unchanged for a second straight month. It held steady in June as a sharp drop in auto manufacturing was offset by greater output of furniture and chemicals. The cutback in auto production comes after three months of healthy gains and is likely temporary. Sales at retail stores also fell in June, suggesting consumers are still cautious about spending, limiting demand for factory goods.
WASHINGTON (AP) — Inflation seems to be remaining in check. The government says prices paid to the producers of goods and services rose modestly in June. But an outbreak of avian influenza caused the cost of eggs to nearly double. Overall, the producer price index increased by four-tenths of a point.
NEW YORK (AP) — The FAO Schwarz toy store on New York City's Fifth Avenue is taking a final bow. The store is closing its doors for good tonight — though it may reopen elsewhere in midtown Manhattan. Owner Toys R Us announced the decision in May, citing costs. The company has had a New York City location since 1870. It opened the iconic flagship store in 1986. It's been featured in several movies, including "Big," where Tom Hanks danced on its large floor piano.