NEW YORK (AP) — The bulls and the bears are having a tug of war of sorts this week. The stock market has been shuffling between minor gains and minor losses. It closed up slightly yesterday. The S&P 500 gained four points. The Dow rose 13 and the Nasdaq gained 25 ½ points. The uncertain market could continue today with no major economic reports scheduled for release. Wall Street futures trading points to a flat open.
MANILA, Philippines (AP) — Asian stock markets floundered today as China pressed ahead with industrial restructuring that is partly to blame for slowing growth in the world's No. 2 economy. European markets mostly posted slight gains. Benchmark crude oil fell below $105 a barrel. The dollar fell against the yen and was little changed against the euro.
TOKYO (AP) — Toyota shrugged off China sales woes to stay the world's top selling automaker for the first half of this year, outpacing U.S. rival General Motors Co., which boasted such bragging rights for seven decades until 2008. Toyota Motor Corp. sold 4.91 million cars and trucks around the world for the January-June period, down 1.2 percent from the previous year, according to numbers it released today.
BEIJING (AP) — China's government is ordering companies in 19 industries including steel and cement to reduce production. The move affirms the Communist Party's determination to reduce China's reliance on investment and heavy industry by promoting service industries and technology. It's one more sign the Cabinet is resisting calls to launch a new stimulus to reverse a slowdown.
SEOUL, South Korea (AP) — Samsung Electronics is reporting a record-high profit for six straight quarters. But some investors had higher expectations. The world's largest smartphone maker says its April-June net profit jumped 50 percent over a year earlier to $6.9 billion. Samsung's quarterly report indicates its explosive profit growth driven by Galaxy smartphone sales may be slowing down.