NEW YORK (AP) — Major stock indexes are rising in early trading on Wall Street, led by gains in the technology and retail sectors. The gains come a day after the indexes fell more than 1 percent on worries about interest rates. Treasury yields are down modestly, helped to lift stocks. TJX jumped 7.4 after boosting its dividend and announcing a stock buyback. Lowe’s sank after its profit fell short of expectations.
WASHINGTON (AP) — U.S. economic growth has been revised down slightly to a still-solid 2.5 percent rate in the final three months of last year. The Commerce Department says the fourth-quarter advance in the gross domestic product, the economy’s total output of goods and services, followed even faster increases of 3.1 percent in the second quarter and 3.2 percent in the third quarter. For the year, GDP rose 2.3 percent, a significant pick-up from 1.5 percent in 2016.
WASHINGTON (AP) — The pace of Americans signing contracts to buy homes fell 4.7 percent in January to its lowest level in more than three years. The National Association of Realtors says its index of pending sales fell to 104.6, its lowest reading since October of 2014. More Americans are looking to buy homes as the economy has improved, but prices continue to rise amid a dearth of supply.
NEW YORK (AP) — Dick’s Sporting Goods says it will immediately end sales of assault-style rifles in its stores and won’t sell guns to anyone under 21 years old following the school massacre in Parkland, Florida. Dick’s Chairman and CEO Edward Stack said on “Good Morning America” that the gunman, Nickolas Cruz, had purchased a gun at a Dick’s store, but not the one used at the school shooting. Stack says that the system that’s in place won’t stop sales to dangerous people.
RICHMOND, Va. (AP) — A company founded by former Virginia Gov. Terry McAuliffe has filed for bankruptcy. The Richmond Times-Dispatch reports that the bankruptcy filing by GreenTech Automotive cites negative press and lawsuits by investors who call it a “scam” to exploit overseas investors. It says the electric car company raised almost $142 million from investors from 2009 to 2013 as part of a visa program that offered immigrant investors permanent residency.