Business Briefs – August 22, 2018

For Many Young Investors, The Stock Market’s Only Gone Up

NEW YORK (AP) — For many younger investors, the stock market has only gone one direction: up. The S&P 500 is in the midst of its longest-ever bull run, and it’s been nearly nine and a half years since the last drop of 20 percent. What will these investors do when the next downturn arrives? How they respond will be crucial because this generation of workers bears a heavier responsibility for paying for their own retirement.

U.S. Home Sales Fell 0.7 Percent, 4th Straight Monthly Decline

WASHINGTON (AP) – U.S. sales of existing homes slipped for the fourth consecutive month in July. They fell 0.7 percent to the slowest pace in more than two years as the real estate market shows signs of cooling. The National Association of Realtors says homes sold last month at a seasonally adjusted annual pace of 5.34 million. The U.S. housing market is hurt by a widening wealth gap, as inventories of lower-priced homes remain tight.

Can Tech Giants Work Together Against Their Common Enemies?

NEW YORK (AP) – Facebook, Twitter and Google squabble for users, engineers and advertiser money, but when it comes to security threats, elections meddling and other common enemies, it makes sense for these tech giants to work together. Cooperating also makes the companies look good in the eyes of their users and regulators.

Such cooperation was evident Tuesday when Facebook announced that it had removed 652 suspicious pages, groups and accounts linked to Russia and Iran. This was followed by similar news from Twitter. On Monday, meanwhile, Microsoft reported a new Russian effort to impersonate conservative U.S. websites, potentially as part of an espionage campaign.

Keeping Families Together on the Plane Without Going Broke

(AP) – The Transportation Department has resisted requiring airlines to ensure families sit together without paying extra seat fees. Parents can feel pressured to pay more money to sit with their young children on crowded planes. A consumer group is protesting to Transportation Secretary Elaine Chao, but the agency says instead it’s offering tips on its website and monitoring complaints.

Clouds Clear, and Lowe’s Delivers Strong Second Quarter

NEW YORK (AP) – Lowe’s rebounded in the second quarter after dismal weather cut into projects at home and into company profits to start the year. Investors shrugged off a more guarded outlook from the home-improvement retailer, which trimmed its expectations for the year as it shifts direction under new CEO Marvin Ellison.

Atlantic City Earnings Up 1.6 Percent in 2nd Quarter

ATLANTIC CITY, N.J. (AP) – Atlantic City’s casinos saw their second quarter earnings increase by 1.6 percent compared with the second quarter of 2017. Figures released Wednesday by the New Jersey Division of Gaming Enforcement show the casinos reported a gross operating profit of $171.4 million in the second quarter. Regulators had erroneously reported earlier in the day that profits had declined slightly.