The daily business briefing: July 13, 2016
U.S. stocks surge to record highs, David Cameron makes last visit to Parliament as U.K. prime minister, and more
U.S. stocks hit record highs
The U.S. stock market on Tuesday continued a rally that began with Friday's unexpectedly strong June jobs report, with the Dow Jones Industrial Average rising by 0.7 percent to close at a record high of 18,347.67 the day after the S&P 500 edged into record territory. The S&P benchmark index pushed still higher on Tuesday, rising another 14.98 points, or 0.7 percent, to 2,152.14. The Nasdaq index rose 34.18 points, or 0.7 percent, to 5,022.82. Global shares rose on Wednesday as fear of Brexit fallout continued to ease. U.S. futures rested, inching up a few points before Wednesday's opening bell.
Cameron clears the way for May to take over as U.K. prime minister
David Cameron is making his final appearance before British Parliament as prime minister on Wednesday. Then he will tender his resignation to Queen Elizabeth II, and Home Secretary Theresa May will take over in the evening. May — to be Britain's second female prime minister after Margaret Thatcher — won the Conservative Party leadership race after her last rival dropped out. Cameron led the campaign for the U.K. to remain in the European Union, and announced that he would step down after Britons voted to leave in a referendum last month, leaving the job of negotiating Brexit terms to his successor.
Apple computer sales dip along with overall PC weakness
Apple's sales of laptops and desktop computers fell in the second quarter compared to a year earlier as global PC sales declined, according to the latest market share figures from Gartner and IDC. Apple shipped from 4 to 8 percent fewer Macs. IDC said that reduced the company's market share from 7.4 percent to 7.1 percent. PC sales overall fell by 4.5 percent worldwide as demand continued to shift to handheld devices. Lenovo, the world's biggest PC maker, saw a 2 percent drop in quarterly shipments, although HP, Dell, and ASUS managed to increase their sales.
Airline stocks rise after analyst says 'buy'
U.S. airline stocks made their biggest jump since 2014 on Tuesday after Deutsche Bank recommended buying shares of the nation's three biggest carriers — American Airlines, Delta, and United. The airlines have faced five years of low fares and economic uncertainty, but they are poised to snap back quickly — so it makes sense to buy shares now to get in on the coming gains, Deutsche Bank analyst Michael Linenberg said in a report. "In light of the current valuations, we think downside is limited," Linenberg said.
Holocaust Museum, Arlington say no to Pokémon Go
The United States Holocaust Memorial Museum and Arlington National Cemetery had to issue pleas for gamers, who are finding Pokémon everywhere, not to hunt the tiny battling monsters at their sites, calling it inappropriate. The popularity of Nintendo's new Pokémon Go app pushed up its stock by 13 percent on Tuesday, after a 25 percent gain on Monday. The game maker's soaring stock has pushed its market value from $12 billion to about $30 billion since the game's debut last week.