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


1. 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.
2. 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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. 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.
4. 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.
5. 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.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Why Rikers Island will no longer be under New York City's control
The Explainer A 'remediation manager' has been appointed to run the infamous jail
-
California may pull health care from eligible undocumented migrants
IN THE SPOTLIGHT After pushing for universal health care for all Californians regardless of immigration status, Gov. Gavin Newsom's latest budget proposal backs away from a key campaign promise
-
Is Apple breaking up with Google?
Today's Big Question Google is the default search engine in the Safari browser. The emergence of artificial intelligence could change that.
-
What happens if tensions between India and Pakistan boil over?
TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designation
The Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across Syria
THE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical