Mid Day Money Report
2008-06-02 08:25:45.0
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NEW YORK (AP) - Stocks are struggling to begin the trading week.
The Dow has been down more than 100 points.
NEW YORK (AP) - A purchasing executives group says the
manufacturing sector contracted in May. The Institute for Supply
Management puts its manufacturing index at 49.6. That is up 1 point
from the previous month. Any number below 50 indicates contraction.
WASHINGTON (AP) - The Commerce Department says construction
spending dropped again in April, down 0.4 percent. Weakness in home
building was offset somewhat by an increase in non-residential
activity which climbed to a record level.
CHARLOTTE, N.C. (AP) - Wachovia CEO Ken Thompson has been pushed
out as head of the nation's fourth-largest bank, becoming the
latest financial services executive to be ousted amid turmoil in
the U.S. housing market. The board of the Charlotte, North
Carolina-based bank said it asked Thompson to retire and has
replaced him on an interim basis with Chairman Lanty Smith.
SEATTLE (AP) - Seattle-based Washington Mutual is replacing
Kerry Killinger as chairman. He remains chief executive officer of
the nation's largest savings and loan.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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