NEW YORK (AP) — Stocks are off to a mixed start this morning after closing out October at record levels. The S&P 500 and the Dow closed at all-time highs on Friday, but both were down modestly after the first hour of trading. The Nasdaq composite is higher. Oil prices are down again. Benchmark U.S. crude has dropped below $80 a barrel on the New York Mercantile Exchange.
WASHINGTON (AP) — A private survey finds U.S. factories were busier in October, with orders, productivity and hiring all growing faster than they did in September. The Institute for Supply Management, a trade group of purchasing managers, reports that its manufacturing index rose to 59 last month. Any reading above 50 signals expansion. Sixteen of 18 manufacturing industries grew last month. Only petroleum and coal reported a decrease in activity.
WASHINGTON (AP) — Construction spending fell for a second straight month in September. The Commerce Department says construction spending dropped 0.4 percent last month. A slight rebound in housing was offset by further declines in nonresidential building and in government projects.
DETROIT (AP) — General Motors, Chrysler, Nissan and Honda are all reporting U.S. sales gains last month as low gas prices and booming SUV and pickup truck sales drove people into dealerships. GM says sales of its Chevrolet Silverado and GMC Sierra pickups were up more than 10 percent, but overall its sales increase was just 0.2 percent. Chrysler sales rose 22 percent, while both Nissan and Honda posted their best October for U.S. sales ever, with Nissan sales up 13 percent and Honda’s nearly 6 percent.
LOS ANGELES (AP) — Richard Branson says Virgin Galactic will, someday, go to space, but not before its spaceship is “thoroughly tested.” Branson’s comments to Sky News follow the Friday crash of a prototype spacecraft that’s intended to eventually take tourists into space. Despite the accident, Branson says humans can accomplish “incredible things” through space exploration and he and his family still plan to go into space. Federal investigators say a device intended to slow SpaceShipTwo’s descent deployed too soon.
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