Business Briefs

Uptick in big-ticket goods drives rally

NEW YORK — Wall Street posted a big advance after the government reported a larger-than-expected increase in orders for big-ticket manufactured goods that indicated the economy is stronger than many investors thought.

The Commerce Department said orders for durable goods jumped 1.3 percent in July compared with the previous month, led by demand for commercial aircraft. Durable goods are under scrutiny not only because they reflect business spending, but because they are an indicator of consumer confidence.

Feds propose big accounting shift

WASHINGTON — Federal regulators Wednesday proposed a plan to allow public companies to begin using international accounting standards for reporting financial results.

Under the proposal, U.S. companies would have the option of adopting the standards starting in 2010. The SEC would decide in 2011 whether to require all U.S. public companies to comply beginning in 2014.

Labor Day travel to fall off in Carolinas

CHARLOTTE — Although gas prices have dropped sharply in the Carolinas this summer, Labor Day weekend travel is still expected to be down almost 1 percent from last year.

AAA Carolinas said Wednesday it projects about 352,000 South Carolina drivers will travel more than 100 miles over the weekend.

AAA said gas prices are about 10 percent lower than on July 4. But gas is about 94 cents a gallon more than a year ago. The South Carolina average is almost $3.45 a gallon.

S&Ls posted steep 2nd-quarter losses

WASHINGTON — U.S. thrifts lost $5.4 billion in the second quarter and set aside a record amount to cover losses from bad mortgages and other loans.

Data from the Office of Thrift Supervision released Wednesday show federally insured savings and loans posted their second-largest quarterly loss ever in the April-June period, after an $8.8 billion fourth-quarter loss in 2007. The 829 thrifts set aside a record $14 billion to cover losses from bad loans.