Afternoon Coffee: Business Spending Increases in April, But Services Sector Slows

The Commerce Department reported business spending in April rose for the second consecutive month. Orders for non-defense capital goods increased 1%.

The US services sector has slowed this month, however, according to the Markit “flash” Purchasing Managers Index, which sank to 54.6 from a 57.4 in April.

Iraq plans to boost crude oil exports 26% in June, sending 3.75 million barrels a day out of the country.

Charter Communications announced it will buy Time Warner Cable for $56.7 billion.

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