Business Highlights

July wholesale figures point to economic growth

WASHINGTON (AP) — U.S. businesses reduced inventories at the wholesale level for a record 11th consecutive month in July, although sales rose by the largest amount in more than a year, sparking hope for better days ahead.

Economists expect that some modest restocking triggered by the higher sales helped boost the economy out of recession in the current quarter. Some analysts said the economy could rebound to growth approaching 4 percent, after it fell at a 1 percent rate in the April-June period.

The Commerce Department reported Friday that wholesale inventories declined 1.4 percent in July, more than the 1 percent drop economists expected. That decline followed a 2.1 percent fall in June, worse than the 1.7 percent drop originally reported.

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Stocks slide after 5 days of gains as oil falls

NEW YORK (AP) — Investors pulled money out of stocks after a five-day rally left the market at its highest levels in nearly a year.