IN BRIEF

City of Dreams draws 1.2 million visitors

Melco International Development Ltd. said its City of Dreams hotel-casino in Macau attracted about 1.2 million visitors in June, its first month operation.

An average of 41,000 people visited Macau's newest casino complex since it opened on June 1, the company, controlled by Lawrence Ho, son of gambling billionaire Stanley Ho, said today in a statement to the Hong Kong stock exchange.

Rolling chip volume, a measure of high-roller gambling, totaled $1.94 billion in June, the company said.

Melco owns 34.1 percent of Melco Crown Entertainment Ltd., which opened City of Dreams across the street from Las Vegas Sands Corp.'s Venetian Macau.

WASHINGTON

Factory orders climb 1.2 percent in May

Orders to U.S. factories jumped in May by the largest amount in nearly a year, another sign that the nosedive in manufacturing is nearing an end.

The Commerce Department said Thursday that total orders rose 1.2 percent in May, better than the 0.8 percent increase that economists had expected. The April performance was revised slightly lower to a gain of 0.5 percent, from 0.7 percent.

The May increase was the best showing since a 2.1 percent rise last June. The back-to-back increases in April and May were the first consecutive gains in nearly a year.

TRENTON, N.J.

J&J to tackle treatment of Alzheimer's disease

Johnson & Johnson, making a big jump into the risky but potentially lucrative field of Alzheimer's disease, is taking a major stake in Irish biopharmaceutical company Elan Corp., investing up to $1.5 billion initially.

The two will cooperate to complete research on two injected drugs to stop progression of the mind-robbing disease and on a vaccine to prevent the buildup of plaque in the brain that causes increasing memory loss, confusion, wandering and aggression.

The agreement could reinvigorate ailing Elan and save the jobs of top executives who face shareholders at their July 17 annual meeting. It would make J&J a major player in one of the biggest areas of unmet medical need and -- if further testing is successful -- bring the treatments to market faster.

McLEAN, Va.

Thirty-year mortgage rates decline in week

Rates for 30-year home loans inched downward this week, but still remain above record lows posted during the spring, Freddie Mac said Thursday.

The average rate for a 30-year fixed mortgage was 5.32 this week, below last week's average of 5.42 percent. Last year at this time, the average rate for a 30-year fixed mortgage was 6.35 percent, Freddie Mac said.

The average rate on a 15-year fixed-rate mortgage fell to 4.77 percent, down from 4.87 percent last week, according to Freddie Mac.

NEW YORK

Treasury prices climb after labor report

Treasury prices rose Thursday as investors sought safety in the wake of a discouraging labor market report.

The benchmark 10-year Treasury note's yield fell to 3.49 percent from 3.54 percent late Wednesday. Its price rose 0.38 points to 96.88.

The 30-year bond's yield slipped to 4.31 percent from 4.35 percent. Its price rose 0.09 points to 98.72.