Technology rebound leads stocks higher on Wall Street
NEW YORK (AP) — Big technology companies are leading the stock market higher on Wall Street a day after another slump in the sector pulled the Nasdaq more than 10% below its February peak.
The Nasdaq bounced 3.7% higher today, while the S&P 500 climbed 1.9%.
Investors were relieved to see that long-term interest rates were falling in the bond market. The yield on the 10-year Treasury note dropped to 1.55% after trading above 1.60% a day earlier. Higher bond yields tend to pull money away from high-priced stocks like technology companies, which have been soaring through the pandemic.
4 in 10 still feeling financial impact
CHARLOTTE, N.C. (AP) — Roughly 4 in 10 Americans say they’re still feeling the financial impact of the loss of a job or income within their household as the economic recovery remains uneven one year into the coronavirus pandemic.
The new poll was conducted by The Associated Press-NORC Center for Public Affairs Research. The financial outcome often depended on the type of job a person had and their income level before the pandemic.
The pandemic has particularly hurt Black and Latino households, as well as young Americans, who are now going through their second major economic crisis of their adult lives.
The poll shows about half of Americans say they have experienced at least one form of household income loss during the pandemic, including 25% who have experienced a household layoff and 31% who say someone in the household was scheduled for fewer hours. Overall, 44% say their household experienced income loss from the pandemic that is still having an impact on their finances.
Thirty-eight percent of Hispanics and 29% of Black Americans have experienced a layoff in their household at some point during the past year, compared with 21% of white Americans.
Overall, about a quarter of Americans say they’ve been unable to pay one or more bills in the last month.
US officials: report on oil and gas sale ban due by summer
WASHINGTON (AP) — The Biden administration says that it will deliver an interim report on its suspension of oil and gas sales from federal lands and waters by summer. But officials on Tuesday declined to say how long the moratorium could last.
A long-term ban on sales from the nation’s vast, publicly-owned oil and gas reserves to address climate change would fulfill a campaign pledge from Democratic President Joe Biden.
The prospect has rankled Republicans and petroleum industry representatives. They say Biden is putting tens of thousands of jobs at risk as the economy reels from the pandemic.
Biden announced a temporary suspension of new lease sales a week after taking office.
Forecast: Virus vaccines help inject hope in world economy
PARIS (AP) — According to a new forecast, the world economy is bouncing back from the pandemic crisis faster than expected, thanks in part to successful coronavirus vaccines and U.S. stimulus efforts.
But the report from the Organization for Economic Cooperation and Development warns that the improvements are uneven and joblessness remains a big concern.
After the virus plunged the world economy into crisis last year, the OECD expects global output to surpass pre-pandemic levels by the middle of this year. But it warned that new virus variants and too-slow vaccine rollouts could threaten chances of improvement for businesses and jobs.
Boeing finally sees positive net orders for airplanes
CHICAGO (AP) — Boeing says it got more new orders than cancellations for planes in February. That hasn’t happened since November of 2019, before the pandemic devastated the airline business.
Boeing said Tuesday that it received 82 new orders and 51 cancellations last month, for a net gain of 31.
The biggest order last month came from United Airlines, which committed to buy another 25 Boeing 737 Max jets. That’s the plane that was grounded worldwide in 2019 after two crashes that killed 346 people. Regulators in the U.S. and other countries have let the plane fly again after Boeing made changes to the Max.
Ex-shareholders demand $1 billion from Vivendi Universal
PARIS (AP) — Shareholders from the U.S. and multiple countries are taking entertainment conglomerate Vivendi Universal to court in Paris.
They’re demanding as much as $1 billion in damages for allegedly hiding massive financial troubles from investors.
Vivendi’s holdings now include Universal Music Group and video game producer Gameloft. It’s accused of providing fraudulent information to shareholders between 2000 and 2002, causing them to suffer big losses. Vivendi’s high-flying CEO at the time vaunted the company’s financial health even as it was bleeding cash. Its share price plunged in July 2002 after its difficulties became public. The shareholders include public pension funds from the U.S. and Europe.
Nissan recalling 854K Sentra cars to fix brake light problem
DETROIT (AP) — Nissan is recalling more than 854,000 cars in the U.S. and Canada because the brake lights might not come on when the driver presses on the pedal.
The recall covers certain Sentra compacts from the 2016 through 2019 model years, including more than 807,000 in the U.S. Nissan says silicon contamination can cause the stop lamp switch near the brake pedal to malfunction. If that happens, the stop lamps may not light up and the engine may not start.
Owners will be notified in April. Dealers will replace the switch.
Park outside: Kia recalls nearly 380K vehicles for fire risk
DETROIT (AP) — Kia is telling owners of nearly 380,000 vehicles in the U.S. to park them outdoors due to the risk of an engine compartment fire.
The Korean automaker is recalling certain 2017 through 2021 Sportage SUVs and 2017 through 2019 Cadenza sedans to fix the problem. The company says a short circuit in the electronic brake control unit can cause excessive current, increasing the risk of a fire. Owners should also park them away from structures until repairs are done. The company says the recalled vehicles are not equipped with Kia’s Smart Cruise Control system. Owners could see dashboard warning lights or smell a burning odor before the problem happens.
Owners will be notified starting April 30. Dealers will replace fuses in the electrical junction box.