US stocks rising … US wholesale prices fall … Netflix raising prices
NEW YORK (AP) – Stocks in the U.S. are rising this morning as Netflix leads a rally in internet and technology companies after saying it will raise prices for its subscription plans. Major U.S. companies including JPMorgan Chase and UnitedHealth announced their fourth-quarter results. At 10:49 a.m. Eastern Time, the S&P 500 was up 15 points, to 2,597. The Dow was up 41 points, to 23,953. And the Nasdaq was up 75 points, to 6,981.
WASHINGTON (AP) – U.S. wholesale prices fell last month, dragged down by a steep drop in gas costs, suggesting that inflation will remain tame in the coming months. The Labor Department says the producer price index – which tracks cost changes before they reach the consumer – fell 0.2 percent in December from the previous month. The drop follows a small 0.1 percent increase in November.
FRANKFURT, Germany (AP) – Volkswagen and Ford say are forming a global alliance in which they’ll together develop commercial vans and medium-sized pickups. They’ll also explore broader cooperation on battery-powered and autonomous vehicles. Volkswagen CEO Herbert Diess and Ford CEO Jim Hackett say the first jointly developed vehicles could hit the market as early as 2022 and that the linkup would offer efficiencies that would mean stronger profits starting 2023.
SAN FRANCISCO (AP) – Netflix is raising its U.S. prices by 13 percent to 18 percent, its biggest increase since the company launched its streaming service 12 years ago. Its most popular plan will see the largest price hike, to $13 per month from $11. The extra cash will help to pay for Netflix’s huge investment in original shows and films and finance the heavy debt it has assumed to ward off rivals such as Amazon, Disney and AT&T.
WASHINGTON (AP) – The White House has named the members of a scaled-back delegation that will represent the Trump administration next week at an annual economic conference in Switzerland. President Donald Trump had planned to attend the World Economic Forum in Davos, but canceled his trip because of the partial government shutdown. The White House says a smaller delegation will still attend, led by Treasury Secretary Steven Mnuchin (mih-NOO’-shin).