Stocks climb…Industrial production up…House to probe reported lies about Trump Moscow project
NEW YORK (AP) – Stocks are climbing in morning trading on Wall Street as the market wraps up another strong week. Technology and industrial companies are making big gains. Banks are also rising after more of them posted strong fourth-quarter reports, while electric car maker Tesla fell after saying it will cut 7 percent of its jobs. Stock indexes have been rebounding since reaching a low point on Christmas Eve, as the S&P 500 has risen for four weeks in a row.
WASHINGTON (AP) – Industrial production in the U.S. rose 0.3 percent in December, led by the biggest surge in manufacturing in 10 months. The Federal Reserve says manufacturing output jumped 1.1 percent last month, the largest gain since February 2018. Automakers drove much of the growth with a 4.7 percent jump in production. Utility output slumped 6.3 percent amid an unseasonably warm December. Mining output rose 1.5 percent on in increased extraction of oil and natural gas.
WASHINGTON (AP) – The House intelligence committee chairman said he will “do what is necessary” to confirm a published report that President Donald Trump directed his personal attorney Michael Cohen to lie to Congress about negotiations over a real estate project in Moscow during the 2016 election. Democrat Rep. Adam Schiff of California says the allegation “among the most serious to date.” The report by BuzzFeed News, citing two unnamed law enforcement officials, says that Trump directed Cohen to lie to Congress and that Cohen regularly briefed Trump on the Moscow project.
BENTONVILLE, Ark. (AP) – Walmart will continue to operate through CVS Health’s pharmacy benefit management commercial and managed Medicaid retail pharmacy networks. Shares of CVS are rising, after coming under pressure Tuesday when CVS said it could not come to an agreement with Walmart on pricing. Including Walmart, the CVS Caremark national pharmacy network will have nearly 68,000 participating pharmacies for members to choose from.
WASHINGTON (AP) – Perdue is recalling more than 68,000 pounds of chicken nuggets because they may be contaminated with wood. The gluten-free Organics Breaded Chicken Breast Nuggets were produced on Oct. 25 and were sold at stores nationwide. They have a UPC bar code of 72745-80656 and the establishment number of P-33944 in the US Agriculture Department inspection mark. The USDA says Perdue received three complaints that wood was found in the nuggets.