Stocks higher…Volkswagen recall…Facebook, housing discrimination charge
NEW YORK (AP) – Banks are leading stocks higher in early trading on Wall Street as bond yields rise above their recent lows. Higher bond yields are good for banks because they can earn more income from the bonds they hold and they can charge higher interest rates on loans.
DETROIT (AP) – Volkswagen is recalling over 56,000 cars and SUVs in the U.S. because the rear coil springs can break without warning and cause people to lose control of their vehicles. The recall covers certain 2015 through 2019 Golf hatchbacks, the 2017 through 2019 Golf Sportwagen, the 2019 Jetta sedan, and 2018 and 2019 Tiguan SUV.
WASHINGTON (AP) – Facebook is being charged with housing discrimination. The claim from HUD comes less than a week after Facebook said it would overhaul its ad-targeting systems to prevent discrimination in housing, credit and employment ads as part of a legal settlement with a group that includes the American Civil Liberties Union and the National Fair Housing Alliance.
NEW YORK (AP) – New York is suing the billionaire family behind Oxycontin, alleging the drugmaker fueled the opioid crisis by putting hunger for profits over patient safety. The state amended a pending lawsuit against Purdue Pharma to add members of its controlling Sackler family as defendants and expanded the lawsuit to include five other companies that produce opioid painkillers and four distributors.
NEW YORK (AP) – Ride-hailing giants Uber and Lyft have redefined what we expect from transportation. But can the companies turn their popularity into profits. Lyft stock begins trading on the Nasdaq Friday. Other unprofitable companies have pulled off high-profile IPOs despite questions around their money-making ability and a few more are expected to go public this year, including Uber.