Stocks surge…Industrial gains…Insurer sees profits
NEW YORK (AP) – Stocks are broadly higher on Wall Street following encouraging news about a possible coronavirus vaccine. The S&P 500 climbed 1% in early trading. The early-stage testing of the first COVID-19 vaccine candidate to be tried in the U.S. revved up people’s immune systems the way scientists had hoped. The stock of drug company Moderna, which is developing the vaccine with the National Institutes of Health, rose sharply in the early going.
WASHINGTON (AP) – Production at America?s factories, utilities and mines surged last month, but remained well below pre-pandemic levels. The Federal Reserve said Wednesday that U.S. industrial production rose 5.4% in June, the second straight monthly gain. But it was still 10.9% below the levelin February before the economy locked down in the face of the coroanavirus. Factory production jumped 7.2% in June. The figures were better than economists had forecast.
UNDATED (AP) – The nation’s largest health insurer more than doubled its profit in the second quarter, as COVID-19 shutdowns kept patients out of doctor’s offices and off operating tables. UnitedHealth Group earned $6.64 billion in the three-month window that ended June 30. Sizable earnings gains are expected from health insurers in the second quarter with the rapidly spreading pandemic, and surge in cases, postponing elective surgeries and the medical claims to cover them.
DETROIT (AP) – Hyundai is recalling more than 272,000 cars in the U.S. because the electrical socket in the dashboard can overheat and cause a fire.The recall covers certain 2011 and 2012 Elantra compacts and Sonata midsize cars, and the 2012 Accent subcompact and Veloster hatchback.Hyundai says the problem happens when an air compressor used to inflate tires is plugged into the socket for a long time.
UNDATED (AP) – The sole miner of rare earths in the U.S. is becoming a public company. The move comes amid elevated trade tensions with China, the dominant global supplier of the material used in everything from computers to cars. MP Materials, which runs a mine and processing facility in Mountain Pass, Calif., near the border of Nevada, will be listed on the New York Stock Exchange in a deal with the blank-check company Fortress Value Acquisition.