Stocks gain…Production rises…Legoland expansion
NEW YORK (AP) – Stocks on Wall Street are making another run at breaking their losing streak, and the S&P 500 is up 0.5% in morning trading. The market has dropped for four straight days amid uncertainty about whether Washington can get past its partisan divide to deliver more aid to the struggling economy. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke late Monday about the urgency of such support. Hopes are also rising for the economy’s prospects as regulatory approval for a second COVID-19 vaccine may be imminent. Another big gain for Wall Street’s most influential stock, Apple, also helped steady the market.
WASHINGTON (AP) – U.S. industrial production increased 0.4% in November with manufacturing receiving a boost from a rebound in output at auto plants after three months of declines. The Federal Reserve reports that the November gain in industrial output followed an even stronger 0.9% increase in October. Even with the gains, industrial output is still about 5% below its level in February before the pandemic hit. Manufacturing was up 0.8% in November, its seventh consecutive monthly gain.
UNDATED (AP) – Shares of Eli Lilly started climbing after the drugmaker laid out a better-than-expected revenue forecast and plans to buy a young company developing a potential Parkinson’s disease treatment. Lilly also projected a 2021 earnings range that brackets average Wall Street expectations. The Indianapolis-based maker of diabetes treatments said it will spend about $880 million on Prevail Therapeutics. The deal could wind up costing more than $1 billion depending on drug approvals.
WASHINGTON (AP) – Two members of the Sackler family have agreed to make a rare public appearance to take questions from a congressional committee that is investigating the role of the company they own, Purdue Pharma, in fueling the nation’s opioid epidemic. The agreement to appear Thursday headed off the possibility of the U.S. House Oversight Committee issuing subpoenas. The committee is likely to have questions about Purdue’s settlement with the U.S. Justice Department last month.
WINTER HAVEN, Fla. (AP) – The Legoland theme park in Florida is planning an expansion next year including new rides. Plans filed with the city nearest the attraction show that Legoland will add about 4.5 acres to its resort near Winter Haven. The plan comes amid the global coronavirus pandemic that has rocked Florida’s tourism industry. A rendition of the new area shows at least six rides or attractions and a large building, possibly a restaurant.