Financial News

Wednesday, May 5th
May 4, 2021
AP-NC Newswatch
May 4, 2021
Financial News

 

 

Stocks down solidly…Auto show returns…Beating the target

 

NEW YORK (AP) – Stocks have been solidly lower in afternoon trading, dragged down by big technology companies like Apple and Google. The declines added to the drop in tech shares that happened late Monday. Most sectors in the benchmark S&P 500 index fell as investors continue to focus on corporate earnings and gauge the economic recovery’s progress.

 

CHICAGO (AP) – The Chicago Auto Show is returning this summer. The city’s most famous auto show, held for more than a century, will take place July 14-19 at McCormick Place. At a news conference, Mayor Lori Lightfoot called the announcement particularly exciting because it represents a return for the city that, like so many others, was forced to cancel scores of events, shutter restaurants and close schools last year to slow the spread of COVID-19. Officials say auto show attendees will be required to wear masks and must select a specific time to attend to reduce the size of crowds.

 

DETROIT (AP) – Hyundai is recalling over 390,000 vehicles in the U.S. and Canada for problems that can cause engine fires. In one recall, owners are being told to park outdoors until repairs are made. That recall covers more than 203,000 Santa Fe Sport SUVs from 2013 through 2015. Some are being recalled a second time. Brake fluid can leak into a brake computer, causing an electrical short that can lead to fires.

 

DETROIT (AP) – Prosecutors are seeking a two-year prison sentence for a former president of the United Auto Workers. The government says Dennis Williams led “two lives,” as a leader of a blue-collar union who also had a taste for premium champagne and California villas. Williams pleaded guilty last year to an embezzlement scheme that turned union dues into a pot of cash for golf, lodging and fancy meals. Williams will be sentenced May 11.

 

BERLIN (AP) – Scientists say recent pledges by the United States and others could help cap global warming at 2 degrees Celsius by the end of the century. More than 190 countries agreed in Paris six years ago to keep average temperature increases below that level, ideally no more than 1.5 degrees Celsius, by 2100 compared to pre-industrial times. The Climate Action Tracker projects that the world is currently set to overshoot the Paris accord’s target by 0.9 degrees.