Financial News

Douglas Allen Dillard
November 17, 2021
AP-NC Newswatch
November 17, 2021
Financial News

 

Financial News:

 

AP-BusinessMinute,0552
Stocks open lower…Home construction falls
NEW YORK (AP) – Stocks are starting out lower on Wall Street, pulling the S&P 500 further below the record high it set last week. The benchmark index was down 0.2% in the early going. The Dow Jones Industrial Average and the Nasdaq were each down about 0.1%. Visa sank 5% after Amazon said it would no longer accept Visa cards issued in the U.K. in a dispute over fees. Mastercard also fell 4%. Several big retailers were moving after reporting their latest quarterly results. TJX Cos. jumped 9.5% after reporting earnings and sales that came in ahead of analysts’ estimates.

 

SILVER SPRING, Md. (AP) – Construction of new homes in the U.S. fell 0.7% in October, a sign that builders are still facing difficulties keeping up with demand as supply chain problems persist. The Commerce Department reports that October’s decline put home construction at a seasonally adjusted annual rate of 1.52 million units, an increase of 0.4% from the rate at this time last year. September’s number was revised down to 1.53 million units from 1.56 million units. But in a positive sign of future activity, applications for building permits jumped 4% from September to 1.65 million and is up 3.4% from October of last year.

 

WASHINGTON (AP) – The number of airline passengers traveling for Thanksgiving this year is expected to rebound to pre-coronavirus pandemic levels, but the Transportation Security Administration says it is ready to handle the surge. Administrator David Pekoske expects agency staffing to be sufficient for what’s traditionally TSA’s busiest travel period. He said travelers should expect long lines at airports and plan to spend a little more time getting through security. In 2019, a record 26 million passengers and crew passed through U.S. airport screening in the 11-day period around Thanksgiving. But that plummeted in 2020 as the pandemic kept people at home.

 

WASHINGTON (AP) – President Joe Biden is looking to highlight billions of dollars in his big new infrastructure deal to pay for the installation of electric vehicle chargers across the country. It’s an investment Biden says will go a long way in curbing planet-warming carbon emissions while creating good-paying jobs. Biden is visiting a GM plant in Detroit today to promote the $7.5 billion in the legislation for electric vehicle chargers. Republican lawmakers are criticizing Biden for being preoccupied with electric vehicle technology when Americans are contending with a spike in gasoline and natural gas prices.

 

DETROIT (AP) – Stellantis is recalling more than 240,000 diesel heavy-duty trucks mainly in North America to fix fuel pumps that can fail and cause engine stalling. The recall covers certain 2019 and 2020 heavy-duty pickups and chassis cab trucks equipped with 6.7-liter Cummins diesel engines. The recall comes about a month after the National Highway Traffic Safety Administration opened an investigation into the pump failures, but Stellantis says the company started its recall determination process before the probe was announced. Stellantis says some of the pumps can wear and contaminate their mechanisms with metal shavings, causing engines to stall or fail to start. Dealers will replace the pumps at no cost to owners, who will be notified by letters starting next month.