Financial News

Thursday, December 16th
December 15, 2021
AP-NC Newswatch
December 15, 2021
Financial News

 

Financial News:

 

Stocks fall ahead of Fed…Retail sales weaker than expected

 

NEW YORK (AP) – Stocks are falling on Wall Street as traders wait to hear from the Federal Reserve after its last policy meeting of the year. The Fed is widely expected to announce a faster pullback of its stimulus measures as inflationary pressures build. The S&P 500 fell 0.3% in early trading. The benchmark index is coming off two days of losses, pulling it a bit further below the record high it set last Friday. The Dow Jones Industrial Average fell 0.3% and the Nasdaq fell 0.6%. Big communications companies were among the biggest weights on the market. Bond yields were steady.

 

NEW YORK (AP) – Americans slowed their spending in November from October, but continued shopping despite higher prices and shortages in stores. The Commerce Department says retail sales rose a modest seasonally adjusted 0.3% in November from the month before when sales rose a revised 1.8%. That’s a bit weaker than most economists had expected. Holiday shopping may have pumped up last month’s numbers, and drew from November’s, with news of shortages and supply chain backups in headlines. Online sales were unchanged last month, while sales at department stores fell 5.4%. Electronics stores also saw a dip, posting a 4.6% decline. Restaurant sales rose 1%, while business at food and beverage stores was up 1.3%.

 

NEW YORK (AP) – New York City lawmakers are poised to decide whether to prohibit most new buildings from using natural gas. The move would make the most populous U.S. city a showcase for a climate-change-fighting policy that has been both embraced and blocked elsewhere in the country. The measure is expected to pass the City Council today and subsequently to get Democratic Mayor Bill de Blasio’s signature. If all that happens, most construction projects submitted for approval after 2027 would have to use something other than gas or oil – such as electricity – for heating, hot water and cooking.

 

COLUMBIA, S.C. (AP) – The multimillionaire businessman who forced South Carolina Gov. Henry McMaster into a GOP runoff has started a Bitcoin mining company. John Warren announced his investment in the GEM Mining company today. He says they’ve raised more than $200 million from banks, hedge funds, pension funds and endowments to operate more than 32,000 machines to crunch the numbers necessary for creating bitcoins. This cryptocurrency venture is Warren’s first since selling his specialty mortgage firm, Lima One Capital. Warren leveraged more than $3 million of his own money to run for governor in 2018, ultimately losing to McMaster by a single-digit margin.

 

DETROIT (AP) – Subaru is recalling about 200,000 vehicles in the U.S. because a chain in the transmission can break, causing a loss of power. The recall covers certain 2020 Legacy and Outback vehicles, as well as some 2019 and 2020 Ascent SUVs. Subaru says in documents posted by U.S. safety regulators that a programming error in the transmission control computer can let the clutch engage before the drive chain is clamped down. If that happens, the chain slip and break. Subaru says it has has no reports of crashes or injuries. Dealers will reprogram the transmission computer and inspect the chain guide. If they find damage, the transmission will be replaced. Owners will be notified starting Feb. 7. The fix is expected to be ready in April.