Stocks gain…Home sales rise…Nissan recall
NEW YORK (AP) – Stocks are gaining ground as investors review a mostly solid round of earnings reports and await the Federal Reserve’s latest policy statement. The decisive move higher in early trading was a welcome relief following several days of volatile swings as investors try to gauge whether the Federal Reserve will succeed in its new effort to fight inflation. The S&P 500 rose 1.6%, the Dow Jones Industrial Average rose 1.1% and the Nasdaq rose 2.2%.
SILVER SPRING, Md. (AP) – Sales of new single family homes in December rose to their highest level in 10 months as buyers took advantage of lower prices in anticipation of higher interest rates. The Commerce Department reports that December’s increase put the seasonally adjusted annual sales pace to 811,000 for the month, an 11.9% increase over November’s figure, which was revised down to 725,000 from 744,000. The median price of a new home, the point where half the homes sold for more and half for less, fell to $377,700, last month, its lowest level since June but about 4% higher than December 2020.
DETROIT (AP) – Nissan is recalling more than 793,000 small SUVs in the U.S. and Canada because water can get into wiring and in rare cases could start a fire. The recall covers Nissan Rogue SUVs from the 2014 through 2016 model years. The National Highway Traffic Safety Administration says in documents that water and salt can enter a wiring connector in the driver’s foot well, causing corrosion. The corrosion can increase the risk of a fire. Nissan says it’s working on a fix and expects to have one in the spring.
BOSTON (AP) – A Massachusetts man who was left a quadriplegic when his Uber vehicle crashed last year is seeking $63 million in damages in a negligence lawsuit he has filed against the ride-hailing platform. William Good alleges in the lawsuit that Uber “failed to appropriately screen, hire and supervise their driver, resulting in severe and life-changing injuries.” Good had hailed a ride to get from work in Boston to his home in Somerville on April 30, according to the suit. An Uber spokesperson said the company does not comment on pending litigation.
UNDATED (AP) – The Bill and Melinda Gates Foundation says it will add four new members to its board of trustees. It’s a first for the Seattle-based philanthropic giant, whose decision making has been guided by very few hands since its incorporation in 2000. The announcement means the global charitable group will now have six people to guide its work and its $50 billion endowment.