Stocks gain…Gas tax suspension?…Satellites tumble
NEW YORK (AP) – Stocks rose broadly in morning trading, putting the market further into the green for the week after a solid gain a day earlier. The S&P 500 rose 1.1% and roughly 90% of stocks in the benchmark index gained ground. The Dow Jones Industrial Average rose 0.8% and the Nasdaq rose 1.1%. Technology and communications stocks had some of the biggest gains.
WASHINGTON (AP) – Some Democratic senators are calling for suspending the federal gas tax for the remainder of the year to help consumers struggling with rising fuel prices. The bill faces an uphill fight to become law. But the legislation from Sens. Mark Kelly of Arizona and Maggie Hassan of New Hampshire could prove popular during an election year when the average price of gas nationally exceeds about $3.45 a gallon.
UNDATED (AP) – COVID-19 vaccines and the return of customers to stores helped push CVS Health well past fourth-quarter earnings expectations. But the pandemic’s unpredictability is making the drugstore chain and pharmacy benefit manager cautious heading into 2022. It did not raise a 2022 forecast it laid out in December, and its shares started sliding early Wednesday.
CAPE CANAVERAL, Fla. (AP) – SpaceX’s newest fleet of satellites is tumbling out of orbit after being struck by a solar storm. The company reports that up to 40 of the 49 small Internet-service satellites launched last week have either reentered the atmosphere and burned up, or are about to do so. SpaceX says the storm made the atmosphere denser, which increased the drag on the satellites and doomed them.
SAN RAMON, Calif. (AP) – Samsung is trying to reclaim lost ground in the coveted high end of the smartphone market with a new lineup of Galaxy S models designed to appeal to consumers who are increasingly sharing videos of their antics on TikTok, Facebook, YouTube and other popular apps. Although the Galaxy S22 phones unveiled today feature some improvements from last year’s models, the differences aren’t dramatic. One of the biggest changes is the addition of a built-in pen to take digital notes and draw on the screen of the Ultra model that will cost $1,200.