Financial News

Monday, April 4th
April 1, 2022
AP-NC Newswatch
April 1, 2022
Financial News

 

Financial News:

 

Stocks steady…431,000 jobs added in March

NEW YORK (AP) – Stocks are holding steady in morning trading on Wall Street. Treasury yields are jumping after a healthy report on the U.S. job market strengthened expectations for coming interest-rate hikes. The S&P 500 was 0.1% higher, close to erasing its losses from earlier in the week. If it does, it would clinch its first three-week winning streak since November. The two-year Treasury yield soared to its highest level in more than three years after a report showed the labor market remained strong in February and hiring was stronger in earlier months than previously reported.

 

WASHINGTON (AP) – America’s employers extended a streak of robust hiring in March, adding 431,000 jobs in a sign of the economy’s resilience in the face of a still-destructive pandemic, Russia’s war against Ukraine and the highest inflation in 40 years. The government’s report today shows that last month’s job growth helped shrink the unemployment rate to 3.6%. That’s the lowest rate since the pandemic erupted two years ago and just above the half-century low of 3.5% that was reached two years ago. Despite the inflation surge, persistent supply bottlenecks, damage from COVID-19 and now a war in Europe, employers have added at least 400,000 jobs for 11 straight months.

 

DETROIT (AP) – New vehicles sold in the U.S. will have to travel an average of at least 40 miles per gallon of gasoline in 2026 under new rules unveiled today. The National Highway Traffic Safety Administration says its fuel economy requirements will undo a rollback enacted under President Donald Trump. The new requirements increase gas mileage by 8% per year for model years 2024 and 2025 and 10% in the 2026 model year. For the current model year, standards enacted under Trump require the fleet of new vehicles to get just over 24 miles per gallon in real-world driving. Some environmental groups say the new standards aren’t tough enough.

 

DETROIT (AP) – General Motors is recalling nearly 682,000 small SUVs because the windshield wipers can fail. The recall covers the Chevrolet Equinox and GMC Terrain from the 2014 and 2015 model years. Ball joints in the wiper module can rust, causing one or both wipers to fail, increasing the risk of a crash. Dealers will inspect the module and repair or replace it. Owners will be notified by letter starting May 2.

 

DETROIT (AP) – Ford is issuing two recalls covering over 737,000 vehicles to fix oil leaks and trailer braking systems that won’t work. The oil leak recall includes the 2020 through 2022 Ford Escape SUV and the 2021 and 2022 Bronco Sport SUV with 1.5-Liter engines. A housing can crack and oil can leak onto engine parts, possibly causing fires. The trailer brake recall includes F-150 pickups from 2021 and 2022, as well as the 2022 F-250, 350, 450 and 550. Also covered are the 2022 Maverick pickup, and Ford Expedition and Lincoln Navigator SUVs. A software error can stop trailers from braking.