Business Highlights
By The Associated Press
The S&P 500 index climbed 58.44 points, or 2.1 percent, to 2,813.89. The Dow Jones Industrial Average rose 545.29 points, or 2.1 percent, o 26,180.30. The Nasdaq composite climbed 194.79 points, or 2.6 percent, to 7,570.75. The Russell 2000 index of smaller-company stocks added 26.06 points, or 1.7 percent, to 1,582.16.
U.S. crude lost 0.9 percent to $61.67, and Brent crude, the standard for international oil prices, dipped 0.1 percent to $72.07 a barrel in London. Wholesale gasoline lost 2.8 percent to $1.65 a gallon and heating oil rose 2.2 percent to $2.24 a gallon. Natural gas was unchanged at $3.56 per 1,000 cubic feet.___
Tech and health care lead US stock surge after midterms
NEW YORK (AP) — Stocks rallied Wednesday as investors were relieved to see that the U.S. midterm elections went largely as they expected they would. Big-name technology and consumer companies made some of the largest gains, while insurers and other health care companies also climbed. The S&P 500 closed at its highest level in four weeks as the market continues to recover from the big losses it took in October.
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With split Congress, prospect for economic deals looks dim
WASHINGTON (AP) — A newly Democratic-led House and a Senate that is staying in Republican hands are likely to seek agreement on measures that could potentially benefit the U.S. economy, from spending on America’s infrastructure to limits on drug prices. Yet the poisonous atmosphere in Washington, mandated federal spending limits and a potential duel over the government’s borrowing authority are likely to block or at least slow progress.
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A Democratic House could probe Trump business ties abroad
PARIS (AP) — The U.S. election could have international consequences. The Democrats taking charge of the U.S. House of Representatives could launch new investigations into President Donald Trump’s global business empire and ties with countries like Russia, Saudi Arabia and China. Trump, though, remains in charge of foreign policy.
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Facebook blocks fake accounts but election battle goes on
NEW YORK (AP) — Facebook’s recent disclosures on blocking suspicious accounts show that the company’s efforts to root out election meddling are working — to a point. What’s not known is how much the company isn’t catching and whether this “whack-a-mole” fight will ever end. Facebook says it blocked an unspecified number of additional accounts on Election Day because of suspected connections to foreign efforts to interfere in the voting. That’s on top of the 115 accounts Facebook shut down earlier this week.
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Advance pay service may reduce use of payday loans
NEW YORK (AP) — Financial technology company Even shared data exclusively with The Associated Press that showed that its users were less likely to use payday loans once they signed up for the service. Even allows its users to take advances on their next paycheck while not charging them any interest. The company made headlines last year when Wal-Mart, the nation’s largest private employer, announced it was signing its employees up for Even as part of its benefits package.
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China’s reserves fall, suggesting Beijing propping up yuan
BEIJING (AP) — China’s foreign currency reserves declined in October, suggesting Beijing might be intervening in markets to keep its yuan’s politically sensitive exchange rate from falling too far against the dollar. Central bank data showed the reserves fell by about $34 billion to just over $3 trillion. It was unclear how much of that was due to sales of dollars to support the yuan, but Chinese authorities have promised not to depress the yuan to help exporters who face U.S. tariff hikes.
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Banks could face tighter scrutiny under Rep. Maxine Waters
NEW YORK (AP) — With Democrats taking control of the House of Representatives, Rep. Maxine Waters, who has called for more regulation of banks, is expected to become chairwoman of the powerful House Financial Services Committee, the committee that oversees the nation’s banking system and its regulators.
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Smartphone makers bet on foldable screens as next big thing
SAN FRANCISCO (AP) — The smartphone industry has been searching for a breakthrough to revive a market mired in an innovation lull. A potential catalyst is coming with the introduction of phones featuring flexible screens that can be folded in half without breaking. On Wednesday, Samsung provided a glimpse at a foldable-screen device that it will release next year. But it’s unclear whether the flexibility will have mass appeal, especially when the bendy devices are expected to cost more than $1,000.
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Boeing jet crashed in Indonesia after key sensor replaced
JAKARTA, Indonesia (AP) — Indonesian investigators say a crucial sensor was replaced on a Lion Air jet the day before it plunged into the Java Sea, and that sensor replacement may have exacerbated other problems with the plane. That sensor, known as the “angle of attack” sensor, keeps track of the angle of the aircraft nose to help prevent the plane from stalling and diving. Earlier this week, Indonesian officials hinted that airspeed indicators played a role in the Oct. 29 crash that killed all 189 people on board.
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