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Tuesday, April 13, 2021

Business Highlights Stocks surge, crude oil, natural gas up

The S&P 500 index jumped 49.47 points, or 1.9 percent, to 2,705.57. The Dow Jones Industrial Average rose 401.13 points, or 1.6 percent, to 24,984.55 after rising as much as 520 points during the day. The Nasdaq surged 209.93 points, or 3 percent, to 7,318.34 after its biggest drop in seven years. The Russell 2000 index gained 31.70 points, or 2.2 percent, to 1,500.40.

Benchmark U.S. crude rose 0.8 percent to $67.33 a barrel. Brent crude, the benchmark for international oil prices, rose 0.9 percent to $76.89 a barrel. Wholesale gasoline lost 0.5 percent to $1.81 a gallon. Heating oil added 1.2 percent to $2.28 a gallon and natural gas gained 1.1 percent to $3.20 per 1,000 cubic feet._

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After long losing streak, US stocks surge on solid earnings

NEW YORK (AP) — Strong results from major companies including Microsoft, Visa and Comcast send U.S. stocks sharply higher Thursday. The rally wiped out most of the market’s losses from the day before, but stocks have still taken steep losses over the past three weeks of volatile trading. The S&P 500 index rose 1.9 percent after it tumbled more than 9 percent over the past three weeks. Technology companies rally. They had taken some of the worst losses during the market’s recent rout.

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For years, growth stocks were fun and fantastic, until now

NEW YORK (AP) — For years, the most important question for investors when it came to stocks was: Is the company growing quickly? If it was, it was in high demand, almost regardless of the price. That helped high-growth stocks surge past the rest of the market. Suddenly, though, the siren song of high growth has turned dissonant.

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Amazon’s profit soars, but revenue disappoints

NEW YORK (AP) — Amazon’s profit soared to nearly $3 billion in the third quarter, fueled by the growth of online shopping and its cloud-computing service. But the online retailer’s revenue didn’t meet Wall Street expectations, and shares of Amazon.com Inc. fell in after-hours trading Thursday.

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Airline revenue is rising but so too are costs

DALLAS (AP) — Airline revenue is rising due to strong travel demand, but the carriers are facing higher costs for fuel, labor and other expenses. American Airlines is recovering only 40 percent of fuel-price increase by charging higher fares and fees, so it will slow its growth and delay the arrival of new planes to save money. Southwest’s shares were pummeled after the airline warned about a steep increase in costs next year.

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The best defense: investors flee tech stocks for utilities

NEW YORK (AP) — The stock market’s plunge over the last three weeks has sent investors looking for safer options, leading to strong gains for utilities, household goods makers, and other companies that are traditionally considered safer. It’s a sharp reversal of the pattern that has held in the stock market since the aftermath of the Great Recession as Wall Street frets about economic growth and looks for stocks that aren’t as volatile.

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Trump says new proposal will lower US drug prices

WASHINGTON (AP) — President Donald Trump says he’s taking steps to lower prescription drug prices. Less than two weeks before the midterm elections, Trump announced a plan that he said would stop unfair practices that force Americans to pay higher prices for prescriptions than people do for the same drugs in other countries.

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Sears suppliers haunted by ghost of Toys R Us

NEW YORK (AP) — Since filing for Chapter 11 bankruptcy, Sears has been trying to convince suppliers to keep shipping it merchandise by touting the $300 million in financing it has secured so that its business can continue operating through the holidays. But a growing number of manufacturers who themselves got hurt or watched others get burned by Toys R Us’ quick demise worry they will suffer the same fate with Sears.

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Ford recalls nearly 1.5M Focuses because engines can stall

DETROIT (AP) — Ford is recalling nearly 1.5 million Focus compact cars in North America because a fuel system problem can cause engines to stall without warning. The recall covers cars from 2012 through 2018 with 2-liter four-cylinder engines. Ford says a valve can stick open, causing too much vacuum, and an engine control computer may not detect the problem. Excessive vacuum can cause engines to stall gas tanks to deform. Dealers will reprogram the computer and replace the valve if needed starting Dec. 10.

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Saudi prince’s message may not be enough to repair damage

RIYADH, Saudi Arabia (AP) — A defiant message delivered by Saudi Arabia’s crown prince to investors gathered in Riyadh may not be enough to repair the damage inflicted to his global standing as he faces continued international pressure over the killing of Saudi journalist Jamal Khashoggi. Participants of the high-profile investment forum on Thursday were taking stock of the outcome of his first public remarks on the killing.

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