Biz / Tech
NEW YORK (AP) – Stocks ended a shaky day on Wall Street with mixed results as investors weighed in on the latest corporate earnings reports and the Chairman of the Federal Reserve’s comments on inflation. Tech companies made big gains, while banks were mostly weaker after several released quarterly results. American Airlines rose after giving investors good prospects. Energy companies suffered some of the biggest losses, in part due to a drop in the price of US benchmark crude oil. The yield on the 10-year Treasury bill fell to 1.34%. Federal Reserve Chairman Jerome Powell also reaffirmed the central bank’s position that inflation will eventually subside.
WASHINGTON (AP) – The Federal Reserve’s latest national business survey found the economy further strengthened in late May and early June, despite supply chain bottlenecks leading to increases of price. The Fed says seven of its 12 regional banking districts have reported sharp price increases, with the other five reporting moderate price increases. Sectors of the economy related to transportation, travel and tourism, and manufacturing all experienced above-average economic growth over the period. But the survey also found that supply chain disruptions lead to material and labor shortages, as well as low inventories, limiting sales of many consumer goods.
DETROIT (AP) – General Motors tells owners of some older Chevrolet Bolts to park them outside and not charge them overnight as two of the electric cars caught fire after recall repairs were made . The company said on Wednesday that the request covered the 2017 to 2019 bolts that were part of a group recalled earlier due to multiple fires in the batteries. Spokesman Kevin Kelly said the request comes after two bolts that had been subject to recall repairs caught fire, one in Vermont and the other in New Jersey. Kelly said GM engineers were working as fast as possible to resolve the issue.
SAN FRANCISCO (AP) – Federal prosecutors have arrested and charged a northern California naturopathic doctor on charges of selling fake COVID-19 vaccination treatments. The US Department of Justice said Juli Mazi of Napa also distributed fake vaccination cards to make it appear that clients had received the Moderna vaccine. Authorities say this is the first such prosecution. The investigation was triggered by a complaint filed with the Department of Health and Social Services hotline in April. Prosecutors say Mazi sold homeoprophylactic vaccination lozenges which she said would provide “lifelong immunity to COVID-19.”
WASHINGTON (AP) – Amazon founder and future space traveler Jeff Bezos (BAY’-zohs) donates $ 200 million to the Smithsonian Institution to bolster its National Air and Air Museum space. It is the largest gift the institution has received since its founding in 1846. The Smithsonian said $ 70 million of the money would support renovations to the museum. The remaining $ 130 million would be used to build a new education center called Bezos Learning Center.