Stocks falter, then rise again
NEW YORK (AP) – Stocks move higher in the afternoon on Wall Street after shaking an early pullback as investors weigh the latest batch of corporate earnings reports and economic data. Gains in communications and financials companies offset a decline in health and tech stocks. A report showed that the US economy grew strongly in the first quarter, a sign that the economic impact of the pandemic may be easing. In addition, the number of Americans who applied for unemployment benefits fell again last week. The pace and extent of the economic recovery remain a concern, as does the risk of growth slowing through inflation. Treasury yields have increased.
UNDATED (AP) – McDonald’s rebound from the lifting of restrictions across the United States was so strong in the first quarter that the company topped sales during the same period, even in 2019, long before the pandemic is sweeping the country. McDonald’s revenues jumped 9% to $ 5.1 billion for the January-March period, better than most had expected. Around this time last year, stores were closing around the world and immune to spikes in COVID-19 infections, so an improvement in sales over the same period this year was expected. However, the ease with which it surpassed Q1 2019 sales to $ 4.95 billion was not.
MADISON, Wisconsin (AP) – Some Midwestern farmers are suing the federal government alleging they are not eligible for a COVID-19 stimulus loan forgiveness program because they are white. The group of farmers is from Wisconsin, Minnesota, South Dakota, Illinois and Ohio. The lawsuit filed today in Milwaukee argues that the Biden administration’s stimulus package violates the constitutional rights of white farmers by granting loan cancellation to socially disadvantaged farmers and ranchers defined as black, Native American, Hispanic or Islander of the Pacific.
NEW YORK (AP) – Two trade groups representing North Dakota companies have filed a lawsuit against the Federal Reserve, asking the agency to lower its 10-year cap on swipe fees charged by banks to process debit card transactions. The lawsuit, filed by the North Dakota Retail Association and the North Dakota Petroleum Marketers Association, argues the agency failed to follow directions set out by federal law and said it should drop the rule that caps those fees. at 21 cents for the largest United States cards. banks. The lawsuit comes as the popularity of debit cards grows and retailers have paid billions of dollars more than Congress expected as bank costs have plummeted.
DETROIT (AP) – Engineers at General Motors figured out how to fix a battery problem with the Chevrolet Bolt electric sedan that caused five of them to burn. The company claims to have developed diagnostic software to look for anomalies in 69,000 bolt batteries around the world from 2017 to 2019. If any issues are found, the company will replace the defective parts of the battery. GM says owners of 2019 Bolts can get the software today, and those with 2017 and 2018 models can get it by the end of May. In November, GM recalled 69,000 electric vehicles around the world after receiving reports of the fires. Two people were inhaled smoke and a house was set on fire.