Business Highlights: Prices for used cars, Biden on prices
$29,000 for an average used car? Would-be buyers are aghast
DETROIT (AP) — Prices for used cars are soaring so high, so fast, that buyers are being increasingly priced out of the market. Edmunds.com says the average price of a used vehicle in the United States in November was more than $29,000. That’s a dizzying 39% more than just 12 months earlier. More than half of America’s households have less income than they’d need to buy the average-priced used vehicle. Gone are the days when just about anyone with a steady income could wander onto an auto lot and snag a reliable late-model car or buy their kid’s first vehicle for a few thousand dollars.
More record highs for S&P 500, Dow on first day of 2022
NEW YORK (AP) — Wall Street got 2022 off to a solid start with more record highs for the S&P 500 and the Dow Jones Industrial Average. The S&P 500 rose 0.6% Monday, a day after closing out 2021 with big gains for the third year in a row. The Dow rose 0.7% and the Nasdaq rose 1.2%. Apple briefly traded above $3 trillion before closing just below that level. Technology companies and banks were among the biggest winners. Electric car maker Tesla rose sharply after reporting strong delivery numbers for 2021. The yield on the 10-year Treasury note rose to 1.64%
Biden: More competition in meat industry can ease food costs
WASHINGTON (AP) — Higher-than-expected inflation has thwarted President Joe Biden’s agenda and hurt his public approval rating. It’s become fodder for Republican attacks and has led a Democrat senator to cite higher prices as a reason to sideline Biden’s tax, social and economic programs. With that in mind, Biden met virtually with independent farmers and ranchers on Monday to discuss initiatives to reduce food prices by increasing competition within the meat industry. And Biden said at the meeting: “Capitalism without competition isn’t capitalism — it’s exploitation.” But an executive at the U.S. Chamber of Commerce says the coronavirus and higher costs for energy and labor are driving meat prices higher, not the corporate structure of the industry.
Trump, Ivanka, Don Jr subpoenaed by NY attorney general
NEW YORK (AP) — New York’s attorney general recently issued subpoenas to former President Donald Trump and his two eldest children in connection with an ongoing civil investigation into the family’s business practices. Attorney General Letitia James’ office said in a court filing Monday that it is seeking testimony and documents from Trump, Donald Trump Jr. and Ivanka Trump “in connection with an investigation into the valuation of properties owned or controlled” by Trump and his company, the Trump Organization. Trump has sued attempting to end the probe, which he says is politically motivated.
Scientist, enforcer, high-flyer: 3 women put a mark on tech
WASHINGTON (AP) — Three bright and driven women with ground-breaking ideas made a significant mark on the embattled tech industry in 2021. Frances Haugen, Lina Khan and Elizabeth Holmes figured heavily in a technology world where men have long dominated the spotlight. Haugen went public with internal documents to buttress accusations that Facebook elevated profits over the safety of users. Khan is the youngest person ever to lead the Federal Trade Commission. Holmes, once worth $4.5 billion on paper, now awaits a jury’s verdict on fraud charges that she misled investors and patients about the accuracy of a blood-testing technology developed at her startup Theranos.
CES gadget show stages a wary return amid COVID-19
Is anyone going to CES this year? A long-simmering question in the tech world will finally get its answer as one of the world’s biggest gadget shows returns to the Las Vegas strip after a hiatus caused by the COVID-19 pandemic. The sprawling exhibition floors open Wednesday during another winter of ongoing wariness about the safety of indoor crowds and international travel as the omicron variant spreads around the world. The CTA by late December was anticipating between 50,000 and 75,000 attendees for this week’s conference, down from more than 170,000 who came for the last in-person gathering two years ago.
Elizabeth Holmes jury split on three of 11 fraud charges
SAN JOSE, Calif. (AP) — The jury weighing fraud charges against former Theranos CEO Elizabeth Holmes said Monday it is deadlocked on three of the 11 felony counts against her, signaling the end may be near for a legal drama that’s captivated Silicon Valley. Those charge her with duping investors and patients about a blood-testing technology that she hailed as a medical breakthrough. U.S. District Judge Edward Davila urged jury members to re-examine their positions while adhering to their instructions to only return a guilty verdict if convinced beyond a reasonable doubt. The jury is in its seventh day of deliberations.
Thousands of flights canceled, delayed at start of workweek
A winter storm hitting the mid-Atlantic combined with the pandemic to further frustrate air travelers whose return flights home from the holidays were canceled or delayed in the first few days of the new year. According to tracking service FlightAware more than 2,600 U.S. flights and more than 4,100 worldwide were grounded as of midday Monday. Another 8,500 flights were delayed, including 3,100 in the U.S. That follows Sunday’s cancellations of more than 2,700 U.S. flights, and more than 4,400 worldwide. Travelers could take hope from an improving weather forecast. Airlines canceled fewer than 300 U.S. flights scheduled for Tuesday.
The S&P 500 rose 30.38 points, or 0.6%, to 4,796.56. The Dow Jones Industrial Average gained 246.76 points, or 0.7%, to 36,585.06. The Nasdaq advanced 187.83 points, or 1.2%, to 15,832.80. The Russell 2000 index of smaller companies added 27.24 points, or 1.2%, to 2,272.56.