Stocks gain...Consumer prices rise...Steering problem prompts GM recall
NEW YORK (AP) — Stocks are climbing in morning trading on Wall Street after the Labor Department said inflation slowed a bit in August. Technology companies like Apple and Microsoft are making some of the largest gains after a recent bout of uncertainty. Chipmaker Qualcomm jumped after it announced a big stock repurchase. Supermarket chain Kroger sank after announcing disappointing quarterly results.
WASHINGTON (AP) — Consumer prices rose 2.7 percent in August from a year earlier, with higher housing and gasoline costs driving most of the increase. The Labor Department says the consumer price index advanced 0.2 percent on a monthly basis. Core prices, which exclude the volatile food and energy categories, increased 0.1 percent in August and 2.2 percent from a year ago. Gas prices jumped 3 percent last month and 20.3 percent on the year, while shelter expenses have climbed 3.4 percent annually.
DETROIT (AP) — General Motors is recalling more than a million big pickup trucks and SUVs in the U.S. because the power-assisted steering can briefly shut down. The recall covers certain 2015 Chevrolet Silverado and GMC Sierra 1500 pickups as well as Chevy Tahoe and Suburban SUVs. Also affected are 2015 Cadillac Escalade and GMC Yukon SUVs. Dealers will update the power steering software at no cost to owners. GM recalled 2014 model year trucks last year for the same problem.
NEW YORK (AP) — Walmart-owned Jet.com will soon sell Nike products on its site as it seeks to catch up with Amazon ahead of the holiday shopping season. Jet says Nike sneakers, clothing and other gear will be available in October. The deal comes a year after Nike started selling some products on Amazon.com. Nike says the deal is exclusive to Jet and doesn’t include Walmart, which bought Jet in 2016.
UNDATED (AP) — A recently leaked video from 2016 shows Google executives lamenting the election of Donald Trump, who has accused the company of doctoring search results for his name. The video was posted on the Breitbart website. It shows Google co-founder Sergey Brin saying that the elevation of Trump was not consistent with what the company stands for. Last month Trump accused Google and other U.S. tech companies of rigging search results about him. Google has denied any political bias or consideration in developing the algorithms it uses for internet searches.