Stocks slip...Median incomes grow...FDA sees teen vaping epidemic...GM issues recall
NEW YORK (AP) — Stock indexes are moving lower in afternoon trading on Wall Street as weakness in big technology companies offsets gains in energy stocks. Chipmakers and large technology companies are falling, and so are banks. Energy companies are rising as U.S. crude oil reaches its highest price since July. The market staged a brief rally around midday following a report that the U.S. was seeking new talks with China over trade.
WASHINGTON (AP) — The income of a median U.S. household rose for a third straight year in 2017, boosted by a rise in the number of Americans with full-time jobs. The Census Bureau says incomes for a typical household, adjusted for inflation, rose 1.8 percent to $61,372. Yet households are still earning essentially the same income they did in 2007 just before the Great Recession. Their inflation-adjusted median income remains below the record for a typical household, which was $62,000 in 1999.
WASHINGTON (AP) — U.S. health officials say teenage use of e-cigarettes has reached “epidemic” levels. They’re calling on the industry to address the problem or risk having their flavored products pulled off the market. Today’s warning from the Food and Drug Administration marks a shift in the agency’s tone on e-cigarettes, which have become the most used tobacco product among teenagers. FDA Commissioner Scott Gottlieb says the five largest e-cigarette manufacturers will have 60 days to produce plans to reverse underage use of their products.
DETROIT (AP) — General Motors is recalling more than 240,000 vehicles, mainly in the U.S. and Canada, to fix a problem that could hamper rear brake performance. The recall covers many GMC Terrain, Buick Lacrosse and Regal, Cadillac XTS and Chevrolet Cruze, Equinox, Volt, Impala and Bolt vehicles from 2018 and 2019. Also covered is the 2018 Chevrolet Malibu. GM says the rear brake caliper pistons can contain trapped hydrogen gas that could make the brakes feel soft and increase the risk of a crash. Dealers will bleed the brakes to remove the gas.
SAN FRANCISCO (AP) — Apple has rolled out an iPhone with a larger screen. The new phone is about the size of the existing iPhone 8 Plus, but with more screen. The iPhone XS Max builds upon the success of the iPhone X, which got rid of the home button to make room for a bigger screen. Apple didn’t say how much the Max will cost, but it’s expected to top the iPhone X’s $1,000 starting price. Apple is also unveiling two less expensive iPhone models.