Stocks climb...Fed survey finds businesses worried amid uncertainty...Kia issues recall
NEW YORK (AP) — Banks are surging in midday trading on Wall Street following strong results from Goldman Sachs and Bank of America, sending U.S. stock indexes higher. Smaller companies are also climbing. Nordstrom shares fell after it became the latest department store to announce weak holiday sales.
WASHINGTON (AP) — The Federal Reserve says business contacts in many regions of the country expressed less optimism amid a host of adverse developments, from plunging stock prices to uncertainty about a widening trade war. In its latest report on economic conditions around the country, the Fed says that eight of its 12 regions reported the economy was expanding at a moderate pace as the new year began. The report, known as the beige book, says a few districts experienced a slowdown in economic activity.
CHICAGO (AP) — United Airlines executives say business travelers are booking flights at a faster clip than a year ago. The airline says business-travel bookings in the first week of January rose 11 percent from a year ago. CEO Oscar Munoz says the partial government shutdown isn’t having a major impact, but the airline is watching the situation closely. Government security screeners, who aren’t getting paychecks, have been calling in sick at higher rates.
DETROIT (AP) — Kia says it will ignore the partial U.S. government shutdown and recall more than 68,000 vehicles to fix a fuel pipe problem that can cause engine fires. The problem stemmed from previous recall repairs due to engine failures. The Korean automaker and its larger affiliate Hyundai have been dogged by fire and engine failure complaints from across the nation. They’re both under investigation by the U.S. National Highway Traffic Safety Administration. The agency, which oversees recalls, is mostly closed because of the shutdown.
NEW YORK (AP) — Several House Republicans are asking T-Mobile, AT&T, Verizon and Sprint how they share their users’ cellphone location data, citing a recent report that telecoms are selling that information to shadowy companies without customer knowledge. The lawmakers said they are troubled because it is not the first report of these types of data-sharing practices. They also sent letters to the data brokers mentioned in last week’s Motherboard report, Zumigo and Microbilt.