Sears gets another reprieve from liquidation
NEW YORK (AP) — Sears is getting another reprieve from liquidation after its chairman and largest shareholder Eddie Lampert revised his bid to save the iconic brand. Sears says it has accepted the bid through an affiliate of Lampert’s hedge fund that could keep 425 stores open and save tens of thousands of workers, according to a hearing at the bankruptcy court in White Plains, New York, on Tuesday.
What air travelers should know about the government shutdown
DALLAS (AP) — Air travelers are seeing the impact of the partial government shutdown in the form of longer lines at security checkpoints. Security officers are still on the job, but they aren’t being paid right away, and the Transportation Security Administration says more screeners are calling in sick at some airports, including Dallas-Fort Worth International. The TSA has a team of officers who can go to airports facing a shortage. Air traffic controllers are also working without immediate paychecks.
World Bank cuts forecast for world economic growth in 2019
WASHINGTON (AP) — The World Bank is downgrading its outlook for the global economy this year, citing rising trade tension, weakening manufacturing activity and growing financial stress in emerging-market countries. In a report titled “Darkening Skies,” the anti-poverty agency said Tuesday that it expects the world economy to grow 2.9 percent in 2019, down from the 3 percent it forecast back in June. It would be the second straight year of slowing growth: The global economy expanded 3 percent last year and 3.1 percent in 2017.
Stocks rise again as investors hope for trade breakthrough
NEW YORK (AP) — Stocks rose for the third day in a row, led by industrial, technology, internet and energy companies as representatives from the U.S. and China continue their latest round of trade talks. News reports said those discussions would be extended to a third day, and investors have grown more hopeful about the outcome of the trade dispute in the last two weeks. Bond prices fell, sending yields higher.
No word on progress after 2nd day of China-US trade talks
BEIJING (AP) — Talks between the U.S. and China on ending their tariff war are ending a second day without word on whether they’ve made any progress. An official Chinese newspaper, the Global Times, warned the Trump administration to understand, in dealing with an increasingly strong China, not to demand too much from Beijing. The conflict over Beijing’s technology development strategy has fueled fears it will dampen global economic growth. It’s unclear if negotiators can make much headway on key issues.
Nissan’s ex-chair Ghosn appears in court, asserts innocence
TOKYO (AP) — The former chairman of Japan’s Nissan Motor Co. has told a Tokyo court that he was “wrongfully accused” of false financial reporting and other allegations. In his first public appearance since he was detained on Nov. 19, Ghosn denied any wrongdoing and proclaimed his loyalty to the company. Explaining Ghosn’s lengthy detention, the judge said he was considered a flight risk.
US consumer borrowing growth up $22.1 billion in November
WASHINGTON (AP) — Americans slowed their pace of borrowing slightly in November, but it still grew by a robust $22.1 billion. Solid auto and student loans offset some of the decline in the category that covers credit cards.
US job openings fell in November to still-strong 6.9 million
WASHINGTON (AP) — U.S. job openings fell in November from the previous month but the number of available positions remained healthy. The Labor Department says job openings slipped 3.4 percent to a seasonally adjusted 6.9 million.
US medical marketing reaches $30 billion, drug ads top surge
A new analysis shows annual spending by the U.S. health industry on ads and promotions has reached $30 billion. That includes spending on advertisements for prescription drugs that appeared 5 million times in 2016. The analysis published Tuesday found spending on consumer-focused ads climbed fastest over two decades. But marketing to doctors and other health professionals grabbed the biggest share.
UK lawmakers pass roadblocks to no-deal Brexit
BRUSSELS (AP) — Britain’s Parliament has dealt the government a narrow defeat by passing an amendment designed to put roadblocks in place to make a “no-deal” Brexit more difficult. Legislators on Tuesday backed an amendment to the Finance Bill that would prohibit spending on “no-deal” preparations unless authorized by Parliament. The vote showed widespread opposition in Parliament to possible plans for a “no-deal” scenario under which Britain would leave the European Union on March 29 without a deal in place.
The S&P 500 index rose 24.72 points, or 1 percent, to 2,574.41. The Dow Jones Industrial Average picked up 256.10 points, or 1.1 percent, to 23,787.45. The Nasdaq composite climbed 73.53 points, or 1.1 percent, to 6,897. The Russell 2000 index of smaller-company stocked gained 21.19 points, or 1.5 percent, to 1,426.55.
U.S. crude rose 2.6 percent to $49.78 per barrel in New York. Brent crude, used to price international oils, gained 2.4 percent to $58.72 a barrel in London. Wholesale gasoline rallied 1.6 percent to $1.36 a gallon while heating oil jumped 2.7 percent to $1.83 a gallon. Natural gas gained 0.8 percent to $2.97 per 1,000 cubic feet.