Stocks lower...GM closes plant... Dollar tree store closings
NEW YORK (AP) — Stocks marched lower on Wall Street in afternoon trading, placing the market on track for its third straight loss. Health care, technology and energy companies accounted for the bulk of the market’s slide, offsetting gains in materials and utilities stocks, and retail. Disappointing economic reports, uncertainty over trade and fears of a slowdown in economic growth have weighed on the market the past of couple weeks.
LORDSTOWN, OHIO (AP) — It’s an emotional day for 1,700 auto workers at a General Motors plant where production is being stopped after more than 50 years. The last Chevrolet Cruze built at GM’s plant near Youngstown comes off the assembly line today. GM plans to shut down the plant as well as four others in North America by early next year. What’s not known is whether the plant in Ohio will ever reopen.
DETROIT (AP) — The Environmental Protection Agency says the average gas mileage for the fleet of U.S. new vehicles rose slightly in 2017 to a record 24.9 miles per gallon. But an environmental group says the 0.2 mpg increase fell short of the 1 mpg jump required under Obama-era rules. The EPA says the performance raises concerns about the industry’s ability to meet, in a cost-effective way, future requirements put in place by the Obama administration.
NEW YORK (AP) — Top Democrats in the House and Senate are announcing a new bill to restore the 2015 “net neutrality” rules that Trump-era regulators repealed. If the bill passed the Democratic-controlled House, it would face a tough challenge in the Senate, where Republicans have the majority. The White House also supported the repeal of the net neutrality rules in 2017.
NEW YORK (AP) — Dollar Tree is closing up to 390 Family Dollar stores this year and rebranding about 200 others under the Dollar Tree name. The company also slashed the value of its struggling Family Dollar chain, booking a $2.73 billion charge in its fiscal fourth quarter.