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Stocks gain ground...California sues for funds...Defective hail app cars

May 21, 2019

NEW YORK (AP) _ Stocks moved higher on Wall Street in late-afternoon trading, placing the market on track to snap a two-day losing streak. The rally follows the U.S. government’s decision to temporarily ease off proposed restrictions on technology sales to Chinese companies. The news is giving a boost to technology stocks, including chipmakers. Health care, communications and financial stocks are also up. The Dow rose 184 points.

SACRAMENTO, Calif. (AP) — California has sued to block the Trump administration from cancelling nearly $1 billion for the state’s high-speed rail project. The lawsuit filed Tuesday comes after the administration revoked the funding last week. Gov. Gavin Newsom has called the move illegal and says it’s political retribution for California’s resistance to President Donald Trump’s immigration policies. The state is trying to build a high-speed rail line linking Los Angeles and San Francisco.

NEW YORK (AP) —One in six Uber and Lyft drivers in the New York City and Seattle areas are driving vehicles with outstanding recalls, according to Consumer Reports. But taking a taxi or limousine isn’t necessarily a safer option. Nearly a quarter of traditional for-hire vehicles in New York City also have outstanding recalls, Consumer Reports said. That means there are cars on the road that have been recalled for issues such as faulty air bags and possible engine failure.

BOSTON (AP) _ Faced with a slumping stock price and questions about demand for its vehicles, Tesla has lowered the U.S. base prices of its two most expensive models. The company on Monday cut $3,000 from the price of the Model S sedan and $2,000 from the Model X SUV

BOSTON AP) _ A New York lawyer and a Napa Valley vintner have admitted to participating in the college admissions bribery scheme. Gordon Caplan and Agustin Huneeus Jr. pleaded guilty Tuesday in Boston federal court. Caplan was co-chairman of the prominent law firm Willkie Farr & Gallagher. Huneeus’ family owns vineyards in California’s Napa Valley and in Oregon. They are among 14 parents who have agreed to plead guilty in the case.

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