US home construction up 1.9% in September to 1.4 million
WASHINGTON (AP) — U.S. home construction rose a solid 1.9% in September after having fallen in August as home building remains one of the bright spots for the economy. The Commerce Department reported Tuesday that the September increased pushed home construction to a seasonally adjusted annual rate of 1.42 million homes and apartments after a 6.7% drop in August. Applications for building permits, a good sign of future activity, rose an even stronger 5.2% to 1.55 million units.
Stocks close higher as companies report solid earnings
NEW YORK (AP) — Stocks closed higher on Wall Street following several solid earnings reports from U.S. companies. Investors are also monitoring last-ditch efforts in Washington to get more aid for the economy. The S&P 500 rose 0.5% Tuesday, recouping some of its losses from a day earlier. Procter & Gamble, Regions Financial and Travelers rose after reporting quarterly results that were better than analysts were expecting. The Justice Department filed a lawsuit claiming that Google has abused its dominance in online search to stifle competition.
Older workers face higher unemployment amid virus pandemic
NEW YORK (AP) — A new study shows that older workers are facing higher unemployment than midcareer workers amid the coronavirus pandemic. The study released Tuesday from researchers with the New School university in New York City found that workers 55 and older lost jobs sooner, were rehired slower and continue to face higher job losses than their counterparts ages 35 to 54. From April through September, the study found that the older workers unemployment rate was 9.7% compared to 8.6% for midcareer workers. That’s based on a six-month rolling average. The study says the rate was far worse for older workers who are black, female or lack college degrees.
Tennessee factory to become GM’s 3rd electric vehicle plant
DETROIT (AP) — General Motors plans to spend $2 billion to convert its Spring Hill, Tennessee, assembly plant into a third U.S. site to build electric vehicles. The Detroit automaker also says it will spend another $153 million to upgrade five Michigan factories for future vehicles. The company will build the Cadillac Lyriq, a small electric SUV, at the Spring Hill factory. GM said Tuesday that gasoline-powered Cadillac SUVs will continue to be built at the plant, and it will also get additional unspecified electric vehicles. The Lyriq is due in showrooms late in 2022. The investments aren’t expected to create any new jobs, but will help keep existing ones.
Netflix reports a summer slump in subscriber growth
LOS GATOS, Calif. (AP) — Netflix’s subscriber growth slowed dramatically during the summer months after a surge in the spring fueled by pandemic lockdowns that corralled millions of people in their homes. The summer slump came as more people sought refuge from the pandemic outdoors and major U.S. professional sports resumed play, offering entertainment alternatives to the world’s most popular video streaming service. The drop-off disclosed Tuesday in Netflix’s latest earnings report was more dramatic than management had warned it might be.
Intel to sell NAND business to SKorean rival for $9 billion
SEOUL, South Korea (AP) — Intel has agreed to a $9 billion deal to sell most of its memory business to South Korea’s SK Hynix as it moves toward more diverse technologies while shedding a major Chinese factory at a time of deepening trade friction between Washington and Beijing. Intel said it will keep its “Optane” business of more advanced memory products, which analysts say are mostly produced in the United States. According to the plan confirmed by the companies on Tuesday, SK Hynix will acquire Intel’s NAND memory chip and storage business, including a related manufacturing site in the northeastern Chinese city of Dalian. SK Hynix said the companies expect to get required governmental approvals for the deal by late 2021.
Tribes make new move to shut down Dakota Access Pipeline
BISMARCK, N.D. (AP) — Native American tribes opposed to the Dakota Access Pipeline once again have asked a federal judge to stop the flow of oil while the legal battle over the line’s future plays out. The Standing Rock Sioux and other tribes succeeded on their first attempt, only to have an appeals court overturn U.S. District Judge James Boasberg’s shutdown order earlier this year. Now, they’re asking the judge to clarify his earlier ruling to satisfy the appellate judges and then to again order the line to cease operations, the Bismarck Tribune reported.
The S&P 500 rose 16.20 points, or 0.5%, to 3,443.12. The Dow Jones Industrial Average gained 113.37 points, or 0.4%, to 28,308.79. The Nasdaq composite rose 37.61 points, or 0.3%, to 11,516.49. The Russell 2000 index of smaller-company stocks gained 4.08 points, or 0.3%, to 1,617.71.