Used car prices, debt limit debate


DEARBORN, Mich. (AP) – For months, anyone who walked around a dealer’s lot looking for a used car could be forgiven for doing a double take – then walking off the lot. Prices had climbed more than 40% since before the start of the coronavirus pandemic – to an average of almost $ 25,000. But now a silver lining has emerged. The seemingly endless streak of soaring used vehicle prices seems to be drawing to a close. Not that anyone should expect a good deal. Although the average prices of cars, trucks and SUVs are gradually falling, they are likely to stay near record levels. ___

Democrats hit McConnell, who says GOP will not support increasing debt ceiling

WASHINGTON (AP) – Senate Democrats accuse Republicans of a cynical ploy that would hurt the government’s credit rating and the economy. Their criticism came after the GOP House leader said his party would vote against an impending effort to increase the federal debt limit. Senate Minority Leader Mitch McConnell had said he believed all Republicans would vote against renewing Washington’s ability to borrow money. The government, which has been running huge budget deficits for years, must constantly borrow money to pay its debts, but its legal authority to do so expires on July 31. An expiration of the government’s borrowing authority could result in the federal government defaulting on payment. ___

The agency undertakes to take firm measures to strengthen the “right to reparation”

WASHINGTON (AP) – Federal regulators are working to give consumers the freedom to self-repair broken cell phones, computers, video game consoles and even tractors, or to use independent repair shops. Regulators say manufacturers’ repair restrictions often fall more heavily on minority and low-income consumers. In response to a new competition directive from the Biden White House, the Federal Trade Commission is set to draft new rules to help small repair businesses and save consumers money on repair costs. FTC commissioners on Wednesday adopted a policy statement supporting the “right to redress” that pledges to strengthen enforcement efforts against violations. ___

US, Germany reach controversial Russian gas pipeline deal

WASHINGTON (AP) – The United States and Germany have reached a deal that will allow the completion of a controversial Russian gas pipeline to Europe without the imposition of new US sanctions. The two governments announced the deal in a joint statement on Wednesday and it was immediately assailed by members of Congress opposed to the Nord Stream 2 project. The deal aims to address concerns from the United States and Eastern Europe. ‘East and central regarding Russia’s use of the pipeline as a political weapon. Both sides pledged to impose sanctions on Russia, including the potential shutdown of the pipeline, if Russia does, but critics said it did not go far enough.


J & J’s strong Q2 as sales hit by pandemic, profits recover

NEW BRUNSWICK, NJ (AP) – Johnson & Johnson’s second quarter profit climbed 73%, driven by strong sales growth, particularly in its medical devices and diagnostics segment, as hospitals and The health care sector as a whole continues to recover from the coronavirus pandemic. The healthcare giant also benefited from favorable exchange rates and sharply increased its sales and profit forecast for the year. The world’s largest maker of health products on Wednesday reported net income of $ 6.28 billion, or $ 2.35 per share, in the quarter. It easily exceeded Wall Street projections. Revenue totaled $ 23.31 billion, up 27.1%, but vaccine sales were minimal. ___

U.S. Airlines Say COVID-19 Variants Don’t Affect Bookings

NEW YORK (AP) – Airlines say the current rise in new coronavirus cases is not scaring travelers. United Airlines said on Wednesday that bookings were increasing and had not experienced any slowdowns due to the rapidly spreading delta variant of COVID-19. Delta Air Lines says the same thing. However, international travel is still slow and airlines are pressuring the Biden administration to lift restrictions that prevent most Europeans from entering the United States. They say European countries welcome Americans. White House press secretary Jen Psaki said the administration would be guided by advice from public health experts. ___

Stocks soar on Wall Street as corporate profits rise

NEW YORK (AP) – Stocks again closed higher on Wall Street, extending gains after falling sharply earlier in the week. Investors turned to corporate profits, which started to rise steadily. The S&P 500 advanced 0.8%. Smaller company stocks once again outperformed the rest of the market, rising 1.8%. Coca-Cola rose 1.3% after the company raised its guidance for the full year and reported better-than-expected results. Chipotle Mexican Grill jumped 11.5% after the company also reported much better-than-expected results after the closing bell on Tuesday. The 10-year Treasury yield hit 1.29%, but it is still lower than it was last week. ___

Ford and Argo AI to Deploy Autonomous Vehicles on Lyft Network

DETROIT (AP) – Ford Motor Co. and a part-owned autonomous vehicle company will join the Lyft ridesharing service to provide self-driving rides on the Lyft network. Service using Ford vehicles and a driving system developed by Argo AI will begin in Miami later this year and begin in Austin, Texas, in 2022. The companies say it will start with human emergency drivers and become fully autonomous. on an unspecified date. The vehicles will collect data to lay the groundwork for deploying 1,000 Ford axis robots to the Lyft network in multiple markets over the next five years, the companies said in a statement. ___

The S&P 500 gained 35.63 points, or 0.8%, to 4,358.69. The Dow Jones Industrial Average rose 286.01 points, or 0.8%, to 34,798.00. The Nasdaq added 133.08 points, or 0.9%, to 14,631.95. The Russell 2000 Small Business Index fell 39.74 points, or 1.8%, to 2,234.04.


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