March 28, 2023
Sales of previously occupied U.S. homes slowed for the fifth consecutive month in June as higher mortgage rates and rising prices kept many home hunters on the sidelines. The National Association of Realtors said Wednesday that existing home sales fell 5.4% last month from May to a seasonally adjusted annual rate of 5.12 million.
SACRAMENTO, California (AP) — Individual health insurance rates are going up across the country. The coronavirus pandemic caused lots of people to put off routine health care. But now many people are returning to doctor's offices. Health insurers in individual marketplaces across 13 states and Washington D.C. will raise rates an average of 10% next year.
WARREN, Mich. (AP) — In their first rollouts of electric vehicles, America’s automakers targeted people who value short-range economy cars. Then came EVs for luxury buyers and drivers of pickups and delivery vans. Now, the companies are zeroing in on the heart of the market: The compact SUV.
An epic legal fight between Elon Musk and Twitter began in earnest in a Delaware court on Tuesday as lawyers for both sides fought over when to start the trial. Twitter is trying to force the billionaire to make good on his April promise to buy the social media giant for $44 billion — and the company wants it to happen quickly because it says the ongoing dispute is harming its business.
Delta is ordering 100 737 Max 10 airplanes, the largest of the line produced by Boeing, potentially giving the manufacturer additional momentum after a troubled rollout of its most advanced aircraft. Delta has an option to purchase 30 more of the aircraft as the airline looks to keep up with surging travel demand.
NEW YORK (AP) — Consumers picked up their spending from May to June, underscoring their resilience despite painfully higher prices at the gas pump and in grocery aisles. U.S. retail sales rose 1% in June, from a decline of 0.1 % in May.
Wells Fargo, the nation’s largest mortgage lender, saw its second-quarter revenue and profit decline as rising interest rates pushed people out of the housing market. The San Francisco bank earned $3.1 billion in the period, or 74 cents per share, coming up short of the 80 cents per share analysts expected. Revenue was $17 billion, also below Wall Street projections.
TOKYO (AP) — Toyota’s flagship model in Japan, the Crown, is going on sale around the world for the first time, including in the U.S. Toyota Chief Executive Akio Toyoda said the company was aiming for 200,000 vehicles in annual global sales in 40 nations. The Crown’s history parallels the rise of Toyota, but it is not well-known abroad.
NEW YORK (AP) — Stocks closed lower on Wall Street Thursday and banks were among the biggest weights on the market following weak earnings and a warning from JPMorgan Chase. The S&P 500 fell 0.3% and the Dow Jones Industrial Average lost 0.5%. The Nasdaq ended little changed. JPMorgan Chase reported a sharp drop in earnings for its latest quarter, falling short of forecasts.
WASHINGTON (AP) — Inflation at the wholesale level climbed 11.3% in June compared with a year earlier, the latest painful reminder that inflation is running hot through the American economy. The U.S. producer price index — which measures inflation before it hits consumers — rose at the fastest pace since hitting a record 11.6% in March.
