Stocks trim their losses...Auto sales sizzle in July...More cars recalledAugust 1, 2014 @ 11:20 am
NEW YORK (AP) -- Stocks are bouncing back after falling sharply earlier in the day. Two hours before the close of trading on Wall Street, the Dow Jones industrial average and the Nasdaq composite remained in negative territory, but well off their lows of the day. The S&P 500 was slightly positive. Energy stocks are among the day's biggest decliners following disappointing results from oil giant Chevron and a drop in oil prices.
DETROIT (AP) -- Analysts say this past month could be the best July for auto sales since 2006. Toyota, Ford, Nissan and Chrysler are all reporting double-digit sales gains in July, compared to a year ago. General Motors' sales were up 9 percent. Analysts say sales were driven by unusually generous incentives such as discounts and zero-percent financing.
DETROIT (AP) -- Hyundai is recalling more than 419,000 cars and SUVs to fix suspension, brake and oil leak problems. The biggest of three recalls announced today by U.S. safety regulators is of 225,000 Santa Fe SUVs from 2001-2006 to replace front coil springs that can rust and crack in cold-weather states.
WASHINGTON (AP) -- A measure of U.S. consumer confidence has slipped a bit. The University of Michigan says its index of consumer sentiment edged down to 81.8 in July from 82.3 in June. The index of consumers' assessment of current conditions rose but the index for expectations dipped slightly. Survey director Richard Curtin says consumers have yet to interpret the recent gains in jobs and wages as a sign of more robust hiring and economic growth in the future.
WASHINGTON (AP) -- The Justice Department is asking a full federal appeals court to take up a case that has endangered subsidies to help low- and middle-income people pay their health care premiums. Last week, a divided three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit said financial aid can be provided only in states that have set up their own insurance markets, or exchanges. The Justice Department says the decision would mean a severe hardship for millions of people.
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