Estimated read time: 2-3 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — The Dow Jones industrial average is hovering above the 19,000 mark for the first time as discount stores and other retailers rally. The Dow was up 47 points to 19,004 as of 2:00 p.m. The Nasdaq was up 9 to 5,378. And the S&P was flat at 2,198. Big losses in a few major health care companies are holding back the market. Medical device maker Medtronic plunged 10 percent after reporting sales that fell short of estimates and cutting its profit forecast. Other health care stocks also fell.
NEW YORK (AP) — Discount stores are rallying on Wall Street as two chains turn in positive quarterly results. Tree raised its profit and sales forecasts after reporting solid results in the third quarter. Burlington Stores also raised its outlook after it posted a larger profit than analysts expected. Shares of Dollar Tree rose more than 9 percent and Burlington Stores added almost 16 percent.
DETROIT (AP) — Kia is recalling nearly 72,000 SUVs in the U.S. because an electrical short in a computer can cause engine fires. The recall covers Sportage models from 2008 and 2009. Kia says in government documents that water containing road salt can get into a braking control computer, and that can cause wiring connectors to rust and a circuit board to short, possibly sparking a fire.
WILMINGTON, Ohio (AP) — Some holiday packages could be delayed if a cargo pilot strike goes on for too long. About 250 pilots for ABX Air in Ohio walked off the job today, grounding dozens of flights for Amazon and DHL. The pilots say the carrier has been understaffed, they're forced to work on days off and are denied compensatory time due under their contract. The carrier's parent company, Air Transport Services Group, Inc., tells the Dayton Daily News it will seek a court order to force pilots back to work, but will discuss with them their concerns.
WASHINGTON (AP) — House Republican leaders are urging President Barack Obama to take no more action on Iran that could reinforce the nuclear deal before he leaves office. The Republicans say President-elect Donald Trump deserves the chance to assess U.S. policy before any sanctions are waived, commerce licenses are granted or any other action is taken. Today, the Obama administration gave the green light to the sale of more than 100 Airbus planes to Iran, and yesterday, the European plane maker got permission to export 106 more. The planes contain at least 10 percent American-made components.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
