New highs for US stocks; Dow win streak longest since 1987
Wall Street notched another set of milestones as the Dow Jones industrial average closed at a record high for the 12th consecutive time, the longest winning streak for the 30-company average in 30 years. The Standard & Poor’s 500 index, the benchmark favored by professional investors, also closed at a record high. The latest push into the record books came on an indecisive day for U.S. stocks that sent indexes wavering between small gains and losses for much of the day.
Billionaire heads toward confirmation as Commerce secretary
WASHINGTON (AP) — Billionaire investor Wilbur Ross is headed toward confirmation as Commerce secretary in President Donald Trump’s Cabinet. The Senate is set to vote on Ross’ nomination Monday evening. Ross’ confirmation has gone much smoother than it has for other Trump nominees. Former Commerce secretaries have praised him, including one who served under former President Barack Obama.
Takata pleads guilty in air bag scandal, agrees to pay $1B
DETROIT (AP) — Japanese auto parts maker Takata Corp. has pleaded guilty to fraud and agreed to pay a $1 billion penalty for concealing a deadly defect in millions of its air bags. Takata admitted hiding evidence that its inflators can explode with too much force and hurl shrapnel at drivers and passengers. The inflators are blamed for at least 16 deaths worldwide — including 11 in the U.S. — and more than 180 injuries.
Ground broken on new $1.6B terminal at Los Angeles airport
LOS ANGELES (AP) — Construction has begun on a new $1.6 billion terminal at Los Angeles International Airport. Mayor Eric Garcetti and other city leaders helped break ground Monday on the Midfield Satellite Concourse, which will connect to the Tom Bradley International Terminal via an underground tunnel. The 750,000-square-foot terminal will include 12 gates and a new baggage system, as well as restaurants and shops. It’s scheduled to be completed in 2019.
Pressure on GOP to revamp health law grows, along with rifts
WASHINGTON (AP) — President Donald Trump says that that “Nobody knew that health care could be so complicated.” Yet the opposite has long been painfully obvious for top congressional Republicans. Congress is back from a recess that saw the GOP draw plenty of fire for its plans to repeal former President Barack Obama’s health care law. But party leaders face mounting pressure to move legislation annulling the health care law, even as their list of complications grows longer and knottier.
Oscars mistake puts consulting firm’s reputation in jeopardy
LONDON (AP) — For 82 years, global accounting and consulting firm PwC has enjoyed the reputational boon it got from leading the balloting process at the Academy Awards. Now that hard-won reputation of ensuring fair play is under threat after a colossal mistake at the 89th Academy Awards on Sunday night when legendary actors Faye Dunaway and Warren Beatty wrongly presented the top prize to “La La Land,” instead of “Moonlight.”
Drugmakers pledge restraint, but prices will still soar
TRENTON, N.J. (AP) — Several big drugmakers are trying to quell the ongoing furor over high drug prices by revealing more information about their pricing and even pledging to keep a lid on increases. The latest drugmaker move came Monday, when Johnson & Johnson, the world’s biggest maker of health care products, issued its first public report on price increases for its drugs.
US judge dismisses suit linked to Mexico bribery allegations
A judge has dismissed a lawsuit that accused Wal-Mart’s Mexico operations of misleading shareholders during an alleged bribery scheme. The federal judge in New York rejected shareholder claims that former Wal-Mart executives knew about bribery allegations or failed to find out. A Wal-Mart spokesman says the company appreciates the court’s careful consideration and is pleased with the decision dismissing the claims.
Big surge for military in Trump budget, big cuts elsewhere
WASHINGTON (AP) — President Donald Trump is proposing a huge $54 billion surge in U.S. military spending for new aircraft, ships and fighters in his first federal budget while slashing big chunks from domestic programs and foreign aid to make the government “do more with less.” The Trump blueprint, due in more detail next month, would fulfill the Republican president’s campaign pledge to boost Pentagon spending while targeting the budgets of other federal agencies.
The Dow Jones industrial average added 15.68 points, or 0.1 percent, to 20,837.44. The Standard & Poor’s 500 index gained 2.39 points, or 0.1 percent, to 2,369.73. The Nasdaq composite added 16.59 points, or 0.3 percent, to 5,861.90.
Benchmark U.S. crude rose 6 cents to close at $54.05 a barrel in New York. Brent crude, used to price international oils, slipped 6 cents to close at $55.93 in London. In other energy trading, wholesale gasoline added 2 cents to $1.53 a gallon, while heating oil was little changed at $1.64 a gallon. Natural gas futures shed 9 cents, or 3.4 percent, at $2.69 per 1,000 cubic feet.
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