Stock market rises to record highs
U.S. stocks pushed further into record heights on Friday following an encouraging report on hiring across the country, though trading was shaky as the bond market was hit with another day of sharp swings.
The S&P 500 rose 17.47, or 0.4%, to 4,697.53 and clinched an all-time high for the seventh straight day. The Dow Jones Industrial Average gained 203.72, or 0.6%, to 36,327.95, and the Nasdaq composite added 31.28, or 0.2%, to 15,971.59.
Trading was scattershot, though, and after climbing to an early gain of 0.8%, the S&P 500 at one point gave up virtually all of it. Stocks retrenched in the middle of the day as Treasury yields surprisingly slumped. A measure of nervousness in the stock market also made a U-turn higher around the same time.
The 10-year yield, which tends to move with expectations for the economy and inflation, dropped to 1.45% and is near its lowest level since September. It was at 1.58% just two days earlier. Analysts had varying explanations for that and other sharp moves in the bond market, which some called counterintuitive.
The Dow and Nasdaq nevertheless still joined the S&P 500 in setting all-time highs. The smaller stocks in the Russell 2000 performed even better, jumping 1.4%
Tennessee governor names Megasite panel
Tennessee Gov. Bill Lee has selected two people for a new government panel that oversees the site where Ford plans to establish a massive electric vehicle and battery complex.
Tipton County Mayor Jeff Huffman and First Horizon National executive vice president and general counsel Charlie Tuggle will serve on the Megasite Authority of West Tennessee. Lee previously announced that his transportation commissioner, Clay Bright, will be the authority’s CEO.
Under legislation that Lee signed this week, the 11-member board also includes the governor himself, two appointees each individually by the House and Senate speakers, one joint appointment by the speakers, and the commissioners of economic development, finance and general services.
In September, Ford Motor Co. and South Korean battery maker SK Innovation revealed plans for a $5.6 billion campus to build electric F-Series pickup trucks about 50 miles (80 kilometers) east of Memphis, near Stanton in rural Haywood County.
Haiti fuel shortage forces many closings
Haiti’s fuel crisis is deepening, with the country’s Professional Association of Banks announcing Friday that a shortage of petroleum is forcing institutions to cut their hours and days as dozens of gas stations across the capital remained closed.
Starting next week, banks will operate only three days a week instead of the usual six and will close in the early afternoon.
Long lines, fights and boisterous crowds formed earlier this week around a handful of gas stations that were still operating, with a gallon of gas costing roughly $15 in some places. Motorcycle drivers, business owners and even police officers have been forced to search for fuel, with many customers waiting hours for their turn.
The shortage has hit hospitals, schools, ambulances, public transportation and others in recent weeks as anger and frustration grows.
The government has blamed gangs for blocking gas distribution terminals, with local newspaper Le Nouvelliste reporting Friday that several truck drivers have been kidnapped and at least four fuel tankers seized. At least one gang has said it would lift the blockade if Prime Minister Ariel Henry steps down.
– Compiled by Dave Flessner