S&P 500 rises to record high
Technology companies led U.S. stocks broadly higher Monday, extending the market's recent rally and nudging the S&P 500 to another all-time high.
Wall Street kicked off the final week in a banner year for the stock market with mostly muted trading as investors returned from the Christmas holiday and several overseas markets remained closed.
The major indexes posted weekly gains last week as fears ebbed about the potential impact of the COVID-19 omicron variant. However, much is still uncertain about omicron, which is spreading extremely quickly and leading to a return to pandemic restrictions in some places.
The S&P 500 rose 65.40 points to 4,791.19. The index has notched 69 all-time highs so far this year. The Dow gained 351.82 points to 36,302.38, and the Nasdaq rose 217.89 points to 15,871.26.
Small company stocks also rose. The Russell 2000 index gained 19.88 points, or 0.9%, to 2,261.46.
Trading is expected to be quiet, but potentially volatile, this week as the omicron coronavirus variant continues to spread quickly throughout the U.S. and overseas. However most big investors have closed out their positions for 2021, and are like to hold their ground until next week.
Ford recalls trucks over turning problem
Ford Motor Co. will begin the new year mailing recall notices to 184,698 owners of certain 2021-22 Ford F-150 pickups, warning the driveshaft may fracture and prevent wheels from turning properly - increasing crash risk, according to a filing with federal regulators.
The driveshaft, which transfers torque to other parts of the vehicle, may become fractured in affected trucks, Ford said.
Ford notified the National Highway Traffic Safety Administration on Dec. 16 that thermal and acoustic insulators on the underbody of the F-150s "may loosen and contact with the aluminum driveshaft," which may fracture because of heat build up or other damage.
A fractured driveshaft may result in loss of power while driving, unintended vehicle movement while the vehicle is in park if the parking brake is not applied, and may result in secondary damage to surrounding components, Ford said.
A broken driveshaft may also drag on the road, which may cause loss of vehicle control and risk of injury or crash, Ford said.
Ford starts EV sales of Mustangs in China
Ford Motor Co. has begun delivering in China its first Mustang Mach-E SUVs built in the country and sold at direct-to-customer Ford stores for all-electric vehicle buyers, the company announced.
"These are the very, very first customers to get a Mach-E in China," said Anderson Chan, Dearborn-based international communications manager for Ford, told the Free Press.
In China, Ford has set up 25 storefront sites in major metropolitan areas for customers to buy electric vehicles directly rather than go through a traditional dealership - and more sites are planned. This storefront model, in which no test-driving takes place on-site, has been popular in the U.S. with Tesla. It opened its first storefront in Michigan in 2017 at Somerset Mall in Troy.
- Compiled by Dave Flessner