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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jan 26, 2024
Page
3
The Commerce Department reports a 3.3 percent annualized gain in GDP for October to December 2023, driven by consumer spending. Despite easing inflation, growth marks the sixth straight 2 percent plus quarter, with potential Fed rate cuts in 2024.
U.S. stocks rose with the S&P 500 up 0.5 percent to 4894.16 the Dow up 0.6 percent to 38049.13 and the Nasdaq higher at 15510.50 as IBM led with a 9.5 percent gain while Tesla fell 12.1 percent amid mixed earnings and outlook.
U S antitrust enforcers open a market inquiry into links between AI startups like OpenAI and major cloud providers Amazon Google and Microsoft. The FTC issues compulsory orders to five firms to share details of agreements and decision making behind investments and partnerships amid EU UK scrutiny and industry debate on competition and innovation.
More than 4 700 U S auto dealerships urged President Biden to pause the EPA plan for stricter tailpipe emissions as interagency review continues. The letter cites climate and health concerns while the White House notes a shift to American made clean energy and rising EV sales under the Inflation Reduction Act. The proposal targets 2027 model year vehicles with potential 56 percent cuts in greenhouse gases by 2055 and a 60 percent drop in pollutants by 2032, aiming for up to two thirds of U S vehicles electric by 2032.
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