Indexes recover, have a big day
Technology companies helped power stocks broadly higher on Wall Street Tuesday, snapping the market’s two-day losing streak. The rally followed the U.S. government’s decision to temporarily ease off proposed restrictions on technology sales to Chinese companies. The S&P 500 index rose 24.13 points, or 0.9%, to 2,864.36. The Dow gained 197.43 points, or 0.8%, to 25,877.33. The technology heavy Nasdaq composite climbed 83.35 points, or 1.1%, to 7,785.72, erasing a good chunk of Monday’s losses. The Russell 2000 index of small companies picked up 20.28 points, or 1.3%, to 1,545.25. Major stock indexes in Europe rose.
Tesla lowers prices on vehicles
Faced with a slumping stock price and questions about demand for its vehicles, Tesla has lowered the U.S. base prices of its two most expensive models. The company on Monday cut $3,000 from the price of the Model S sedan and $2,000 from the Model X SUV. The Model S now starts at $71,250 while the X starts at $71,950. Both prices don’t include federal and state tax credits.
American rolls some fees back
American Airlines said it’s cutting the cost of checking oversized sporting gear and musical instruments on flights. American said Tuesday that it eliminated the extra oversize charge for those items and instead will charge regular bag fees, which are lower. Before Tuesday, a passenger who checked a big item like a surfboard or snowboard on a domestic flight would pay $150. The airline said that will now cost $30, the fee for checking one bag. Travelers will be charged $150 for some items including antlers and scuba tanks, and extra fees also apply to gear weighing more than 50 pounds.
Car-sharing service gets smaller
Maven, General Motors’ car-sharing service, is being shut down in about half of the 17 North American markets it operates. The company wouldn’t say Tuesday where Maven will continue to operate, but it confirmed that it’s pulling out of New York and Chicago. GM said that it’s not scrapping Maven, but rather concentrating on markets where it has the strongest demand and growth potential.