Morning Business Report: House passes housing bill as stocks tumble and airfares stay high
The House has approved the Home Affordability Bill, sending the measure to President Donald Trump's desk for his signature.
(LILAMAX)- The House has approved the Home Affordability Bill, sending the measure to President Donald Trump’s desk for his signature.
The legislation is designed to increase housing supply by streamlining environmental reviews, providing guidance on local zoning policies and expanding opportunities for mass-produced housing developments.
Supporters say the changes could help address housing shortages and improve affordability in many communities.
Meanwhile, despite falling oil prices, airline passengers are not seeing cheaper tickets.
Airfares are up roughly 30% compared to a year ago. Analysts say strong consumer demand is allowing airlines to maintain higher prices even as fuel costs decline.
On Wall Street, stocks closed sharply lower Tuesday, led by losses in the technology sector. The Nasdaq fell nearly 600 points as investors sold tech shares.
In a major change for the Dow Jones Industrial Average, Alphabet will replace Verizon in the 30-stock index.
FedEx also reported earnings, topping analysts’ expectations despite what the company described as muted package demand. Because it serves a broad range of industries and consumers, FedEx is often viewed as a key indicator of overall economic activity.
In the automotive industry, Tesla’s Model 3 has been named the most American-made vehicle for the sixth consecutive year, according to Cars.com.
The Tesla Model Y ranked second, followed by the Jeep Gladiator and Jeep Grand Cherokee. Honda placed five vehicles in the top 10 rankings.
The annual index considers factors including final assembly location, the percentage of U.S. and Canadian parts, manufacturing workforce levels and the origin of vehicle powertrains.
