Wednesday, 13 November 2024
by BD Banks
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
On Monday the Dow closed above 44,000 for the first time in history and the S&P made its first close above 6,000. Earnings season rolled on on Tuesday. Home Depot topped quarterly sales and profit forecasts. Post-hurricane repairs and unusually warm temperatures were good for business.
Related: Honda’s most popular cars are facing yet another massive recall
In other news – The National Highway Traffic Safety Administration has opened a probe into 1.4 million Hondas and Acuras. The investigation covers model years 2016 through 2020 and involves the Honda Pilot, Honda Odyssey, Honda Ridgeline, Acura MDX and Acura TLX.
The federal agency is looking into complaints of engines that completely fail. The probe specifically focuses on models with 3.5-liter V6 engines, where connecting rod bearings malfunction, thus impacting the engine’s ability to keep the car operating.
This probe comes one year after Honda supposedly fixed the problem after issuing a recall impacting roughly 250,000 vehicles. But new complaints received by NHTSA came from car owners whose vehicles were not included in that original recall. One of these complaints involved a non-fatal crash.
As a result, NHTSA is conducting the probe to determine if Honda and Acura have a wider problem with this faulty engine part. Honda says it will cooperate with the investigation.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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