Stocks end mostly lower
NEW YORK — Stocks ended mostly lower on Wall Street Wednesday as losses by technology and industrial sector companies offset gains in other parts of the market. The S&P 500 edged down less than 0.1%, while the tech-heavy Nasdaq gave back 0.6%. Small-company stocks also fell. The Dow Jones Industrial Average rose thanks in large part to gains in Verizon Communications and Chevron. Those two stocks climbed after Warren Buffett’s Berkshire Hathaway said it made major new investments in them in the second half of last year. The yield on the 10-year Treasury note held near its highest level in a year.
Ford to go all electric in Europe by 2030
FRANKFURT, Germany — Ford announced a major push into electric vehicles in Europe, vowing to convert its entire passenger car lineup on the continent to electrics by 2030. Ford will spend $1 billion to revamp its factory in Cologne, Germany and make it a base for production of zero local emission cars using Volkswagen’s mechanical framework, said Stuart Rowley, president of Ford of Europe, during an online news conference Wednesday. The new electric car is to reach the market in mid-2023, and could be followed by a second one there in the future. The agreement lets Ford take advantage of Volkswagen’s massive investment in electric cars as the industry shifts toward zero-local emissions vehicles.
Boeing says two directors are leaving its Board
CHICAGO — Boeing said Wednesday that two of its directors are retiring, a sign of further change on the company’s Board as it faces a shareholder lawsuit alleging weak overview during the 737 Max crisis.
The Chicago-based aircraft maker said Arthur Collins Jr., chairman of the committee that sets executive compensation, and Susan Schwab won’t stand for reelection at Boeing’s annual shareholder meeting in April.
Boeing directors and executives were named in a shareholder lawsuit filed in a Delaware court that alleges the board failed to properly oversee management during engineering problems with the 737 Max. The plane was grounded for 20 months after two crashes that killed 346 people. The crisis has cost Boeing billions.