For first time in five years, US gas mileage down, emissions up
DETROIT — A new government report says gas mileage for new vehicles dropped and pollution increased in model year 2019 for the first time in five years. The Environmental Protection Agency says the changes show that few automakers could meet strict emissions and mileage standards set by the Obama administration. But environmental groups contend that automakers used loopholes and stopped marketing fuel-efficient vehicles knowing that the Trump administration would roll back mileage and pollution standards. The EPA report released Wednesday says gas mileage fell 0.2 miles per gallon, while greenhouse gas emissions rose by 3 grams per mile traveled, compared with 2018 figures. Mileage fell and pollution increased for the first time since 2014.
Stocks rally despite protests on hopes for Senate turnover
NEW YORK — Wall Street rallied Wednesday on expectations of more stimulus for the economy, although the enthusiasm was dampened by chaotic scenes in Washington as pro-Trump protestors stormed the US Capitol. The S&P 500 rose 0.6%, giving up much of an earlier rally, while the Dow Jones Industrial Average closed at a record high. Small-company stocks did especially well as investors ploughed money into businesses that would be winners if Democrats can pump even more financial stimulus into the economy amid rising expectations that the GOP may lose control of Washington. The yield on the 10-year Treasury topped 1% for the first time since March.
China criticizes US order against dealing with Chinese apps
BEIJING — China is accusing Washington of misusing national security as an excuse to hurt commercial competitors after President Donald Trump signed an order banning transactions with payment services Alipay and WeChat Pay and six other apps. The order escalates a conflict with Beijing over technology, security and spying accusations that has plunged US-Chinese relations to their lowest level in decades.