Major Ford recall and gas prices soar

FESCH.TV INFORMIERT:

5/19/22

Ford has a big recall to announce. And gas prices have Americans re-thinking their summer vacation plans. Another choppy trading day on Wall Street as investors tried catching their breath after yesterday’s big losses.

The Dow fell 236, about .75%, to close at 31,253
The Nasdaq dropped 29 points
The S&P fell 22.

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If you think it’s bad now, just wait. One economist from Guggenheim says the Nasdaq could plunge 75% from its peak, while the S&P 500 could drop around 50%. He says get ready for what he calls a “summer of pain.”

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Ford has recalled 350,000 Expedition and Lincoln Navigators… saying the engines on about 10% of those could catch fire. Ford doesn’t know why it’s happening, but says the fires can happen even when the engines are off.

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Do you have big plans for this summer? 70% of people say gas prices are affecting their summer travel plans. The national average for a gallon of regular is now $4.58 – that’s $1.50 higher than a year ago. California now averages just over $6 a gallon.

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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.