In today's news: Osama's death doesn't pay off in the stock market but it might in reward money, American households are making a comeback, GM might have to issue a recall for SUVs, and manufacturing activity grew - along with the cost of raw materials.
The death of Public Enemy No. 1 lifted America’s spirits but not the stock market. “Early stock gains quickly gave way to a realization that the psychological impact of killing the leader of the al Qaeda terror network was far greater than the short-term economic impact,” USA Today reports.
The United States had offered, at one time, “a maximum of $25 million” for information leading to the capture or death of Osama bin Laden. In addition, “the Airline Pilots Association and the Air Transport Association have offered a combined $2 million reward for information on bin Laden,” CNN reports. But no word yet on who will collect – if anyone.
Before the housing crisis can be overcome, the country needs people to fill those houses. And there’s good news: “Between 750,000 and 1 million new households will be created in 2011,” Bloomberg reports. “That compares with just 357,000 added in the year ended March 2010, the lowest on record.”
Federal regulators are investigating complaints about SUVs with fuel gauges that might tell drivers they have more gas than they actually do. “The National Highway Traffic Safety Administration said on its website it opened a preliminary investigation covering Chevrolet Trailblazers, GMC Envoys, Buick Rainiers and Saab 9-7s from model years 2005-2007,” MSNBC reports.
American manufacturers are on a roll, but will the good times keep rolling? Manufacturing activity grew for the 21st straight month in April, fueled by a weak dollar that has made U.S. goods cheaper overseas,” MSNBC reports. “But the cost of raw materials rose for the fifth consecutive month, a growing concern for many companies.”