After the Bell: Rail strike looms; Ford prepares for electric vehicle sales
INDIANAPOLIS (WISH) — The first national freight rail strike in 30 years could go into effect at midnight Friday.
Members of one union rejected a tentative deal with the largest U.S. freight railroads Wednesday, while two ratified agreements and three others remained at the bargaining table just days ahead of a strike deadline, threatening to intensify snarls in the nation’s supply chain that have contributed to rising prices.
Amtrak has canceled all long-distance passenger trains scheduled for Thursday.
Plus, it’s already impacting commuters.
A strike also would impact the U.S. economy, crippling the nation’s struggling supply chain, which would further drive up everyday prices. Some estimates are it would cost the economy $2 billion a day.
Ford is asking its 3,000 dealers to invest up to a million dollars in upgrades to sell all-electric vehicles. It’s part of a company move to compete directly with Tesla.
Ford’s chief executive officer says he wants Ford dealers to become the most valuable franchise in the industry.
Mortgage rates hit 6%
Mortgage rates just hit 6% for the first time since 2008. That has a lot of buyers pushing “pause.” In fact, mortgage applications just fell to their lowest level in 23 years.
Expect those rates to keep climbing as the Federal Reserve is likely to raise its rates even more next week.