News Highlights: Economic Growth, Robinhood IPO

News Highlights: Economic Growth, Robinhood IPO

In Robinhood’s stock debut, a tumble and then sharp swings ___ NEW YORK (AP) — Wall Street has given Robinhood a cool reception in the online broker’s debut in the stock market that it helped reshape by bringing millions of new investors. But it received a cool reception Thursday. Shares of Robinhood Markets slumped 8.4% in their first day of trading on the Nasdaq from their initial price of $38 set late Wednesday. It’s a disappointing opening for the highly anticipated offering, which had already priced at the low end of its expected range. Robinhood has created plenty of passion, both by users and critics alike, and that polarizing effect played out through the day as the stock made sharp swings.

Forgotten oil and gas wells linger, leaking toxic chemicals ___

CRANE, Texas (AP) — There are about 2 million abandoned oil and gas wells nationwide that haven’t been properly plugged with cement. Many of the wells are releasing methane, which is a greenhouse gas containing about 86 times the climate-warming power of carbon dioxide over two decades. Some are leaking chemicals such as benzene, which is a known carcinogen, into fields and groundwater. Regulators don’t know where hundreds of thousands of the abandoned wells are. That’s because many were drilled before modern regulations and record-keeping systems were established. In recent years, abandoned wells have been found under brush deep in forests and beneath driveways in suburbia. WASHINGTON (AP) — Fueled by vaccinations and government aid, the U.S. economy grew at a solid 6.5% annual rate last quarter in another sign that the nation has achieved a sustained recovery from the pandemic recession. The total size of the economy has now surpassed its pre-pandemic level. The government estimated that the nation’s gross domestic product accelerated in the April-June quarter from an already robust 6.3% annual growth rate in the first quarter of the year. The quarterly figure fell well below the 8%-plus annual growth rate that many economists had predicted for the second quarter. But the miss was due mainly to bottlenecks in supply chains related to the rapid reopening of the economy.

___ Climate bid faces tricky path over money for electric cars NEW YORK (AP) — Masks had started to disappear from store shelves but they may be front and center again. A spot check of stores and other data sources are showing that mask sales have been rising again in recent weeks as Americans worry about the surging cases of the delta variant of the coronavirus. Retail analysts expect mask sales will get another jolt after The Centers for Disease Control and Prevention late Tuesday changed course on some masking guidelines, recommending that even vaccinated people return to wearing masks indoors in parts of the U.S. where the cases are surging. Still, stores face challenges in figuring how much they should order given so much uncertainty regarding the virus.

Once fading, mask sales starting to rebound ___

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