Dow and S&P 500 post record highs; nationwide air bag recall sought; Facebook unveils latest app: P.M. Business News Links

Japan Honda Air Bag Death

A security guard stands by child seats, manufactured and displayed by Takata Corp. at a Toyota showroom in Tokyo Thursday, Nov. 6, 2014. Takata, the Japanese air bag maker embroiled in a massive recall totaling some 12 million vehicles globally, says it's taking more special losses for new recalls and will sink deeper into the red for the fiscal year. The National Highway Traffic Safety Administration is calling for a nationwide recall of vehicles with faulty driver's side air bags made by Takata that were being called back only in high-humidity areas.

(Associated Press/Shizuo Kambayashi)

Stock market update:

The Dow and S&P 500 closed at record highs today, lifted by further gains in healthcare shares and hopes for a stronger global economy. The Dow Jones industrial average rose 40.07 points to 17,687.82, the S&P 500 gained 10.48 points, to 2,051.80 - its biggest one-day move since Nov. 5 - and the Nasdaq Composite added 31.44 points to 4,702.44. (Reuters)

European stock markets and the euro have raced higher on news that investor sentiment had rebounded in Germany in a sign the eurozone's biggest economy is overcoming its brief malaise. (AFP News)

The dollar recovered from earlier losses against the yen this afternoon to hold just below the 117 yen level after Japanese Prime Minister Shinzo Abe called for snap elections in December. (MarketWatch)

Business news:

The National Highway Traffic Safety Administration is calling for a nationwide recall of vehicles with faulty driver's side air bags made by Takata that were being called back only in high-humidity areas. (Bloomberg Businessweek)

The U.S. aviation safety board ruled today the FAA has the authority to apply to unmanned aircraft its longstanding regulations against "reckless or careless use" of manned aircraft. (Reuters)

Uber CEO Travis Kalanick condemned remarks made by an executive suggesting the company hire a team to smear critics of the ride-sharing service, but did not say whether the executive would be fired. (USA Today)

According to the National Association of Home Builders and Wells Fargo, confidence among home builders rebounded this month, rising four points to 58, reaching close to its highest level in nine years. (Latin Post)

Forest City Ratner Cos. bought its partner's stake in a factory building modular units for a stalled apartment tower at the Atlantic Yards development in Brooklyn, New York, paving the way for the project to resume. (Bloomberg Businessweek)

As the oil price has languished at four-year lows, a flurry of diplomatic missions between some OPEC members has taken place. (Financial Times)

Bank of Tokyo Mitsubishi has been hit with $315 million in additional penalties and disciplinary action against three employees for misleading regulators about transactions with Iran, Sudan, Burma and other entities subject to U.S. economic sanctions. (USA Today)

Technology news:

Facebook is launching a new free mobile app for its popular Groups feature that lets users create and interact with communities on the site, whether they're based on hobbies, geography or culture. (Associated Press)

More investors are starting to say Apple is about to be the first $1 trillion company. (USA Today)

Twitter gave its search function a major upgrade, indexing the hundreds of billions of public tweets sent since 2006, the company announced today. (Readwrite)

AT&T is offering its Mobile Share plan customers a special, limited-time deal that will provide 15GB of monthly shareable data for the same price as its 10GB plan, starting immediately. (eWeek)

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