Business Highlights

___

US industrial production up 0.4% in November with auto boost

WASHINGTON (AP) — U.S. industrial production increased 0.4% in November with manufacturing receiving a boost from a rebound in output at auto plants after three months of declines. The Federal Reserve reported Tuesday that the November gain in industrial output followed an even stronger 0.9% increase in October. Even with the gains, industrial output is still about 5% below its level in February before the pandemic hit. Manufacturing was up 0.8% in November, its seventh consecutive monthly gain, with last month’s increase boosted by a rebound in auto production. Output in the mining sector, which includes oil and gas production, rose 2.3% while utility output fell 4.3%.

___

Stocks climb on Wall Street, breaking a 4-day losing streak

NEW YORK (AP) — Stocks closed broadly higher on Wall Street, breaking a four-day losing streak for the S&P 500. The benchmark index added 1.3% Tuesday, and other major indexes also rose. Small-company stocks did especially well, a sign that investors are feeling more optimistic about prospects for the economy. A measure of small-company stocks hit a record high, as did the Nasdaq composite. Investors were hopeful that Washington can get past its partisan divide to deliver more aid to the struggling economy. Hopes are also rising for the economy’s prospects as regulatory approval for a second COVID-19 vaccine may be imminent. Treasury yields rose.

___

EU, Britain to toughen rules, fines for tech giants

LONDON (AP) — Big tech companies face hefty fines in Britain and the European Union if they treat rivals unfairly or fail to protect users on their platforms, in proposed regulations unveiled Tuesday. The EU outlined its long-awaited sweeping overhaul of digital regulations while the British government released its own plans to step up policing of harmful material online, signaling the next phase of technology regulation in Europe. Both sets of proposals include specific measures aimed at the biggest tech companies. Some of the rules allow for fines of up to 10% of a company’s annual global revenue.

___

EU regulators move up Pfizer vaccine assessment to Dec. 21

BERLIN (AP) — The European Union’s medicines agency said Tuesday it has moved up a meeting to assess the Pfizer-BioNTech coronavirus vaccine for provisional approval in the 27-nation bloc to Dec. 21. The agency said it made the decision after receiving additional data from the vaccine makers. The announcement came after Germany’s health minister and others had publicly demanded that the agency move quicker than its previously planned Dec. 29 meeting at which it was to discuss approving the vaccine. The vaccine is already being given to thousands of people in Britain, Canada and the United States.

___

Over-the-counter home test for COVID-19 gets US green light

WASHINGTON (AP) — A home test for COVID-19 will soon be on U.S. store shelves. The Food and Drug Administration on Tuesday cleared the first kit that consumers can buy without a prescription to test themselves entirely at home. Regulators granted use for a similar home test last month, but it requires a doctor’s prescription. The test kit from an Australian company allows users to swab themselves and get the results at home in about 20 minutes. The test connects to a digital app to help users interpret the results. The company says it will have 3 million tests available next month.

___

UK urged to ax ‘rash’ easing of restrictions over Christmas

LONDON (AP) — The four nations of the United Kingdom are facing mounting calls to scrap. or at least limit, a planned easing of coronavirus restrictions over Christmas following a spike in new infections. There are growing concerns that the planned limited relaxation of restrictions next week will see a further escalation in infections and place further pressure on the National Health Service in the new year. London Mayor Sadiq Khan was among those calling on the British government on Tuesday to look again at the easing of coronavirus restrictions for five days around Christmas. London is to face tougher restrictions from Wednesday following a spike in virus infections.

___

LA Times executive editor Norman Pearlstine steps down

LOS ANGELES (AP) — Los Angeles Times Executive Editor Norman Pearlstine has stepped down after two and a half years heading a newspaper roiled by management shakeups, a revenue drop and questions about its commitment to newsroom diversity. Pearlstine announced in October that he planned to retire but would stay on to help with the search for a new top editor. On Monday, the Times’ owner said Pearlstine was no longer overseeing the newsroom and had shifted to an advisory role. The newspaper recently hired a search firm to manage the process to find a new executive editor. The search is expected to take months.

___

Blade set to lift off; urban heli-taxi to go public in 2021

NEW YORK (AP) — Urban helicopter taxi company Blade will become publicly traded after a merger with Nasdaq-listed Experience Investment Corp., the companies announced Tuesday. The deal, expected to close in the first half of 2021, will give the company an equity value of $825 million. Upon closing, Experience will change its name to Blade Urban Air Mobility. Its stock trading symbol will also change from “EXPC” to “BLDE.”

___

The S&P 500 rose 47.13 points, or 1.3% to 3,694.62. The Dow Jones Industrial Average gained 337.76 points, or 1.1%, to 30,199.31. The Nasdaq climbed 155.02 points, or 1.3%, to 12,595.06. The Russell 2000 index of smaller-company stocks picked up 45.91 points, or 2.4%, to 1,959.76.