Business

Sen. Bernie Sanders (I-Vt.), ranking member of the Senate Budget Committee, is proposing legislation that would authorize $1 trillion in spending over the next five years to fund transportation projects around the country.

Rep. Bill Shuster, the top transportation policy writer in the House, said modernizing freight corridors to help trucks and other modes of transportation improve the way they deliver goods will be a main focus of his committee this year.

Diesel’s average pump price fell 6.7 cents to $2.866 a gallon, continuing its seven-month downward trend, the Department of Energy reported.

Specialty truck maker Oshkosh Corp. reported its fiscal first-quarter profit declined from a year ago, and Caterpillar Inc. said its fourth-quarter income fell.

Purchases of new homes in the U.S. jumped in December to the highest level in more than six years, a sign the industry is poised to keep expanding in 2015.

Orders for business equipment unexpectedly fell in December for a fourth month, signaling a global growth slowdown is weighing on American companies.

New York and New Jersey have reopened their roads, but freight traffic was stalled in upper New England as snow continued to fall farther north in Massachusetts and Maine and trucks were forced to layover in states to the south and west.