Stocks gain on strong earnings reports…Trump to nominate Malpass for World Bank…Iran has no takers
NEW YORK (AP) – Stocks are higher in early trading, following strong earnings reports from a range of U.S. companies led by luxury retailers and technology companies. The encouraging earnings reports are driving the market higher, even as economic concerns continue to hang over the market. While corporate profits are still coming in ahead of forecasts, investors are starting to expect a slower pace of growth moving forward.
NEW YORK (AP) – Shares in Ralph Lauren and Estee Lauder have surged after reporting earnings that came in well ahead of what analysts were expecting. Apple and Microsoft lifted the technology sector. Agricultural giant Archer-Daniels Midland fell on lower sales
WASHINGTON (AP) – President Donald Trump plans to nominate David Malpass, a Trump administration critic of the World Bank, to lead the institution. That’s according to a senior administration official who spoke on condition of anonymity. Trump is expected to make an announcement later this week. Malpass, the undersecretary for international affairs at the Treasury Department, has been a sharp critic of the World Bank, especially over its lending to China.
TEHRAN, Iran (AP) – Iran says European nations have not responded to its offers to sell them crude oil despite having U.S. waivers. The U.S. began ramping up sanctions after President Donald Trump withdrew from Iran’s 2015 nuclear accord with world powers last year. Oil exports are a key source of revenue for Iran.
CHICAGO (AP) – The patriarch of the family behind the Chicago Cubs has apologized after an online media outlet published emails in which he took part in racist comments and conspiracy theories. Some of the emails Splinter News published Monday featured Joe Ricketts making Islamophobic comments, such as “Islam is a cult and not a religion.” Others included conspiracies about former President Barack Obama’s birthplace and education. Ricketts, who founded TD Ameritrade, apologized for the emails, saying he believes “bigoted ideas are wrong.”