Stocks higher… Hiring remains strong … CVS profits spike … Fed decision coming
NEW YORK (AP) – Stocks are higher in morning trading on Wall Street after several big U.S. companies reported earnings that were better than analysts were expecting. Apple jumped early after the iPhone maker reported results that beat estimates and announced a 5% increase in its dividend.
WASHINGTON (AP) – U.S. companies added the most jobs in 9 months in April, a sign that hiring remains strong amid solid economic growth. Payroll processor ADP says that businesses gained 275,000 jobs last month, up from just 151,000 in March.
WOONSOCKET, R.I. (AP) – CVS Health is reporting a 42% spike in profits during the first quarter and is raising its outlook for the year. The drug store chain posted earnings of $1.42 billion and revenue of $61.65 billion.
WASHINGTON (AP) – Economists are expecting the Federal Reserve to say it has no plans to increase its key interest rates anytime soon as it monitors the health of the U.S. and global economy. Fed Chairman Jerome Powell will hold a news conference this afternoon.
SAN FRANCISCO (AP) – A San Francisco billionaire is donating $30 million to the University of California, San Francisco, to research the causes and potential solutions for homelessness. The five-year initiative will also train future researchers in the field. It’s being funded by Salesforce CEO Marc Benioff, a San Francisco native who championed a winning proposition back in November 2018 to tax wealthy companies to pay for homeless services.