Stocks broadly higher…Unemployment at 5 decade low…New GM recall
NEW YORK (AP) – Stocks are broadly higher in early trading on Wall Street. Investors are finding plenty to like in a robust jobs report and more solid earnings from U.S. companies. Banks and consumer-focused companies leading the gains. Amazon climbed after CNBC reported that Warren Buffett’s company was buying the company’s stock.
WASHINGTON (AP) – U.S. employers added a robust 263,000 jobs in April, suggesting that businesses have shrugged off earlier concerns that the economy might slow this year and are expecting strong customer demand. The unemployment rate fell to a five-decade low of 3.6% and average hourly pay rose a healthy 3.2% from 12 months earlier.
UNDATED (AP) – U.S. service companies grew at a slower pace in April, as business activity generally showed a leveling off. The Institute for Supply Management, an association of purchasing managers, reports that its service index fell to 55.5% last month, down from 56.1% in March. Any reading above 50 signals growth. The ISM says companies surveyed for the index were mostly optimistic about overall business conditions but expressed continuing concern about finding qualified employees.
DETROIT (AP) – General Motors is recalling over 368,000 pickups and other trucks worldwide after getting 19 reports of fires caused by engine block heater cords. The recall covers certain 2019 Chevrolet Silverado 4500, 5500 and 6500 trucks, as well as the 2017 through 2019 Chevrolet Silverado 2500 and 3500, and the GMC Sierra 2500 and 3500.
SAN FRANCISCO (AP) – The Wall Street Journal reports that Facebook plans a cryptocurrency-based payment system for its billions of users worldwide. The system would use a digital coin similar to bitcoin, but different in that Facebook would aim to keep the coin’s value stable.