Financial News

Mildred Virginia Anders
October 16, 2018
AP-NC Newswatch
October 16, 2018
Financial News

 

 

 

 

Stocks surge higher…Uber IPO may be coming…Help wanted

 

NEW YORK (AP) – Strong earnings from investment banks and big health care companies are helping send stocks solidly higher in early trading on Wall Street. Morgan Stanley climbed 3.8 percent in the first few minutes of trading, and Goldman Sachs increased 1.6 percent. Technology stocks were also higher following a recent bout of weakness. Microsoft rose 1.9 percent.

 

NEW YORK (AP) – Uber may put forth an initial public offering early next year that values the ride-hailing business at as much as $120 billion, according to a media report. The Wall Street Journal says Uber Technologies Inc. received valuation proposals from Goldman Sachs and Morgan Stanley. There is no guarantee Uber will fetch that valuation, or go public soon.

 

WASHINGTON (AP) – U.S. employers posted the most jobs in two decades in August, and hiring also reached a record high, fresh evidence that companies are desperate to staff up amid solid economic growth. The Labor Department says job openings rose a slight 0.8 percent to 7.14 million, the highest on records dating back to December 2000. That is also far more than the 6.2 million of people who were unemployed that month.

 

WASHINGTON (AP) – U.S. industry expanded again in September despite the impact of Hurricane Florence. The Federal Reserve says industrial production, which includes output at factories, mines and utilities, rose 0.3 percent last month. It was the fourth straight increase. The Fed says that Florence reduced September output growth by less than 0.1 percentage points.

 

FRANKFURT, Germany (AP) – German authorities have fined luxury automaker Audi $925 million for selling cars with excessive diesel emissions. Prosecutors in Munich says the fine was imposed because Audi neglected its oversight duties in selling cars with engines made by it and group partner Volkswagen that did not conform to legal limits on harmful emissions. The case covered some 4.9 million Audi cars sold in Europe, the U.S. and elsewhere between 2004 and 20018.

 

 

AP-WF-10-16-18 1433GMT