Stocks rally…More power restored in California…Report: Boeing, FAA share blame in 737 Max certification
NEW YORK (AP) – Stocks are rallying in morning trading on Wall Street, erasing their losses for the week, as investors hope for a breakthrough in the U.S.-China trade war. President Donald Trump gave an upbeat assessment late yesterday of how the talks were going and is set to meet with China’s lead negotiator today. Technology stocks are leading the way higher. Traders are dumping bonds as they move money out of low-risk assets.
LOS ANGELES (AP) – Pacific Gas and Electric says it has restored power to more than half of the nearly 2 million people left in the dark in Northern California after the utility shut down power to prevent its equipment from sparking wildfires during dry, windy weather. Areas without power includes Plumas, Yuba and Butte counties, where people are on their third day without electricity. Butte County is where a fire started by PG&E equipment last year decimated the town of Paradise and killed 85 people.
NEW YORK (AP) – Boeing did not fully explain to federal regulators an automated flight system featured in its new 737 Max, and those regulators didn’t have the capability to effectively analyze much of what Boeing did share about the plane. Those are the findings of a multiagency task force due to release its findings today, according to a report in The New York Times. The Boeing 737 Max was grounded following crashes in Indonesia and Ethiopia that killed a total of 346 people late last year.
UNDATED (AP) – Subaru is recalling more than 350,000 Forester vehicles with heated seats because an electrical connection in the front passenger seat may loosen and deactivate the airbag even though the seat is occupied. Subaru said the recall includes Forester vehicles from 2015 to 2018. The automaker will notify vehicle owners and dealers to inspect the occupant detection system mat harness and have it replaced free of charge if necessary.
MILAN (AP) – U.S. consumers are stocking up Italian Parmesan cheese ahead of an increase in tariffs to take effect next week. The Italian agricultural lobby Coldiretti says sales of both Parmigiano Reggiano and Grana Padano, aged cheeses defined by their territory of origin, have skyrocketed by 220% since the higher tariffs were announced a week ago. The higher tariffs take effect on Oct. 18.