Stocks plunge again…Survey: US businesses add 179,000 jobs…Record imports push up trade gap
NEW YORK (AP) – Stocks are plunging in early trading on Wall Street following a sell-off in overseas markets. The Dow Jones Industrials Average has been down more than 500 points. The broad market decline came as the arrest of a senior Chinese technology executive overshadowed some positive comments on trade from Beijing, threatening to worsen trade tensions between the U.S. and China. Oil prices fell sharply as traders appeared to doubt that an expected production cut by OPEC will be enough to boost the price of crude.
WASHINGTON (AP) – A private survey finds that U.S. businesses hired new workers at a solid pace in November, adding 179,000 jobs. Payroll processor ADP says last month’s job gains slowed from October’s strong showing of 225,000. Still, November’s hiring is enough to lower the unemployment rate over time. The government releases its official jobs numbers tomorrow.
WASHINGTON (AP) – Record imports in October drove the U.S. trade deficit to the highest level in a decade. The Commerce Department says the gap between what the United States sells and what it buys from foreign countries rose to $55.5 billion in October, the fifth straight increase and the highest since October 2008. The politically sensitive deficit in the trade of goods with China rose 7.1 percent to a record $43.1 billion. The goods gap with the European Union widened 65.5 percent to a record $17.6 billion.
BEIJING (AP) – China’s foreign ministry is demanding that Canada release a top executive at Chinese telecom giant Huawei (wah-way) Technologies who has been detained while in transit, and reveal the reasoning behind her arrest. Canadian authorities say Huawei’s chief financial officer, Meng Wanzhou, faces possible extradition to the United States, which requested her detention on suspicion of trying to evade U.S. curbs on trade with Iran.
UNDATED (AP) – Eddie Lampert and his ESL Holdings hedge fund are offering to buy the rest of Sears for up to $4.6 billion in cash and stock. The Sears chairman and ESL own just under half of the Hoffman Estates, Illinois, company, according to FactSet. ESL Holdings says in a regulatory filing Thursday that its nonbinding offer for roughly 500 remaining Sears stores would keep about 50,000 employees working. Sears filed for Chapter 11 bankruptcy protection in October, weighed down by years of declining sales and massive debt.