Stocks rally…Consumer prices flat in November…Report: China could allow more access for foreign companies
NEW YORK (AP) – Stocks are rallying in morning trading on Wall Street, reversing some of their recent big losses. Technology companies are climbing, and energy companies are rising along with crude oil prices. Health care and industrial companies also jumped, while safer, high-dividend stocks like utilities and household goods makers were little changed. Stocks in Europe and Asia also rallied.
WASHINGTON (AP) – The Labor Department says consumer prices were unchanged in November, the best performance since prices actually fell eight months ago. The docile inflation reading reflected a big drop in the cost of gasoline and other energy products. Core inflation, which excludes volatile energy and food prices, rose 0.2 percent.
WASHINGTON (AP) – Media reports suggest Beijing is scrapping its “Made in China” industrial policy criticized by the Trump administration in favor of one that allows greater access for foreign companies. The Wall Street Journal reports that the revised plan would play down China’s bid to dominate manufacturing, and allow more outside competition. The new program is expected to launch early next year.
IONIA, Mich. (AP) – A company has removed Chinese-made office furniture it delivered to a Michigan courthouse following a six-month legal battle with officials who wanted American-made products. The (Greenville) Daily News reports that Custom Office Systems has removed the unwanted desks, many of them faulty, from the Ionia County Courthouse. The company earlier this year delivered the desks in boxes clearly marked “Made in China” along with some American-made furniture. County commissioners in April went with Custom’s bid over a rival’s lower offer based on the promise that the furniture would be made in the U.S.
NEW YORK (AP) – Shares of Verizon are falling before the opening bell after the company said it would take a $4.6 billion hit for what’s become an expensive internet foray that’s never panned out. Verizon Communications says in a regulatory filing that it will take the charge in the fourth quarter to cover weak revenue and earnings from its Oath media business. Verizon expects Oath to face continued competitive pressure and says that the benefits from integrating Yahoo and AOL with the enterprise were less than expected.