Stocks post broad gains…Merkel would back tariff cuts…Business add 177,000 workers
NEW YORK (AP) – Stocks are up broadly in early trading, turning major indexes higher for the week as markets reopen following the Independence Day holiday. Technology stocks and health care and consumer-focused companies accounted for much of the market’s gains. Oil prices fell.
BERLIN (AP) – German Chancellor Angela Merkel would be willing to back cuts on tariffs on U.S. cars imported to the European Union as part of a reciprocal agreement to resolve a trade spat with Washington. Merkel told reporters in Berlin today that such a deal would need to be offered to other countries that export cars to the EU, too, in order to conform with World Trade Organization rules.
WASHINGTON (AP) – A private survey shows that American businesses added 177,000 workers in June, a sign of health and resilience for the U.S. labor market and economy. Payroll processor ADP says hiring was led by employers with more than 50 workers, with the education and health and the leisure and hospitality sectors reporting strong gains.
WASHINGTON (AP) – Small businesses hired workers at a slower pace in June, the second straight month of weakening job gains despite an overall healthy economy. ADP says it counted 29,000 new jobs at its customers with 49 or fewer employees. This marks a decline from small business job gains of 46,000 in May and 50,000 in April. So far this year, small businesses have been creating on average 46,000 jobs a month.
NEW YORK (AP) – Boeing and the Brazilian jet maker Embraer will attempt to form a joint venture that would push the U.S. aerospace giant more aggressively into the regional aircraft market. The new company, which has faced heavy scrutiny from lawmakers in Brazil, is being valued at about $4.7 billion.