Stocks rise … Powell sees healthy economy … Judge clear hurdle for T-Mobile … Emissions report
NEW YORK (AP) – Stocks are higher in morning trading on Wall Street led by gains in technology companies and banks. Sprint soared after a federal judge removed a major obstacle to T-Mobile’s takeover of the company. Under Armour plunged after the athletic gear maker said it anticipates a big financial hit from the viral outbreak in China. The price of oil also rose.
WASHINGTON (AP) – Federal Reserve Chairman Jerome Powell says the U.S. economy is healthy currently with steady growth and unemployment at a half-century low. He says a deadly virus in China is the principal risk to that outlook. Delivering the Fed’s semiannual monetary report to Congress, Powell said Tuesday that the Fed is content with where interest rates are currently, suggesting no further rate cuts are being contemplated unless economic conditions change.
NEW YORK (AP) – A federal judge has removed a major obstacle to T-Mobile’s $26.5 billion takeover of Sprint. He rejects claims by a group of states that the deal would mean less competition and higher phone bills. The judge says that possibility is remote. After the deal closes, the number of major U.S. wireless companies would shrink from four to three. T-Mobile says the deal would benefit consumers as it becomes a fiercer competitor to the larger Verizon and AT&T. But a group of state attorneys general tried to block the deal. New York’s attorney general says an appeal is possible.
BERLIN (AP) – Global energy-related emissions of heat-trapping carbon dioxide remained steady last year. Newly published data show declines in rich countries balancing out a rise in poor nations. The International Energy Agency says emissions of the main man-made greenhouse gas stayed at 33 gigatons in 2019. The world economy grew by 2.9% in the same year. The country with the biggest drop in energy-related CO2 emissions was the United States. The European Union and Japan also saw its emissions fall, while the rest of the world recorded an increase.
SINGAPORE (AP) – Singapore’s air show has taken off with the usual ribbon cutting and displays of aerial prowess, as industry insiders shrugged off concerns over the virus outbreak that has decimated the regional travel industry. Many booths stood empty and the number of visitors was sharply lower as the show got underway Tuesday. Some visitors heeded warnings to avoid handshakes and other close contact to keep from spreading the virus that has sickened tens of thousands of people. But many others just carried on as usual after submitting to multiple temperature checks on their way to the venue, considering it just one risk of doing business.