Stocks jump … June jobs up 4.8 million … Trade shrinks
NEW YORK (AP) – Wall Street is rallying after a report showed the U.S. job market continues to climb from the crater created by the coronavirus pandemic in the spring. The S&P 500 was up 1.4% in early trading, on pace for its fourth straight gain. The gains were so widespread that all but one stock in the S&P 500 were higher at one point. Stocks also rose across Europe and Asia, while oil prices strengthened on hopes for more demand If the S&P 500 stays higher, it will mean the index rose every day this week. Markets will be closed Friday in observance of Independence Day.
WASHINGTON (AP) – U.S. employers added a substantial 4.8 million jobs in June, and the unemployment rate fell to 11.1%, as the job market improved for a second straight month yet remained far short of regaining the colossal losses it suffered this spring. The nation has now recovered roughly one-third of the 22 million jobs it lost to the pandemic recession. And with confirmed coronavirus cases spiking across the Sun Belt states, a range of evidence suggests that a job market recovery may be stalling. In those states and elsewhere, some restaurants, bars and other retailers that had re-opened are being forced to close again.
WASHINGTON (AP) – The U.S. trade deficit rose for the third straight month in May. Both exports and imports fell as the coronavirus outbreak continued to take a toll on world commerce. The Commerce Department said Thursday that the gap between the United States buys and what it sells abroad rose 9.7% in May to $54.6 billion, highest since December 2018. The coronavirus pandemic has devastated world trade. U.S. exports fell 4.4% in May to $144.5 billion, lowest since November 2009. Imports slid 0.9% to $199.1 billion, lowest since July 2010.
DETROIT (AP) – Tesla says it delivered more electric vehicles worldwide in the second quarter than it did in the first. The increase came even though coronavirus restrictions forced it to shut down its only U.S. factory for much of the period. The company says it delivered 90,650 vehicles from April through June as it rolled out the new Model Y SUV in the U.S. and China. That’s a 2.5% increase over the first quarter’s 88,400. But it was a 4.8% drop from the second quarter of 2019. Coronavirus restrictions adopted in the San Francisco Bay Area forced Tesla to close its only U.S. assembly plant in Fremont, California, for almost two months starting March 23. It didn’t reopen until May 11.
BOSTON (AP) – Black-owned businesses are enjoying a surge in support amid the national reckoning on racism sparked by George Floyd’s killing in Minneapolis. From a Boston bike shop to a Los Angeles bakery and a Virginia watchmaker, Black entrepreneurs are reporting brisk sales. Many say they’ve been included in lists of Black-owned businesses circulating on social media, boosting their exposure. But the increased demand hasn’t been without growing pains for some. Black-owned bookshops in Boston and elsewhere have received backlash as they’ve struggled to keep up with demand. At the same time, Black owners hope the sales boom isn’t a passing fad but leads to lasting change.