Stocks add to Monday gains…Factory output edges higher…IMF upgrades US outlook
NEW YORK (AP) – Stocks have been solidly higher in early trading, adding to the market’s gains from a day earlier. Technology stocks, retailers and other consumer-focused companies helped lift the market as investors sized up mostly upbeat corporate earnings reports. Oil prices headed lower. Shares of Tesla are trading lower after reports that the company had shut down production of its Model 3 mass-market electric car again to solve manufacturing bottlenecks.
WASHINGTON (AP) – U.S. factory output edged up a slight 0.1 percent in March, as strong production gains in motor vehicles and electronics were partially offset by declines in food and textiles. The Federal Reserve says factory output slowed from a 1.5 percent gain in February, though it has risen 3 percent over the past year.
WASHINGTON (AP) – U.S. builders broke ground on more apartment buildings last month, pushing up overall home construction 1.9 percent. The Commerce Department says housing starts rose in March to a seasonally adjusted annual rate of 1.32 million, driven by a big 16 percent gain in apartment buildings. Single-family home construction slipped 3.7 percent.
WASHINGTON (AP) – The International Monetary Fund has upgraded its economic outlook for the United States in 2018 and foresees a strong year for the global economy as well. But its chief economist warns that the prospect of an escalating trade conflict “threatens to undermine confidence and derail global growth prematurely.”
NEW YORK (AP) – Investment bank Goldman Sachs is reporting that its first quarter profits rose by 26 percent, helped by a lower tax bill and a surge in market volatility. Goldman earned $2.83 billion, or $6.95 a share, compared with $2.26 billion, or $5.15 a share, in the same period a year earlier. The results topped analysts’ forecasts, who were looking for Goldman to earn $5.58 a share, according to FactSet.