Stocks mostly lower…Fed statement awaited…Businesses add 204,000 workers
NEW YORK (AP) – Apple is climbing after it announced a huge stock repurchase and solid results in its latest quarter, but U.S. stocks are mostly lower as health care firms fall. Hepatitis C drugmaker Gilead Sciences and animal health company Zoetis both stumbled. Bond yields are little changed as investors expect the Federal Reserve to hold interest rates steady as it wraps up its latest meeting this afternoon.
WASHINGTON (AP) – The Federal Reserve is expected to keep borrowing rates unchanged, but traders will be particularly interested in the statement accompanying the Fed’s decision. The central bank says it expects to raise interest rates a total of three times this year. It raised them once in March and investors think the next boost will come in June. One of the key debates on Wall Street is whether the Fed will actually raise rates three times or if it will raise them four times in response to more signs of inflation and faster economic growth.
WASHINGTON (AP) – American businesses added 204,000 new workers last month, another sign of a strength for the U.S. labor market and economy. Payroll processor ADP said today that hiring was strong across many industries, led by professional and business services, health and education and restaurants and hotels.
BRUSSELS (AP) – The head of the European Union’s executive commission has warned the United States that the bloc will not negotiate trade concessions under threat. The warning comes a day after President Donald Trump granted the EU only a one-month extension on steel and aluminum tariffs. EU Commission President Jean-Claude Juncker told the European Parliament that the exemption should be “unconditional and permanent.”
NASHVILLE, Tenn. (AP) – Music icon Bob Dylan is partnering with a distillery to make whiskey at a 140-year-old Tennessee church and bottle it under the name Heaven’s Door. News outlets report Dylan has partnered with Angel’s Envy Bourbon co-founder Marc Bushala in the venture.