Stocks turn higher…164,000 jobs added in April, jobless rate falls to 3.9 pct…China says ‘big differences’ with US remain
NEW YORK (AP) – Stocks have turned positive in morning trading on Wall Street after opening lower. Corporate earnings gave stocks a boost, and Apple rose after billionaire investor Warren billionaire said he bought more of its stock. There was mixed news on other fronts, including a slightly disappointing jobs report. Trade talks between the U.S. and China ended without a deal and the Trump administration asked China to reduce its trade deficit with the U.S. by a larger amount.
WASHINGTON (AP) – The nation’s unemployment rate has fallen to 3.9 percent, as employers added 164,000 jobs in April, a lower number than experts predicted. The Labor Department revised the number of jobs added in March revised upward, to 135,000. Average hourly earnings rose 2.6 percent from a year ago, in line with analyst estimates.
BEIJING (AP) – China’s official news agency says talks in Beijing with U.S. officials ended with an agreement to set up a mechanism to work through an escalating dispute over trade, but “big differences” remain on some matters. The official Xinhua (shihn-wah) News Agency says the two sides discussed expanding U.S. exports to China, trade in services, the protection of intellectual property rights and how to resolve the use of tariffs and non-tariff measures. The report says the two sides “reached consensus in some areas.”
BERLIN (AP) – Europe’s biggest insurer says it will stop insuring coal-fired power plants and coal mines as part of its contribution to combating climate change. Munich-based Allianz says it’s also set itself a goal of phasing out investments in coal companies and increasing its use of renewable energy by 2040. The company manages investments totaling about $2.4 trillion.
UNDATED (AP) – Tesla CEO Elon Musk is going on the defensive in a series of tweets, saying the people he shut down during a contentious conference call were “sell-side analysts who represent a short seller thesis, not investors.” Musk came under scrutiny after the conference call for Tesla’s quarterly earnings Wednesday. He was criticized for cutting off two analysts that asked about the electric vehicle and solar panel company’s cash needs and orders for its Model-3.