Stocks gain…Tech stocks rally…AT&T settles with injured worker
NEW YORK (AP) – Stocks are rising after the U.S. and China appeared to make major progress in trade talks. The Chinese government says it will buy more U.S. goods, including energy and agricultural products, and Treasury Secretary Steven Mnuchin says the U.S. postponed tariffs on up to $150 billion in goods from China. Industrial companies and banks are making some of the biggest gains and technology stocks are also climbing.
NEW YORK (AP) – Chipmakers rallied after Micron Technology raised its profit and revenue forecasts for the fiscal third quarter. Micron jumped 4.3 while Intel picked up 1.6 percent. That contributed to a broad rally in technology stocks.
UNDATED (AP) – General Electric’s train engine division will combine with railroad equipment maker Westinghouse Air Brake Technologies in deal worth $11.1 billion as GE CEO John Flannery continues to break off parts of the conglomerate. GE will get $2.9 billion in cash and will own 50.1 percent of the combined company, and the deal will help it narrow its business down to the aviation, health care and energy industries.
NEW YORK (AP) – The restaurant group co-owned by Mario Batali says it has been “actively negotiating” to buy out the celebrity chef facing sexual misconduct allegations. The B&B Hospitality Group says Batali and partner Joe Bastianich have signed a letter of intent and final terms could be set by July 1. The New York Police Department confirmed it’s investigating Batali after a woman told “60 Minutes” that Batali drugged and sexually assaulted her in 2005. Batali denies assaulting the woman.
PHILADELPHIA (AP) – A telecommunications tower climber who suffered severe injuries when a ladder rung dislodged and sent him hurtling 50 feet to the ground has reached a settlement with AT&T and others for $30 million. The June 2013 fall in Allentown, Pennsylvania, left then-23-year-old Thomas Jeglum in a coma for months with multiple fractures to his pelvis, spine, arm and legs. His lawyer says Jeglum has a permanent, traumatic brain injury and remains in a full-time rehabilitation facility in California. He has a wife and two young children.