Stocks move lower…Consumer confidence gains…Home prices climb
NEW YORK (AP) – Stocks are lower, following sharp drops in Europe triggered by political uncertainty in Italy. Banks and technology companies led the way lower on Wall Street in early trading. Bank of America gave up 1.8 percent and Oracle lost 1.2 percent. Bond prices rose as investors moved money into lower-risk assets.
WASHINGTON (AP) – American consumers were feeling more a bit more optimistic in May following a slight decline in confidence in April. The Conference Board, a business research group, says that its consumer confidence index rose to 128.0 from 125.6 in April, which was revised downward. That follows March’s 127.0 and February’s 130.0, which was the highest reading in 18 years.
WASHINGTON (AP) – U.S. home prices climbed in March with buyers paying a premium for ownership as the number of homes up for sale declines while mortgage rates rise. The S&P CoreLogic Case-Shiller 20-city home price index increased 6.8 percent in March from a year earlier. The sharpest gains were in Seattle, Las Vegas and San Francisco.
WASHINGTON (AP) – The U.S. is announcing that it will impose a 25 percent tariff on $50 billion worth of Chinese goods containing “industrially significant technology.” The White House said Tuesday that the tariff will cover goods related to the “Made in China 2025” program. The full list of imports that will be covered will be announced by June 15. President Donald Trump has bemoaned the massive U.S. trade deficit with China – $337 billion last year – as evidence that Beijing has been complicit in abusive trading practices.
TORONTO (AP) – Canada’s federal government says it will buy an oil pipeline to the Pacific coast to ensure it gets built. Prime Minister Justin Trudeau’s government plans to spend $3.4 billion to buy the controversial Trans Mountain pipeline. Kinder Morgan halted essential spending on the project and said it would cancel it altogether if the national and provincial governments could not guarantee it.