China tech giant sidelined, US imports held amid trade spat
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HONG KONG (AP) — A Chinese tech giant has been brought to its knees. Tougher inspections at Chinese ports are holding up cars, apples, lumber and other agricultural products imported from the U.S. These are among the early signs that the widening trade dispute between China and the U.S. is exacting a toll on both sides. More talks aimed at resolving the conflict are planned for next week in Washington, while both sides dig in for a fight over their trade imbalance.
Tame inflation: April consumer prices up just 0.2 percent
WASHINGTON (AP) — American drivers paid more for gas, but overall consumer prices rose only modestly in April, a sign that inflation remains mild. The modest pace of consumer inflation may send a reassuring signal to the Federal Reserve, which is considering how quickly to raise interest rates this year.
Tech leaders seek more focus on AI at White House summit
WASHINGTON (AP) — Top U.S. tech executives and researchers want the Trump administration to invest more in artificial intelligence and craft policies they hope will strengthen the economy without displacing jobs. The administration said Thursday it is doing just that at the White House's first industry summit on AI.
US government ran a $214.3 billion surplus in April
WASHINGTON (AP) — The federal government swung to a surplus of $214.3 billion in April, primarily reflecting the revenue from that month's annual tax filing deadline. The Treasury Department reports that last month's surplus increased 17.4 percent from a year ago. The April surplus reflected both the increase in tax revenue and a decrease in the costs of certain health care and benefit programs that were pulled forward to March.
Chinese court sentences Anbang founder to 18 years for fraud
SHANGHAI (AP) — A Chinese court has sentenced the founder of the Chinese insurance company that owns New York City's Waldorf Hotel to 18 years in prison for fraudulently raising $10 billion from investors. A Shanghai court handed down the sentence Thursday against Wu Xiaohui, the former chairman of Anbang Insurance Group. He founded the company in 2004 but was accused of misleading investors and diverting money.
Pruitt to hear economic arguments in enforcing Clean Air Act
WASHINGTON (AP) — Environmental Protection Agency chief Scott Pruitt has announced a major shift in enforcement of the landmark Clean Air Act to include feedback from state and local governments and others on the economic impact of federal pollution limits. The initiative sets the stage for potential legal battles over how the United States enforces the 48-year-old law combating air pollution.
Parts shortage that hit Ford spreads to more companies
DETROIT (AP) — A fire that damaged a Michigan auto parts supply factory is causing production problems at Ford, Fiat Chrysler, BMW and General Motors, but it's too soon to tell yet whether dealers will run short of vehicles. So far Ford has been hit hardest by parts shortages. The company has had to temporarily lay off 7,600 workers as it cuts production of the F-Series pickup truck, the top-selling vehicle in America.
People, power costs keep indoor farming down to Earth
SOUTH SAN FRANCISCO, Calif. (AP) — More than 30 high-tech firms from the U.S. to Singapore are hoping to solve the saggy food problem that wilts leafy greens and bruises tomatoes in transit. Indoor farms stack plants in climate-controlled rooms, parse out nutrients and water, and bathe them with specialized lighting. It's all so consumers can enjoy tasty vegetables year-round. But land, labor, and electricity aren't cheap. And it's tough to compete with dirt and free sunlight.
Tech and health care firms drive more gains for US stocks
NEW YORK (AP) — A broad rally drove U.S. stocks solidly higher Thursday for the second day in a row, extending the market's gains for the week. Technology companies, which have led the market this year, contributed the most to the rally. Health care stocks and banks also accounted for a big slice of the market's gains as investors sized up the latest company earnings and economic news. Crude oil prices rebounded after an early slide.
The S&P 500 index rose 25.28 points, or 0.9 percent, to 2,723.07. The Dow Jones industrial average climbed 196.99 points, or 0.8 percent, to 24,739.53. The Nasdaq added 65.07 points, or 0.9 percent, to 7,404.97. The Russell 2000 index of smaller-company stocks picked up 7.66 points, or 0.5 percent, to 1,603.71.
Benchmark U.S. crude oil rose 22 cents to settle at $71.36 a barrel in New York. Brent crude, used to price international oils, gained 26 cents to close at $77.47 per barrel. Heating oil was little changed at $2.22 a gallon. Wholesale gasoline added 3 cents to $2.19 a gallon. Natural gas gained 8 cents to $2.81 per 1,000 cubic feet.