Stocks shake off early slump...Mnuchin sees progress in Canada, Mexico talks...Industrial production fell in April
FINANCIAL MARKETS (AP) _ Stocks have shaken off an early slump and are higher in afternoon trading on Wall Street as hopes build that trade tensions may ease following comments by Treasury Secretary Steven Mnuchin (mih-NOO’-shin) on Capitol Hill. And, major carmakers turned higher following media reports that the U.S. is planning to delay new tariffs on car and auto part imports from Europe.
NEW YORK (AP) _ Treasury Secretary Steven Mnuchin says the U.S. is making progress in talks with Canada and Mexico over steel tariffs, potentially overcoming a key hurdle toward approval of a trade agreement between the three countries. Testifying to a Senate subcommittee, Mnuchin also said he expects to travel soon to Beijing with U.S. Trade Representative Robert Lighthizer (LYT’-hy-zur) to resume negotiations on the trade dispute between the U.S. and China. The comments from Mnuchin prompted gains in the stock market.
WASHINGTON (AP) _ U.S. industrial production fell in April, dragged down by a big drop in factory output as production of autos and auto parts continued to slide. The Federal Reserve says industrial output _ reflecting total production at factories, utilities and mines _ dropped 0.5% in April after a 0.2% March gain.
NEW YORK (AP) _ Restaurant Brands International plans to expand delivery in the U.S. and accelerate restaurant openings globally as part of its ambitious growth plan. The Toronto-based company _ which owns Burger King, Popeyes and Tim Hortons _ says it plans to grow to 40,000 restaurants globally over the next eight to 10 years, up from 26,000 today.
BETHLEHEM, Pa. (AP) _ The global headquarters of what used to be America’s No. 2 steelmaker is coming down. Martin Tower in Bethlehem, Pennsylvania, is set to be imploded on Sunday. Once a showpiece for Bethlehem Steel when it opened in 1972, the Tower stood vacant after the steelmaker closed in 2003. Bethlehem’s mayor says some residents saw the building as a symbol of corporate greed, while developers concluded it simply made more sense to knock the building down and start over.