Spotify wins more fans in stock market debut as shares surge
SAN FRANCISCO (AP) — Spotify’s opening act on Wall Street struck a chord with investors betting the unprofitable company’s trend-setting music streaming service will maintain its early lead over Apple and other powerful challengers. After several hours of anticipation Tuesday, Spotify’s shares traded as high as $169 in their stock market debut before falling back. The stock closed at $149.01, minting Spotify with a market value of about $27 billion, one of the best-ever debuts by a tech company.
Stocks jump late, clawing back ground lost on trade fears
NEW YORK (AP) — U.S. stocks jump in a late rally as banks and retailers recover some of their steep losses from a day earlier. GM and Ford finish solidly higher. CBS rises and Viacom falls on reports CBS will offer to buy Viacom, but that its bid will be for less than the company’s current market value. Microsoft and Apple climb, as does Amazon.
Woman opens fire at YouTube, 4 wounded and shooter dead
SAN BRUNO, Calif (AP) — Police say a woman opened fire at YouTube headquarters and wounded four people. Officials say the unidentified woman died of a self-inflicted gunshot. San Francisco General hospital says it was treating three patients. One is in critical condition and another patient is in serious condition. Police and federal agents swarmed YouTube’s headquarters in San Bruno after the shooting was reported.
Sky News could be sold to Disney under new plan
LONDON (AP) — Sky News could be sold to Walt Disney or completely ring-fenced in concessions put forward Tuesday by Rupert Murdoch’s 21st Century Fox as it seeks to bolster its chances of taking full control of the U.K. satellite broadcaster Sky. The proposals are aimed at easing some of the regulatory concerns over the extent of Murdoch’s influence on British media if his 21st Century Fox is cleared to buy the 61 percent of Sky it doesn’t already own for 11.7 billion pounds ($16.4 billion).
Tesla raises production but falls short of Model 3 goals
DETROIT (AP) — Electric car maker Tesla Inc. increased production of its Model 3 mass-market car in the first quarter but still fell far short of the numbers it promised last summer. The Palo Alto, California, company says it made just under 9,800 Model 3s from January through March.
Williams picked as next president of New York Fed
WASHINGTON (AP) — John Williams, currently head of the Federal Reserve’s regional bank in San Francisco, has been selected to be the next president of the Fed’s New York regional bank. The New York job is considered the most influential position among the central bank’s 12 regional banks.
EPA chief draws Trump praise — and ire
WASHINGTON (AP) — President Donald Trump has offered a measured gesture of support for the embattled head of the Environmental Protect Agency. But those words of encouragement for Scott Pruitt also came with a White House warning about the ethical questions surrounding his travel spending and ties to Washington lobbyists. And on Tuesday, a Republican in the House said Pruitt should quit or be fired.
Argentine drought hits farmers hard, undermining economy
PERGAMINO, Argentina (AP) — A harsh drought in Argentina that began in November is causing big losses, reduced expectations of economic growth and growing concerns among farmers, government officials and experts in the world’s third-largest exporter of soybean and corn. Farming is the Argentine economy’s main engine, and what is expected to be the poorest harvest in at least a decade has already cut growth forecasts by up to a percentage point.
Midlife ‘wealth shock’ may lead to death, study suggests
A new study says middle-aged Americans who experienced a sudden large economic blow were more likely to die than those who didn’t. The study was published Tuesday in the Journal of the American Medical Association. It looks at what the researchers called a “wealth shock.” Overall, wealth shock was tied with a 50 percent greater risk of dying, although the study couldn’t prove a cause-and-effect connection.
Auto sales up 6.3 percent in March as SUV, pickups dominate
DETROIT (AP) — U.S. auto sales grew 6.3 percent in March on rising sales of SUVs and pickup trucks. Automakers sold more than 1.6 million vehicles for the month as buyers came out of hibernation after a cold, snowy winter in much of the country Truck and SUV sales rose 16.3 percent while car sales plunged 9.2 percent, according to Autodata Corp. Nearly two-thirds of all vehicles sold were trucks or SUVs.
The Standard & Poor’s 500 index rose 32.57 points, or 1.3 percent, to 2,614.45. The Dow Jones industrial average rose 389.17 points, or 1.6 percent, to 24,033.36. The Nasdaq composite climbed 71.16 points, or 1 percent, to 6,941.28. The Russell 2000 index of smaller-company stocks added 19.62 points, or 1.3 percent, to 1,512.15.
A barrel of U.S. crude gained 50 cents to $63.51 in New York while Brent crude, used to price international oils, rose 48 cents to $68.12 a barrel in London. Wholesale gasoline added 1 cent to $1.97 a gallon and heating oil rose 1 cent to $2 a gallon. Natural gas picked up 1 cent to $2.70 per 1,000 cubic feet.
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