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NEW YORK (AP) — Stocks are moving higher this morning after the European Central pledged more stimulus, boosting the outlook for global growth. The Dow rose more than 75 points in the first hour of trading, while the S&P 500 has gained nearly 10 points and the Nasdaq has added close to 30.
FRANKFURT, Germany (AP) — The European Central Bank has made a series of moves aimed at salvaging the continent's weak economic recovery. The ECB has cut its interest rates and announced a new stimulus program that involves buying private sector financial assets. The program aims to make credit cheaper and boost investment and growth. Following the announcement, the euro dropped, falling below $1.30.
WASHINGTON (AP) — There are two employment reports out today, ahead of tomorrow release of the federal government's August jobs report. The Labor Department says the number of first-time claims for unemployment benefits rose 4,000 last week to 302,000. After a steady decline over the summer, fewer than 2.5 million people collected benefits, the fewest since 2007. And payroll processor ADP says private employers added 204,000 jobs last month.
WASHINGTON (AP) — Productivity increased from April through June after a big decline in the first quarter. The Labor Department reports the amount of output per hour of work rose at a seasonally adjusted annual rate of 2.3 percent in the second quarter, while unit labor costs edged down 0.1 percent. Gains in productivity enable companies to pay workers more without having to increase prices, which can boost inflation.
WASHINGTON (AP) — The U.S. trade deficit fell in July to its lowest level since January. The Commerce Department report show exports of autos, telecom equipment, industrial machines and semiconductors all rose. Overall, exports climbed to a record $198 billion. Imports also rose, with food, beverage and auto shipments seeing the largest increases.
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