US stocks surging ... Trump predicts ‘big week’ for infrastructure ... Remington points to bankruptcy court
NEW YORK (AP) — Stocks are surging in early trading on Wall Street. Technology companies and banks are posting some of the biggest gains today. The market is coming off a turbulent week that left major indexes with their biggest weekly losses in two years. At 10:57 a.m. Eastern Time, the Dow was up 194 points, to 24,385. The S&P 500 was up 15 points, to 2,634. And the Nasdaq was up 46 points to 6,920. Bond prices haven’t moved much. The yield on the 10-year Treasury note held steady at 2.86 percent.
WASHINGTON (AP) — President Donald Trump is unveiling his long-awaited infrastructure plan, a $1.5 trillion proposal that fulfills a number of his campaign goals. But it relies heavily on state and local governments to produce much of the funding. The administration’s plan is centered on using $200 billion in federal money to leverage local and state tax dollars to fix America’s infrastructure, such as roads, highways, ports and airports.
MADISON, N.C. (AP) — Remington, the gunmaker beset by falling sales and lawsuits tied to the Sandy Hook Elementary School massacre, has reached a financing deal that would allow it to continue operating as it files for Chapter 11 bankruptcy protection. The maker of the Bushmaster AR-15-style rifle used in the Connecticut shooting that left 20 first-graders and six educators dead in 2012, says that the agreement with lenders will reduce its debt by about $700 million and add about $145 million in new capital.
FALLS CHURCH, Va. (AP) — The defense contractor General Dynamics is buying CSRA for almost $7 billion with the latest Senate proposals pushing defense spending aggressively higher. Chairman and CEO Phebe Novakovic says in a printed statement that the acquisition will help General Dynamics provide cost-effective internet technology solutions to the Department of Defense, intelligence community and federal civilian agencies.
BERLIN (AP) — A German court has ruled that Facebook’s insistence that users provide their real names violates the country’s data protection laws. The Berlin state court ruled in a suit brought by the Federation of German Consumer Organizations that Facebook’s “real name” clause violated the country’s regulation that providers of online services must allow users to remain anonymous.