Stocks surge...Traders like Powell’s comments...Lawsuit alleges Weather Channel sold app users’ data
NEW YORK (AP) — U.S. stocks are rocketing higher after a string of developments eased investors’ concerns about the global economy and interest rates. The Labor Department reported that hiring ramped up in December, which could allay fears about an economic slowdown in the U.S. And China said trade talks between the U.S. and China will be held Monday and Tuesday. The Dow Jones Industrial Average was up more than 750 points in afternoon trading.
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says he won’t resign if asked to do so by President Donald Trump, and that the Fed will be patient in deciding when to raise interest rates again. Both of those messages cheered stock market investors, who had been worried about Trump’s repeated attacks on the man he chose to lead the nation’s central bank and the Fed’s march toward higher rates.
LOS ANGELES (AP) — Los Angeles prosecutors say they’re suing The Weather Channel to stop it from tracking the whereabouts of app users and selling the data to third parties. The city attorney says users of the popular app are misled to think their location data will only be used for personalized forecasts and alerts. He says The Weather Channel sold data to at least a dozen websites for targeted ads.
WASHINGTON (AP) — A watchdog group is asking the Justice Department to investigate whether President Donald Trump’s daughter Ivanka violated federal conflict-of-interest law by her key role in promoting an Opportunity Zone tax break program from which she could potentially benefit. The complaint from the Citizens for Responsibility and Ethics in Washington follows an Associated Press investigation last month. The AP found that, as White House aides, Trump and her husband Jared Kushner both backed the Opportunity Zones program, which could financially benefit the couple.
WASHINGTON (AP) — The new Democratic-controlled House has moved toward defending President Barack Obama’s health care law against a federal court ruling that the statute is unconstitutional. The House plans a vote next week formally authorizing its attorneys to enter the case. That will force Republicans to choose between seeming to defend the law or support its demise.