Stocks end week on an up note...Economic growth likely to resume after shutdown...Pipeline blast death toll rises
NEW YORK (AP) — Stocks closed higher on Wall Street Friday, recovering a chunk of their losses from earlier in the week. Technology and industrial companies jumped. Energy and consumer-focused companies as well as basic materials makers all did better than the broader market. The Dow Jones Industrial Average rose 184 points, the Nasdaq composite climbed 91 points and the S&P 500 gained 22.
BALTIMORE (AP) — The U.S. economy will likely resume its steady growth now that the government has reopened for at least three weeks, though economists say some effects of the partial shutdown could linger. Most analysts estimate that the shutdown shaved a few tenths of a percentage point from annual economic growth in the first three months of 2019. They say growth should rebound, though some of the money federal workers and contractors didn’t spend in the past five weeks will never be made up.
FORT HANCOCK, Texas (AP) — The government shutdown that ended Friday did dramatically shrink the size of government — at least temporarily. That energized some Republicans who for decades have heard GOP presidential hopefuls vow to abolish the IRS the departments of Education, Energy or Interior. But it didn’t repair a decades-long schism between conservatives, who call for small government but don’t mind creating deficits for things like tax cuts, and libertarians, who want government out of peoples’ lives almost entirely.
EMPORIA, Va. (AP) — Virginia has little to show for spending more than $100 million in the past decade on land development in hopes of attracting manufacturing jobs to rural areas. Most of the land on these megasites sits empty. Top economic development officials and lawmakers say the state has lost out on billions of dollars of private investments because of a lack of locations sufficiently developed so plants can be operational within 18 months.
MEXICO CITY (AP) — The death toll from a pipeline explosion last week in central Mexico has risen to 114. Mexico’s health minister said Saturday that 46 of those injured in the blast have died in the hospital. He said 33 others who remain hospitalized run a high risk of infection in their kidneys, cardiovascular and respiratory systems because they inhaled scalding air. Hundreds of people were in the vicinity of an illegal pipeline tap on Jan. 18 when the gasoline caught fire and exploded into a fireball.