Tech stocks lead advance...Countries ground Boeing 737 Max 8...White House budget plan
NEW YORK (AP) — A rally in the technology sector pushed U.S. stocks to broad gains Monday, led by Apple and chipmakers. The S&P 500 is posting its biggest increase since late January. Nvidia was the index’s strongest performer after agreeing to buy chipmaker Mellanox. Apple benefited from an analyst upgrade. The Dow rose 200 points. A sharp drop in Boeing shares held back the Dow’s advance.
HEJERE, Ethiopia (AP) — Airlines in Ethiopia, China, Indonesia and elsewhere have grounded the Boeing 737 Max 8 jetliner after the second devastating crash of one of the planes in five months. But Boeing said it had no reason to pull the popular aircraft from the skies. As the East African country mourned the 157 victims of the Ethiopian Airlines plane that went down in clear weather shortly after takeoff Sunday, investigators found the jetliner’s two flight recorders.
WASHINGTON (AP) — President Donald Trump’s 2020 budget released Monday relies on optimistic 3.1 percent economic growth projections alongside accounting shuffles and steep domestic program cuts. All that would bring the $4.7 trillion spending plan into promised balance in 15 years. The deficit is projected to hit $1.1 trillion in the 2020 fiscal year, the highest in a decade.
DETROIT (AP) — The president of the United Auto Workers union has warned automakers that the union is prepared to strike if it doesn’t get its way in upcoming contract talks. Gary Jones told delegates to the union’s bargaining convention that it would raise weekly strike pay from $200 to $250 per week and $275 in January of next year. The new union president says no one expects a strike but the UAW is prepared to walk out.
HARRISBURG, Pa. (AP) — Long-anticipated legislation to pump hundreds of millions of ratepayer dollars into Pennsylvania’s five nuclear power plants was unveiled Monday. The introduction could usher in heated debate over whether the plants deserve what critics call a bailout. The debate will run up against a June 1 deadline. That’s when Three Mile Island’s owner, Chicago-based Exelon, says it’ll start shutting down the financially struggling plant that was the site of a partial meltdown in 1979..