Stocks hold gains ...Industrial production fell... China trade talks continue next week
NEW YORK (AP) — Stocks continue to hold onto big gains after surging in morning trading on Wall Street, after U.S. and Chinese officials agreed to continue trade talks in Washington next week. The gains mark a turnaround after the market ended lower Thursday following a disappointing holiday sales report.
WASHINGTON (AP) — U.S. industrial production fell 0.6 percent in January, a decline caused in large part by an 8.8 percent plunge in the making of motor vehicles and auto parts. Manufacturing of wood products, computers, electrical equipment, apparel and chemicals fell while Utility output rose 0.4 percent due to winter natural gas usage.
UNDATED (AP) — With a deadline looming, U.S. and Chinese negotiators will hold more talks in Washington next week aimed at ending a battle over Beijing’s technology ambitions. The announcement came after U.S. Trade Representative Robert Lighthizer (LYT’-hy-zur) told Chinese President Xi Jinping (shee jihn-peeng) that negotiators had “made headway” on important issues in two days of talks that wrapped up Friday in Beijing.
NEW YORK (AP) — Some experts say that Amazon’s decision to scrap plans to build a massive headquarters in New York City could scare off other companies thinking about either making NYC their home or a place to expand. Amazon decided not to build in Queens following fierce opposition from politicians angry about nearly $3 billion in tax breaks and the company’s anti-union stance. Some 25,000 jobs had been promised.
MIAMI (AP) — A Florida attorney has been sentenced to seven years in prison and ordered to pay $19.7 million in restitution for securities fraud to more than 2,000 investors. Court records show that 77-year-old James Schneider was sentenced Thursday in Miami federal court. Schneider was convicted in December on multiple charges, including conspiracy to commit securities and wire fraud.