Stocks rise after jobs report shows more strength

Live11 updates

• Fri, April 5, 2024 at 5:33 PM GMT+1

  Stocks rise in afternoon trading

  Stocks pushed higher on Friday, as Wall Street took strong jobs numbers in stride even as the prospects of a re-accelerating economy flamed concerns that the Fed might delay long-anticipated rate cuts.

  The Dow Jones Industrial Average (^DJI) advanced 1%, or 400 points, while the S&P 500 (^GSPC) added 1.3% on the heels of its worst single-day fall since February. The tech-heavy Nasdaq Composite (^IXIC) gained 1.5%.

• Fri, April 5, 2024 at 5:00 PM GMT+1

  Tesla ends low-cost car plans

  Plans for a more affordable Tesla (TSLA) model that investors were banking on to broaden the appeal of the all-electric carmaker have been scrapped, Reuters reported Friday, citing people familiar with the matter and company messages.

  Tesla shares fell more than 3% following the news.

  The company will continue to develop self-driving robotaxis using the same vehicle platform, according to the report. But the scuttled initiate represents a major setback for the carmaker that long promised affordable electric cars for mainstream customers.

  Tesla’s Model 3 sedan, its cheapest vehicle, retails for just under $40,000. The previously planned entry-level vehicle was expected to cost around $25,000.

  Fierce competition from China would make delivering such a vehicle even more challenging as carmakers abroad have raced to deliver low-cost EVs.

• Fri, April 5, 2024 at 4:45 PM GMT+1

  One thing to be wondering about on retail stocks this spring and summer

  Every single retail executive I talk to for the next month will be getting this same question from me.

  How will oil prices back near $100 a barrel impact your margins and outlook? I just don’t think this advance has been factored into outlooks — from shipping rates to gas price shock on the part of consumers.

  I got my first answer on this front just now from Levi’s (LEVI) CFO Harmit Singh down at the New York Stock Exchange.

  Here’s what he said on Yahoo Finance Live:

  “Where our costs really get impacted by commodities is largely cotton. In terms of shipping rates, we have long-term contracts so at this moment, we are not seeing any pressure in terms of where oil is. Should it rise further, we’ll be able to manage through it because we have other areas of opportunity to try and manage it. But right now, we’re not worried about it.”

• Fri, April 5, 2024 at 3:56 PM GMT+1

  4.7 magnitude earthquake strikes East Coast

  A preliminary 4.7-magnitude earthquake struck the East Coast of the United States on Friday morning.

  According to the United States Geological Survey (USGS), the earthquake was reported about 5 miles east of Lebanon, N.J. at about 10:23 a.m. ET.

  “My team is assessing impacts and any damage that may have occurred, and we will update the public throughout the day,” New York Gov. Kathy Hochul said in a post on X, confirming shakes were felt across the state, including Manhattan.

  Rumblings have also been reported across areas from Philadelphia to Boston.

  In response to the earthquake, the US Federal Aviation Administration (FAA) issued a ground stop at New York City’s John F. Kennedy International Airport and Newark Liberty International Airport.

  The quake may also impact other air traffic facilities throughout New York, New Jersey, Philadelphia, and Baltimore, the FAA warned.

  A 4.8 magnitude earthquake in New Jersey may impact some air traffic facilities in New York, New Jersey, Philadelphia and Baltimore. Air traffic operations are resuming as quickly as possible. For real-time air traffic updates please see: https://t.co/smgdqJN3td.

  — The FAA ✈️ (@FAANews) April 5, 2024

• Fri, April 5, 2024 at 3:24 PM GMT+1

  Stocks…