US Treasury secretary: Tax cuts won't raise budget deficit
WASHINGTON (AP) -- Treasury Secretary Steven Mnuchin (mih-NOO'-shin) says that the administration's tax reform will generate so much economic growth that the budget deficit will be held in check. Mnuchin said at the Monday White House news briefing: "The tax reform will pay for itself." The Trump administration has yet to provide details about its planned tax reforms. Most economists say it's unlikely that tax cuts can generate enough growth to prevent the budget deficit from rising.
Magnifique: Investors applaud French vote with stock rally
NEW YORK (AP) -- U.S. stocks joined a worldwide rally after the first round of France's presidential election over the weekend raised expectations that the European Union and euro currency will hold together. A candidate seen as pro-business won the most votes Sunday, and many investors expect him to win a runoff against the remaining anti-EU candidate, which is set for May 7.
Farmers fear deportation of workers could hurt livelihood
SALEM, Ore. (AP) -- If the United States starts deporting more immigrant farmworkers, officials say vegetable production could drop and food prices could go up. Farmers have begun lobbying politicians at home and in Washington to get them to deal with immigration in a way that minimizes the harm to their livelihoods. Some of the farm leaders are Republicans who voted for Trump and are torn, wanting border security but also mercy toward laborers who are not dangerous criminals.
Report: Companies not complying with Bangladesh garment plan
DHAKA, Bangladesh (AP) -- An international rights group says dozens of global clothing companies are not complying with a plan to ensure better safety in Bangladesh garment factories following the deadly collapse of a building four years ago. Human Rights Watch said in a report Monday that only 29 out of 72 recently contacted companies are releasing information about how they source their products in Bangladesh.
Sheryl Sandberg's new book a tale of grief, resilience
NEW YORK (AP) -- The new book by Facebook executive Sheryl Sandberg, "Option B: Facing Adversity, Building Resilience and Finding Joy," recounts the death of her husband, her grief, and how she recovered from it. Written with psychologist Adam Grant, it also includes research and advice on how people can build up resilience not just after but before traumatic events happen.
Chobani yogurt company sues right-wing radio host Alex Jones
BOISE, Idaho (AP) -- Greek yogurt giant Chobani is suing right-wing radio host Alex Jones, accusing the conspiracy theorist of publishing false information about the company. Chobani alleges that Jones and his InfoWars website posted fabricated stories earlier this month that linked Chobani's owner and the company to a sexual assault case involving refugee children. InfoWars didn't immediately respond to a request for comment.
Hasbro heads for the loo and business booms
PAWTUCKET, R.I. (AP) -- Business for Hasbro is in the toilet, which turns out to be a pretty good place. The toymaker's revenue surpassed that of its rival Mattel for the first time in 17 years thanks in part to hot sales of a new board game called Toilet Trouble.
Tests find Samsung's S8 phones more prone to screen cracks
NEW YORK (AP) -- SquareTrade, a company that sells gadget-repair plans, says the nearly all-glass design of Samsung's new phones makes them "extremely susceptible" to cracking. SquareTrade is releasing its test results Monday. Despite the finding, the phone is expected to be very popular with consumers.
AP Exclusive: The sad saga of North Korea's ATMs
PYONGYANG, North Korea (AP) -- The airport in the North Korean capital has two ATMs but according to bank employees, because of new Chinese sanctions, they don't work. If sanctions are in fact why the ATMs aren't working, that could be a sign that Beijing is squeezing Pyongyang over its nuclear weapons and long-range missile programs. China is isolated North Korea's main economic lifeline and has been under increasing pressure to rein in its neighbor. The North's finance and banking sectors are major targets.
GM appeal of ignition switch ruling rejected by high court
WASHINGTON (AP) -- The Supreme Court has turned away an appeal from General Motors seeking to block dozens of lawsuits over faulty ignition switches that could expose the company to billions of dollars in additional claims. The justices left in place a lower court ruling that said the automaker's 2009 bankruptcy did not shield it from liability in the cases.
The Standard & Poor's 500 index jumped 25.46 points, or 1.1 percent, to 2,374.15.
The Dow Jones industrial average rose 216.13, or 1.1 percent, to 20,763.89.
The Nasdaq composite gained 73.30, or 1.2 percent, to 5,983.82.
Benchmark U.S. crude oil fell 39 cents to settle at $49.23 per barrel. Brent crude, which is used to price international oils, fell 36 cents to $51.60 per barrel. Natural gas fell 3.5 cents to $3.07 per 1,000 cubic feet, heating oil fell a penny to $1.54 per gallon and wholesale gasoline dropped 2 cents to $1.62 a gallon.