UN labor agency: Joblessness dips, but quality of work also

Stock markets extend their gains amid optimism

Stocks extended their gains Wednesday as investors remain optimistic that the U.S. and China will make more progress in resolving their trade dispute. Energy companies, retailers and industrial companies led the market higher Wednesday, a sign that investors expect the economy to remain healthy. Exxon Mobil rose 1.1 percent and Home Depot climbed 1.6 percent.

The S&P 500 index rose 8 points, or 0.3 percent, to 2,753. The Dow Jones Industrial Average climbed 117 points, or 0.5 percent, to 25,543. The Nasdaq edged up 5 points, or 0.1 percent, to 7,420.

Bond prices fell. The yield on the 10year Treasury rose to 2.71 percent. Democrats question T-mobile-sprint merger deal

Democratic lawmakers are challenging a pledge by T-mobile and Sprint not to raise prices or hurt competition if their $26.5 billion merger goes through.

The deal would combine the nation’s third- and fourth-largest wireless companies and create a behemoth roughly the size of industry giants Verizon and AT&T. The House Energy and Commerce Committee doesn’t have authority to rule on the merger, but members are able to use the forum to ask pointed questions.

The committee’s chairman, Rep. Frank Pallone of New Jersey, wonders, “How can we be sure that consumers who can least afford to pay more are not harmed by the merger?”

T-mobile says it won’t raise prices for three years, but Pallone says he’s not sure that Trump administration regulators are willing to hold T-mobile to that promise.

The International Labor Organization says unemployment worldwide fell slightly last year, but it is warning about a lack of opportunities, falling job security and declining quality of work in the global marketplace.

The Geneva-based organization that concerns itself with governments, labor groups and corporations says most of the 3.3 billion people employed have “inadequate” work conditions, job security and “material wellbeing.” Despite having employment, 700 million people live in “extreme or moderate poverty.”

The World Employment Social Outlook released Wednesday projected trends by region: For example, it said Africa is expected to face economic growth rates too low to provide enough “quality” jobs for its workforce.

The world unemployment rate dropped to 5 percent last year, from 5.1 percent in 2017. The ILO projected another dip to 4.9 percent in 2019 and 2020. China: No evidence Huawei a national security threat

U.S. and other countries have not presented any conclusive evidence that Chinese telecommunications gear maker Huawei Technologies threatens their national security and are merely stirring fears out of self-interest, a Chinese government spokeswoman said Wednesday.

Huawei’s critics are conjuring up threats and misusing state power to “suppress the legitimate development rights and interests of Chinese enterprises” and are “using political means to intervene in the economy,” said Foreign Ministry spokeswoman Hua Chunying. - From news services