Stock market today: Wall Street gains ground following surprisingly strong jobs report

Stocks posted solid gains on Wall Street as a strong report on employment showed the U.S. economy continues to chug along. The S&P 500 rose 1.1% Friday. The Dow Jones Industrial Average rose 307 points and the Nasdaq composite rose 1.2%. U.S. employers added a surprisingly strong number of jobs in March, while modest gains in wages eased some fears of a renewed spike in inflation. Wall Street is still betting the Federal Reserve will start cutting interest rates in June. Treasury yields rose in the bond market. Oil rose slightly and gold prices continued their recent rally,

Amid legal challenges, SEC pauses its climate rule

WASHINGTON (AP) — The U.S. Securities and Exchange Commission on Thursday said it would pause the implementation of its new climate disclosure rule while it defended the regulation in court. Wall Street’s top regulator voted in March on the final rule, which requires some public companies in the U.S. to report their greenhouse gas emissions and climate risks. The measure faced legal challenges almost immediately. The SEC said it had stayed the rule to avoid regulatory uncertainty for companies that might have been subject to the rules while litigation against it proceeds. The rule is pending review in the U.S. Court of Appeals for the Eighth Circuit.

Yellen calls for level playing field for US workers and firms during China visit

GUANGZHOU, China (AP) — The U.S. treasury secretary has called for a level playing field for American companies and workers as she opened a five-day visit to China in a major industrial and export hub. Janet Yellen told Vice Premier He Lifeng and the governor of Guangdong province on Friday that the U.S. and others are concerned about spillovers from industrial overcapacity in China. She also met with U.S. business leaders. Yellen has telegraphed that she will raise in her talks what the U.S. considers unfair Chinese trade practices. China has pushed back against concerns about manufacturing overcapacity and other trade-related issues expressed by both the U.S. and Europe.

Giorgio Armani bags were produced by exploited Chinese workers near Milan, Italian police say

MILAN (AP) — Italian police say that underpaid and exploited Chinese laborers working for an unauthorized subcontractor made handbags and accessories for the Giorgio Armani fashion house. They say there was a series of supply chain abuses that the in-house production company failed to properly monitor. The Giorgio Armani fashion house denied wrongdoing by GA Operations, which produces apparel, accessories and home decor for the Giorgio Armani Group brands. According to police, GA Operations hired a subcontractor which in turn hired an unauthorized Chinese subcontractor that employed workers illegally in unsanitary conditions without regard for workplace rules. Four Chinese factory owners face a separate criminal investigation for their roles.

— Bulletin wire reports