The stock market erased an early drop and ended mixed, capping a strong week and month.
Major U.S. indexes had started the day lower Friday as traders worried that President Donald Trump would reignite a trade war with China, but in a late-afternoon announcement from the White House he instead said the U.S. would cut ties with the World Health Organization, saying it had failed to adequately respond to the coronavirus because China has "total control" over the global organization.
The S&P 500 rose 0.5% and closed out its second straight monthly gain. Bond yields fell.
BY SEA AND BY AIR
• Canada's transport minister says large cruises will continue to be prohibited from operating in Canadian waters until at least Oct. 31 because of the pandemic. Transport Minister Marc Garneau says that applies to cruises with overnight accommodation andmore than 100 passengers and crew. The government previously restricted large cruise ships until July 1.
• May is likely to set an aviation milestone: For the first time, Chinese airlines will operate more flights than U.S. carriers, according to aviation data firm Cirium. Airlines in China have slowly added flights since mid-February, while U.S. airlines cut schedules more sharply when the coronavirus wrecked demand for air travel in the U.S. The Transportation Security Administration screened 321,776 people Thursday, down 87% from the comparable day a year ago.
UPS is imposing new surcharges on large shippers to account for increased traffic on its package-delivery network during the pandemic. United Parcel Service Inc. said surcharges for shipments within the U.S. will start Sunday and add 30 cents per parcel to ground and SurePost deliveries and $31.45 to oversize items. The fees target high-volume shippers who are sending more packages through UPS than they did in February. The move follows surcharges that UPS began imposing on international shipments in April. A UPS spokesman said the company routinely adjusts rates to reflect costs and other factors.
RENAULT CUTS JOBS
French carmaker Renault said Friday it will cut 15,000 jobs worldwide as part of a 2 billion-euro ($2.2 billion) cost-cutting plan, as a brutal drop in industry sales during the pandemic worsened the company's pre-existing problems.
Renault, which employs 180,000 and is already negotiating a bailout with the French government, said nearly 4,600 jobs will be cut in France and more than 10,000 in the rest of the world over three years.
It will shrink its global production capacity from 4 million vehicles in 2019 to 3.3 million by 2024.
Big Lots' first-quarter sales rose 11%, with samestore sales climbing 10.3%. The discount retailer's stores have remained open during the pandemic, with many consumers shopping for essentials.
TOKYO A GO GO
Tokyo will remove shutdown requests on more businesses in June, when theaters, cinemas, fitness centers and retailers in the Japanese capital can reopen after a coronavirus state of emergency ended this week.
Governor Yuriko Koike said Tokyo is ready to move to Step 2 of a three-phase roadmap designed to gradually reopen businesses.