AIRPORTS

Cleveland Hopkins raises

rates for valet parking

Cleveland Hopkins International Airport is raising parking fees for the premium valet service.

The new fee, starting July 1, will be $30 per day, an increase of $5 per day. It's the first increase in valet prices since 2015, the airport said.

WALL STREET

Stock indexes slide

after tariff decision

Stocks closed broadly lower on Wall Street Friday after President Donald Trump surprised investors with tariffs on Mexican imports.

The sell-off capped a monthlong slide for the market, which ended May with its first monthly loss of 2019. Bond yields also continued their plunge as traders scrambled into safer investments amid worries that the trade war's multiplying fronts will hurt economic growth and corporate profits.

The S&P 500 index fell 36.80 points, or 1.3%, to 2,752.06. The Dow dropped 354.84 points, or 1.4%, to 24,815.04. The Nasdaq slid 114.57 points, or 1.5%, to 7,453.15.

The Russell 2000 index of smaller companies gave up 20.04 points, or 1.3%, to 1,465.49.

ECONOMY

Consumer spending

loses steam in April

Consumer spending slowed in April while inflation was up, but still far below the target set by the Federal Reserve.

The Commerce Department said Friday that spending increased 0.3% in April following a 1.1% surge in March that had been the largest increase in nearly a decade. Personal income growth, which had been lagging in recent months, jumped 0.5% in April.

Inflation, as measured by a gauge tied to consumer spending, increased 1.5% in April compared with a year ago, up slightly from a 1.4% 12-month change in April.

The Fed tries to manage interest rate policy to achieve annual price gains of 2%.

Through the first three months of this year, however, inflation fell farther from this goal.

MANUFACTURING

Activity slows down

at Chinese factories

China's factory activity fell into contraction territory in May amid an ongoing trade dispute with the U.S. that has seen higher tariffs slapped on Chinese exports.

The National Bureau of Statistics and an industry group, the China Federation of Logistics & Purchasing, said Friday that the composite purchasing managers' index of China dropped to 49.4 in May, down from 50.1 in April.

Any reading below 50 shows that manufacturing activity is contracting.

AUTOS

Renault board to vote

on Fiat deal next week

French automaker Renault said Friday that its board will meet on Tuesday to vote on a possible merger with Fiat Chrysler.

Fiat Chrysler has proposed to merge with Renault to create the world's third-biggest automaker (trailing only Volkswagen and Toyota), worth almost $40 billion, and combine forces in the race to make electric and autonomous vehicles.