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US stocks surge on the prospect of new China stimulus

U.S. stocks are climbing Tuesday after the Chinese government moved to stimulate its economy. Machinery companies and miners are rising the most, and energy companies are trading higher with the price of oil. Stocks are on track for their biggest gain in a month.

US employers added 160K jobs; jobless rate at 5 percent

U.S. employers pulled back on hiring in April, adding 160,000 jobs, the fewest in seven months, after a streak of robust monthly gains. The unemployment rate remained at a low 5 percent, roughly where it has been since fall. Last month’s hiring gain marked a drop from the average increase of 200,000 over the past three months.

US factory orders contracted in February

Orders to U.S. factories fell in February for the third time in the past four months. Meanwhile, a key category that tracks business investment plans dropped by the largest amount in two months.