Category Archives: Business News

Federal Reserve leaves key rate unchanged as it sees risk of higher prices and higher unemployment

Federal Reserve leaves key rate unchanged as it sees risk of higher prices and higher unemployment

WASHINGTON (AP) — The Federal Reserve kept its key interest rate unchanged Wednesday, brushing off President Donald Trump’s demands to lower borrowing costs, and said that the risks of higher unemployment and higher inflation have risen. The Fed kept its rate at 4.3% for the third straight meeting, after cutting it three times in a row at the end of last year. Many economists and Wall Street investors still expect the Fed will reduce rates two or three times this year, but the sweeping tariffs imposed by Trump have injected a tremendous amount of uncertainty into the U.S. economy and the Fed’s policies.… Continue Reading

Wall Street and the dollar tumble as investors retreat further from the United States

Wall Street and the dollar tumble as investors retreat further from the United States

NEW YORK (AP) — Wall Street weakened as investors worldwide get more skeptical about U.S. investments because of President Donald Trump’s trade war and his criticism of the Federal Reserve, which are shaking the traditional order. The S&P 500 fell 2.4% Monday to drop 16% below its record set two months ago. The Dow Jones Industrial Average sank 2.5%, and the Nasdaq composite lost 2.6%. Big Tech stocks led the way lower ahead of earnings reports coming this week from Tesla and others. Perhaps of more concern, prices also sank for longer-term U.S. government bonds, while the value of the U.S. dollar slid against the euro and other currencies.… Continue Reading

Stocks rally worldwide after Trump eases some of his tariffs on electronics, for now

Stocks rally worldwide after Trump eases some of his tariffs on electronics, for now

NEW YORK (AP) — Stocks are rallying worldwide after President Donald Trump relaxed some of his tariffs, for now at least. The S&P 500 jumped 1.5% Monday. The Dow Jones Industrial Average climbed 441 points, and the Nasdaq composite rose 2%. Apple, Nvidia and other big technology companies led the way after Trump temporarily exempted smartphones, computers and some other electronics from some of his stiff tariffs. Perhaps more importantly for Wall Street, the bond market also showed signals of increasing calm. Treasury yields eased following last week’s sudden and scary rise, which seemed to rattle not only investors but also Trump himself.… Continue Reading

Trump team tries to project confidence and calm after his tariff moves rattled markets

Trump team tries to project confidence and calm after his tariff moves rattled markets

ATLANTA (AP) — White House advisers and Cabinet members are trying to project confidence and calm as they defend President Donald Trump’s economic policies after another week of reeling markets that saw the Republican administration reverse course on some of its steepest tariffs. For his part, Trump took an aggressive stance on his social media platform Sunday, disputing the idea that he will exempt any products from his sweeping tariff plans. The Trump team pressed its case during appearances on the Sunday news shows. Their explanations and Trump’s comments together reflected shifting narratives from a president who, as a candidate, had promised an immediate economic boost and lower prices but now asks American businesses and consumers for patience.… Continue Reading

White House keeps world guessing as clock ticks down to Trump’s new tariffs

White House keeps world guessing as clock ticks down to Trump’s new tariffs

WASHINGTON (AP) — The White House is sending mixed messages on tariffs as it pursues conflicting goals, frustrating foreign leaders and business executives who are desperate for clarity on a generational overhaul of international trade. Administration officials have alternated between talking about seeking negotiations or pushing forward with tariffs no matter what. President Donald Trump tried to have it both ways this week, saying “there can be permanent tariffs, and there can also be negotiations.” That has left world leaders and businesses holding their breath as the stock market craters and the clock ticks down to the new tariffs taking effect Wednesday.… Continue Reading

US stocks dip after careening through a manic day following Trump’s latest tariff threat

US stocks dip after careening through a manic day following Trump’s latest tariff threat

NEW YORK (AP) — US stocks careened after President Donald Trump threatened to crank his tariffs higher, despite a stunning display showing how much Wall Street wants him to do the opposite. The S&P 500 sank 0.2% Monday. The Dow Jones Industrial Average fell 349 points, and the Nasdaq composite rose 0.1%. The Dow was earlier down as many as 1,700 points following even worse losses worldwide on worries that Trump’s tariffs could torpedo the global economy. It then surged to a gain after a rumor circulated that Trump may pause his tariffs. But the White House quickly called that fake news, and Trump then threatened to raise tariffs further on China.… Continue Reading

Trump says he’s not backing down on tariffs, calls them ‘medicine’ as markets reel

Trump says he’s not backing down on tariffs, calls them ‘medicine’ as markets reel

WEST PALM BEACH, Fla. (AP) — President Donald Trump says he won’t back down on his sweeping tariffs on imports from most of the world unless countries even out their trade with the U.S. He’s digging in on his plans to implement the taxes that have sent financial markets reeling, raised fears of a recession and upended the global trading system. Speaking to reporters Sunday aboard Air Force One, Trump said he didn’t want global markets to fall, but also that he wasn’t concerned about the massive sell-off either, adding, “sometimes you have to take medicine to fix something.” His comments came after Trump’s aides sought to soothe market concerns by saying more than 50 nations had reached out about launching negotiations to lift the tariffs.… Continue Reading

Dow drops 1,600 as US stocks lead worldwide sell-off after Trump’s tariffs cause a COVID-like shock

Dow drops 1,600 as US stocks lead worldwide sell-off after Trump’s tariffs cause a COVID-like shock

NEW YORK (AP) — Financial markets around the world reeled following President Donald Trump’s latest and most severe set of tariffs, and the U.S. stock market took the worst of it. The S&P 500 fell 4.8% Thursday, more than other major stock markets. The Dow Jones Industrial Average dropped 1,679 points, and the Nasdaq composite sank 6%. Little was spared as fear flared globally about the potentially toxic mix of weakening economic growth and higher inflation that tariffs can create. Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies fell. Even gold pulled lower.… Continue Reading

Trump announces sweeping new tariffs to promote US manufacturing, risking inflation and trade wars

Trump announces sweeping new tariffs to promote US manufacturing, risking inflation and trade wars

WASHINGTON (AP) — President Donald Trump is imposing a 10% baseline tax on imports from all countries and even higher tariff rates on dozens of nations that run trade surpluses with the United States. It threatens to upend much of the architecture of the global economy and trigger broader trade wars. Trump is declaring a national economic emergency to launch the tariffs, which are expected to produce hundreds of billions in annual revenues. He has promised that factory jobs will return back to the United States as a result of the taxes, but his policies risk a sudden economic slowdown as consumers and businesses could face sharp price hikes on autos, clothes and other goods.… Continue Reading

Stock market today: More swerves hit Wall Street as Trump’s “Liberation Day” nears

Stock market today: More swerves hit Wall Street as Trump’s “Liberation Day” nears

NEW YORK (AP) — U.S. stocks swerved through another shaky day of trading, with uncertainty still high about just what President Donald Trump will announce about tariffs on his “Liberation Day.” The S&P 500 rose 0.4% Tuesday after roaring back from an early drop of 1%. The Dow Jones Industrial Average edged down by less than 0.1% after likewise pinging between gains and losses, while the Nasdaq composite added 0.9%. Treasury yields dropped in the bond market after a report said U.S. manufacturing contracted last month. Markets have been shaky in the run-up to Wednesday, when Trump will announce a sweeping set of tariffs.… Continue Reading

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