Category Archives: Business News

Trump says he doesn’t trust the jobs data, but Wall Street and economists do

Trump says he doesn’t trust the jobs data, but Wall Street and economists do

WASHINGTON (AP) — The monthly jobs report is already closely-watched on Wall Street and in Washington but has taken on a new importance after President Donald Trump on Friday fired the official who oversees it. Trump claimed that June’s employment figures were “RIGGED” to make him and other Republicans “look bad” yet provided no evidence. The firing of the Bureau of Labor Statistics director followed Friday’s jobs report that showed hiring was weak in July and had come to nearly a standstill in May and June. Economists and Wall Street investors have long considered the job figures reliable. Friday’s revisions were unusually large, and the surveys used to compile the report are facing challenges from declining response rates. But that hasn’t led most economists to doubt them.… Continue Reading

Dow leaps 585 points as US stocks win back most of Friday’s wipeout

Dow leaps 585 points as US stocks win back most of Friday’s wipeout

NEW YORK (AP) — U.S. stocks rallied and won back most of their sharp loss from last week. The S&P 500 jumped 1.5% Monday to follow up its worst day since May with its best since May. The Dow Jones Industrial Average climbed 585 points, or 1.3%, and the Nasdaq composite leaped 2%. Gains for Tyson Foods and other companies following their better-than-expected profit reports helped offset a drop for Berkshire Hathaway. This upcoming week may have fewer fireworks on Wall Street than last week, which was punctuated by a disappointingly weak report on the U.S. job market.… Continue Reading

Trump seeks to fire official overseeing jobs data after weak employment report

Trump seeks to fire official overseeing jobs data after weak employment report

WASHINGTON (AP) — President Donald Trump said Friday that he has directed his team to fire the head of the agency that produces the monthly jobs figures, after a weak report showed hiring slowed and was much weaker in April and May than previously reported. Trump in a post on his social media platform alleged that the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics, who was appointed by former President Joe Biden, should be fired.… Continue Reading

Trump seeks to fire official overseeing jobs data after weak employment report

Trump seeks to fire official overseeing jobs data after weak employment report

WASHINGTON (AP) — President Donald Trump said Friday that he has directed his team to fire the head of the agency that produces the monthly jobs figures, after a weak report showed hiring slowed and was much weaker in April and May than previously reported. Trump in a post on his social media platform alleged that the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics, who was appointed by former President Joe Biden, should be fired.… Continue Reading

Trump announces 90-day negotiating period with Mexico as 25% tariff rates stay in place

Trump announces 90-day negotiating period with Mexico as 25% tariff rates stay in place

WASHINGTON (AP) — President Donald Trump says there will be a 90-day negotiating period with Mexico over trade as 25% tariffs stay in place. Trump posted online Thursday a phone conversation with Claudia Sheinbaum was “very successful in that, more and more,” they’re “getting to know and understand each other.” Trump says goods from Mexico imported into the U.S. will continue to face a 25% tariff he has ostensibly linked to fentanyl trafficking. The Republican president says autos face a 25% tariff, while copper, aluminum and steel are taxed at 50%. Trump had threatened tariffs of 30% on goods from Mexico, something Sheinbaum says Mexico gets to stave off for the next three months.… Continue Reading

Federal Reserve leaves interest rates unchanged even as Trump demands cuts

Federal Reserve leaves interest rates unchanged even as Trump demands cuts

WASHINGTON (AP) — The Federal Reserve is leaving its key short-term interest rate unchanged for the fifth time this year, brushing off repeated calls from President Donald Trump for a cut. The Fed’s decision Wednesday leaves its key short-term rate at about 4.3%, where it has stood after the central bank reduced it three times last year. Chair Jerome Powell has said the Fed would likely have cut rates already if not for Trump’s sweeping tariffs. Powell and other Fed officials say they want to see how Trump’s duties on imports will impact inflation and the broader economy. Two Fed governors dissented in favor of a cut.… Continue Reading

Union Pacific and Norfolk seek 1st transcontinental railroad through a massive merger

Union Pacific and Norfolk seek 1st transcontinental railroad through a massive merger

OMAHA, Neb. (AP) — Union Pacific is seeking to buy Norfolk Southern in a $85 billion deal that would create the first transcontinental railroad in the U.S, and potentially trigger a final wave of rail mergers across the country. The proposed merger, announced Tuesday, would marry Union Pacific’s rail network in the West with Norfolk’s rails that snake across Eastern states. The nation was first linked by rail in 1869, when a golden railroad spike was driven in Utah to symbolize the connection of East and West Coasts. Yet no single entity has controlled that coast-to-coast passage that so many businesses rely on.… Continue Reading

Wall Street coasts for now ahead of a week packed with potential flashpoints

Wall Street coasts for now ahead of a week packed with potential flashpoints

NEW YORK (AP) — U.S. stocks coasted to a quiet finish to begin a week full of potentially market-moving events. The S&P 500 edged up by less than 0.1% on Monday to set an all-time high for a sixth straight day. The Dow Jones Industrial Average slipped 0.1%, and the Nasdaq composite added 0.3% to its own record. Stocks held steady after the United States and European Union agreed on the framework for a trade deal, one that still has many details to be worked out. Later this week will come Big Tech profit reports, a decision on interest rates by the Federal Reserve and other highly anticipated updates.… Continue Reading

US-EU deal sets a 15% tariff on most goods and averts the threat of a trade war with a global shock

US-EU deal sets a 15% tariff on most goods and averts the threat of a trade war with a global shock

EDINBURGH, Scotland (AP) — The United States and the European Union have agreed to a trade framework setting a 15% tariff on most goods. President Donald Trump announced the agreement on Sunday after meeting with European Commission chief Ursula von der Leyen in Scotland. This deal prevents higher import taxes that could have impacted global economies. Trump described the negotiation as beneficial for both parties. Von der Leyen noted the deal brings stability and predictability for businesses. The agreement includes major U.S. energy purchases and investments by the EU. Some strategic products will have zero tariffs, but details are still being finalized.… Continue Reading

US stocks hit more records following US-Japan trade deal

US stocks hit more records following US-Japan trade deal

NEW YORK (AP) — U.S. stocks rose to more records following a trade deal between the world’s No. 1 and No. 4 economies. The S&P 500 climbed 0.8% Wednesday, setting another all-time high. The Dow Jones Industrial Average jumped 507 points, and the Nasdaq composite gained 0.6% to hit its own record. Stocks rallied even more in Tokyo after President Donald Trump announced a deal that would place a 15% tax on imports from Japan. That’s lower than the 25% rate that Trump had earlier threatened. Big U.S. companies continued to offer updates about how Trump’s tariffs are affecting them, and Treasury yields rose.… Continue Reading

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