Category Archives: Business News

Stocks, bonds and the dollar drift after the latest downgrade to the US government’s credit rating

Stocks, bonds and the dollar drift after the latest downgrade to the US government’s credit rating

NEW YORK (AP) — After recovering from an initial jolt, U.S. stocks drifted through quiet trading following the latest reminder that the U.S government may be hurtling toward an unsustainable mountain of debt. The S&P 500 rose 0.1% Monday after Moody’s Ratings became the last of the three major credit-rating agencies to say the U.S. government no longer deserves a top-tier “Aaa” rating. The Dow Jones Industrial Average added 0.3%, and the Nasdaq was little changed. In the bond market, the 30-year Treasury yield briefly jumped above 5% before calming. The issues Moody’s cited in its downgrade are all well known among investors.… Continue Reading

US egg prices fall for the first time in months but remain near record highs

US egg prices fall for the first time in months but remain near record highs

Government data shows U.S. retail egg prices have declined for the first time since October. The average price for a dozen Grade A eggs fell to $5.12 in April after reaching a record $6.23 in March, according to the Consumer Price Index released on Tuesday. The average price of eggs of all sizes fell 12.7%, which was the steepest monthly decline since March 1984. Still, U.S. egg prices remain near record highs as a persistent outbreak of bird flu continues to wipe out egg-laying hens. April’s store price was 79% higher than a year earlier, when the retail price averaged $2.86 per dozen.… Continue Reading

Dow leaps 1,100 points and S&P 500 rallies 3.3% following a 90-day truce in the US-China trade war

Dow leaps 1,100 points and S&P 500 rallies 3.3% following a 90-day truce in the US-China trade war

NEW YORK (AP) — U.S. stocks are leaping after China and the United States announced a 90-day truce in their trade war. The S&P 500 jumped 2.6% Monday. The Dow Jones Industrial Average rose 951 points, and the Nasdaq composite gained 3.5%. Hopes for an economy less encumbered by tariffs also sent crude oil prices higher. The U.S. dollar strengthened against other currencies, and Treasury yields jumped on expectations the Federal Reserve won’t have to cut interest rates so deeply this year in order to protect the economy. Analysts warned conditions could still quickly change, as has so often happened in President Donald Trump’s trade wars.… Continue Reading

Hamas says it released American-Israeli hostage in goodwill gesture toward Trump administration

Hamas says it released American-Israeli hostage in goodwill gesture toward Trump administration

DEIR AL-BALAH, Gaza Strip (AP) — Hamas says it has released Israeli-American hostage Edan Alexander. An Israeli official confirmed that the transfer was underway without providing specifics. The official was not authorized to brief media and spoke on condition of anonymity. Hamas said it was releasing Alexander on Monday as a goodwill gesture to try to revive talks on ending the war. The release comes ahead of President Donald Trump’s visit to the Middle East this week.… Continue Reading

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

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