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A heightened US-China financial war imperils global economy
WASHINGTON (AP) — Just what the fragile global economy didn’t need: An unpredictable escalation in President Donald Trump’s trade war with China, one that spreads the conflict to currency markets, threatens to involve other countries and raises the risk of a global recession at a time when growth in the United States and the world is already weakening.
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Trump’s tariffs could blot out positive economic story
WASHINGTON (AP) — Just last week, solid economic numbers appeared to be helping President Donald Trump’s reelection prospects. But Trump chose to magnify the trade war with China and almost instantly destabilized the economy in ways that could hurt his 2020 chances if the conflict persists.
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US stocks notch solid gains as China stabilizes currency
Stocks closed broadly higher Tuesday as Wall Street regained its footing a day after the market had its biggest decline in a year. The bounce pushed the Dow Jones Industrial Average more than 300 points higher and snapped a six-day losing streak for the market, though the S&P 500 recouped only a little more than a third of the losses from Monday. China’s decision to stabilize its currency put investors in a buying mood. Technology stocks powered the rally. Energy stocks fell. Bond prices rose.
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AP Explains: How a ‘currency war’ could weaken US economy
WASHINGTON (AP) — The U.S.-China trade conflict escalated quickly this week as China allowed its currency to fall to its lowest level against the dollar in 11 years, and President Donald Trump responded by designating the country as a “currency manipulator.” Trump’s move has little immediate practical impact, but both developments raised the prospect of a destabilizing currency war between the two countries.
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Disney results miss as it ramps up streaming services
NEW YORK (AP) — Disney says its net income fell 39% in the latest quarter. Despite box office successes such as “Avengers: Endgame,” Disney spent more money on its ESPN Plus and upcoming Disney Plus streaming services.
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Trade war tensions ease a bit as China stabilizes currency
BEIJING (AP) — Tensions between the U.S. and China over trade subsided a bit Tuesday, giving U.S. investors a reason to wade back into stocks after a big sell-off a day earlier. Still, experts worried that recent actions taken by the two sides presage a prolonged battle over trade that could slow global economic growth.
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Bolton warns foreigners that violate Venezuela asset freeze
CARACAS, Venezuela (AP) — U.S. National Security Adviser John Bolton pressed his case Tuesday for sweeping actions against Venezuela’s President Nicolás Maduro, warning foreign governments that they could face American retaliation if they continue to do business with his socialist administration. Bolton’s comments in Peru came after the White House froze all Venezuelan government assets in the U.S., putting the country on a short list of U.S. adversaries from Cuba to Iran targeted by such aggressive financial measures.
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FDA says Novartis withheld data problem before drug approval
TRENTON, N.J. (AP) — U.S. regulators want to know why Novartis didn’t disclose a problem with testing data until after they approved the Swiss drugmaker’s $2.1 million gene therapy. The Food and Drug Administration said the manipulated data involves testing of the therapy on animals, not on patients. The FDA on Tuesday said it’s confident it should stay on the market. The agency said it will consider criminal or civil penalties if appropriate.
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Walmart wrestles with how to respond to active shooters
NEW YORK (AP) — Like most retailers, Walmart is accustomed to the everyday dealings of shoplifters. Now, it’s confronting a bigger threat: active shooters. Three days after a man opened fire at one of its stores in El Paso, Texas, and left at least 22 dead, the nation’s largest retailer is faced with how to make its workers and customers feel safe.
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Barneys seeks bankruptcy protection, closes most stores
NEW YORK (AP) — Barneys New York is filing for Chapter 11 bankruptcy protection, the latest retailer to buckle as shoppers move online. The iconic clothier founded almost a century ago will keep the doors open at its 10-story Madison Avenue store, but it has secured $75 million in financing to pay employees and vendors as it seeks a buyer. Stores in Chicago, Las Vegas and Seattle will close along with 12 concept and warehouse locations.
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The S&P 500 index rose 37.03 points, or 1.3%, to 2,881.77. The Dow climbed 311.78 points, or 1.2%, to 26,029.52. The Nasdaq composite gained 107.23 points, or 1.4%, to 7,833.27. The Russell 2000 index of smaller companies picked up 14.67 points, or 1%, to 1,502.09.
