Trump calls on Federal Reserve to cut interest rates
WASHINGTON (AP) — President Donald Trump is calling on the Federal Reserve to cut interest rates by at least a full percentage-point “over a fairly short period of time.” He says such a move would make the U.S. economy even better and would also “greatly and quickly” enhance the global economy.
74% of economists in survey see US recession by end of 2021
WASHINGTON (AP) — A strong majority, 74%, of U.S. business economists appear sufficiently concerned about the risks of some of President Donald Trump’s economic policies that they expect a recession in the U.S. by the end of 2021. The economists surveyed by the National Association for Business Economics, in a report released Monday, mostly didn’t share Trump’s optimistic outlook for the economy, though they generally saw recession coming later than they did in a survey taken in February.
US extends limited reprieve on tech sales to China’s Huawei
WASHINGTON (AP) — The Trump administration has extended a limited reprieve on U.S. technology sales to Huawei. Commerce Secretary Wilbur Ross says the main aim is to give smaller U.S. internet and wireless companies that rely on Huawei more time to wean themselves off. Yet questions remain over how much of an effect broader sanctions are having on the Chinese technology giant.
Wide implications as Germany teeters toward recession
BERLIN (AP) — Germany’s central bank has raised the possibility that Europe’s industrial powerhouse and biggest economy is entering a recession. That could have repercussions for the rest of the eurozone and the United States, especially if it dampens demand in Germany for those countries’ exports.
Top US CEOs rethink the meaning of shareholder value
NEW YORK (AP) — “The shareholder comes first” has for years been the mantra of the Business Roundtable, a group representing the most powerful CEOs in America. The group on Monday released a new mission statement that implies a foundational shift: a step back from shareholder primacy. The new mission statement on “the purpose of a corporation” emphasizes that all stakeholders are important and that includes workers, suppliers, customers and the communities where corporations operate.
Technology companies drive a broad rally on Wall Street
NEW YORK (AP) — Technology companies powered a broad rally on Wall Street Monday that gave the market its third straight gain. The surge in tech stocks followed a decision by the U.S. to give Chinese telecom giant Huawei another 90 days to buy equipment from American suppliers. The decision appeared to put investors eager for any signs of progress in the trade war between the U.S. and China in a buying mood. Stocks were coming off their third weekly loss in a row. Bond prices fell, sending yields higher.
Where’d all the stocks go? Nasdaq’s CEO on shrinking market
NEW YORK (AP) — The U.S. stock market has thousands fewer companies to choose from, and that’s doing a disservice to regular investors, says Nasdaq CEO Adena Friedman. In a recent conversation with the AP, she discussed what’s behind the trend and how it could be exacerbating income inequality. She also touched on how trading markets are striving to open up to the world, even as politicians push for more insularity.
Brand-name drug prices rising at slower pace, lower amounts
TRENTON, N.J. (AP) — Prices for brand-name prescription medicines are still climbing, just not quite as much. After years of frequent list price hikes, many drugmakers are showing some restraint. New figures from health data firm Elsevier analyzed by The Associated Press show fewer and smaller price hikes so far this year.
‘Codfather’ settlement means magnate will never fish again
The federal government says it has settled its civil case against a fishing magnate known as the Codfather, saying he will never be allowed to return to U.S. fisheries. The National Oceanic and Atmospheric Administration said Monday its settlement with Carlos Rafael and his fishing captains will clear the way for Rafael’s assets to be divested. Those assets are embroiled in litigation. Rafael’s attorney did not return a phone call seeking comment.
Top US CEOs rethink the meaning of shareholder value
NEW YORK (AP) — The shareholder comes first has for years been the mantra of the Business Roundtable, a group representing the most powerful CEOs in America. The group on Monday released a new mission statement that implies a foundational shift; a step back from shareholder primacy. The new mission statement on “the purpose of a corporation” emphasizes that all stakeholders are important and that includes workers, suppliers, customers and the communities where corporations operate.
Twitter shuts Chinese accounts targeting Hong Kong protests
WASHINGTON (AP) — Twitter has suspended more than 200,000 accounts that it believes were linked to the Chinese government and a disinformation campaign targeting the protests in Hong Kong. The company also says it will prohibit state-sponsored ads that have amounted to propaganda. A senior Twitter official tells The Associated Press that both actions are part of a company effort to halt malicious political activity on the widely used platform.
The S&P 500 climbed 34.97 points, or 1.2%, to 2,923.65. The Dow Jones Industrial Average rose 249.78 points, or 1%, to 26,135.79. The Nasdaq rose 106.82 points, or 1.3%, to 8,002.81. The Russell 2000 index of smaller company stocks gained 15.21 points, or 1%, to 1,508.85.
Source: Associated Press