Stocks rise...White House: US growth could reach 3 percent...Treasury seeks changes in handling trouble banks
NEW YORK (AP) — Stocks are climbing in afternoon trading on Wall Street, erasing much of yesterday’s decline. Technology, banks and industrial companies are leading the way higher, while consumer goods companies lag. The Dow Jones industrial average has been up about 250 points.
WASHINGTON (AP) — Minutes of the Federal Reserve’s January policy meeting show that officials believed improving global economic prospects and the impact of the recently passed tax cuts had raised the prospects for economic growth — and future rate hikes. Officials were more optimistic about the economy than they were in December, noting a stronger U.S. and global economy and rising expectations that tax cuts would boost growth.
WASHINGTON (AP) — The White House top economist says the U.S. could achieve annual growth rates of 3 percent through the next decade. A report released by Kevin Hassett of the Council of Economic Advisers praises the effects of the tax cuts and tax overhaul signed into law by President Donald Trump. It forecasts an overall average annual growth rate of 2.2 percent through 2028. But it says the growth rate could reach 3 percent if Trump’s policies on regulations and infrastructure are fully implemented.
WASHINGTON (AP) — The Treasury Department is recommending a divisive procedure for handling troubled financial institutions be retained with some changes, rather than being scrapped as many conservative lawmakers had wanted. The department says the process, known as the orderly liquidation authority, should be kept in place as an emergency tool for use in circumstances where the collapse of a large financial institution could destabilize the entire economy.
SAN FRANCISCO (AP) — Google’s voice-activated assistant is branching out to Nest’s deluxe security camera. The virtual assistant is being offered to owners of the Nest Cam IQ in a free update rolling out today. The $300 Nest Cam could give Google a valuable earhole as it strives to build digital command centers in people’s homes. That has already spurred warnings from privacy watchdogs about the potential for internet-connected devices being used as surveillance tools.