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Small gains for stocks ... Trump warning for tech companies ... US-Canada trade talks

August 28, 2018

NEW YORK (AP) — Stocks indexes ended slightly higher after a day of wavering between small gains and losses. Technology stocks rose, as did some retailers, but banks, energy companies and makers of consumer goods ended broadly lower. The S&P 500 index gained less than 1 point, finishing at 2,897. The Dow rose 14 to 26,064. The Nasdaq composite rose 12 points to 8,030.

WASHINGTON (AP) — President Donald Trump says Google and other tech companies are “treading on very, very troubled territory.” Trump claimed in a pair of tweets that Google search results are “RIGGED, for me & others, so that almost all stories & news is BAD.” Google says its search is not used to set a political agenda and the results are not biased toward any political ideology.

WASHINGTON (AP) — Canadian Foreign Affairs Minister Chrystia Freeland is discussing how to revamp the North American Free Trade Agreement with United States Trade Representative Robert Lighthizer. Before entering the USTR building, Freeland told reporters she is “encouraged by the progress the U.S. and Mexico have made, particularly on cars and labor.” Freeland hurried to Washington a day after the Trump administration reached a preliminary deal Monday with Mexico to replace the North American Free Trade Agreement. It’s the first trade talks between the U.S. and Canada since May.

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin is calling Federal Reserve Chairman Jerome Powell a “phenomenal leader.” His comments marked the administration’s first praise of the central bank since a barrage of criticism by President Donald Trump. In an interview with CNBC, Mnuchin says he respects the Fed’s independence. He also says he believes Powell understands the need for economic growth and will be careful in implementing monetary policy.

MIAMI (AP) — Federal prosecutors say a Swiss bank has reached an agreement to pay more than $60 million to the U.S. and provide information to investigators about concealed accounts Americans used to avoid taxes. The Miami U.S. attorney’s office says Basler Kantonalbank will pay restitution to the Internal Revenue Service, a fine to the U.S. government and forfeit fees the bank earned from undeclared accounts from 2002 to 2012. The deferred prosecution agreement signed by bank lawyers says that at its peak, the bank had 1,144 accounts for U.S. customers with a total value of more than $813 million.

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