Stocks post broad gains...Trump warns of more tariffs...Tesla shares fall
NEW YORK (AP) — Technology and consumer-focused companies have led stocks broadly higher this afternoon, reversing much of the market’s losses from a day earlier. Health care stocks also posted solid gains. Energy stocks also rose along with crude oil prices. The rally suggested that the market had largely shaken off the latest escalation in the trade dispute between the U.S. and China a day after jitters over more tariffs triggered a sell-off.
WASHINGTON (AP) — President Donald Trump says he’s prepared to impose a 25 percent tax on an additional $267 billion in Chinese imports. He tells reporters at the White House that the new tariffs would be a response to Beijing’s announcement that it’s retaliating against the Trump administration’s imposition of a 10 percent tax on $200 billion of Chinese imports, to begin Monday. Trump says that tax will jump to 25 percent in 2019.
WASHINGTON (AP) — Commerce Secretary Wilbur Ross is downplaying the economic impact of the US-China trade war on consumers. When asked this morning on CNBC how tariff increases will impact American families, Ross said: “Because it’s spread over thousands and thousands of products, nobody’s going to actually notice it at the end of the day.”
NEW YORK (AP) — Shares in Tesla slid more than five percent after Bloomberg reported that the electric car maker is being investigated by the Justice Department over public statements made by CEO Elon Musk. Early last month Musk tweeted that he had secured funding to take the company private. A couple of weeks later, he put out a statement saying the go-private deal was off.
NEW YORK (AP) — Customers of the large regional bank SunTrust are experiencing a third day of outages and difficulties from its online banking services, a particular problem for its customers in North and South Carolina who are currently dealing with Hurricane Florence. SunTrust’s online banking services went down on Sunday after a routine technical upgrade. As of this afternoon, the bank said some services had been restored but customers were still experiencing issues.