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NEW YORK (AP) — U.S. stocks rose to records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect. The S&P 500 climbed 0.6% to top the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 123 points, or 0.3%, to its own record set the day before, while the Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way. Stock markets abroad mostly fell after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China once he takes office. But the movements were mostly modest. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada’s main index edged down by less than 0.1%. Trump has often praised the use of tariffs , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. The consequences otherwise for markets and the global economy could be painful. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. And unlike tariffs in Trump’s first term, his latest proposal would affect products across the board. General Motors sank 9%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.3%. The value of the Mexican peso fell 1.8% against the U.S. dollar. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support for the job market . While lower interest rates can boost the economy, they can also offer more fuel for inflation. “Many” officials at the Fed’s last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon. The talk about tariffs overshadowed another mixed set of profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates imposed by the Fed to get inflation under control. A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected. Kohl’s tumbled 17% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. Best Buy fell 4.9% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. Still, more stocks rose in the S&P 500 than fell. J.M. Smucker had one of the biggest gains and climbed 5.7% after topping analysts’ expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. Big Tech stocks also helped prop up U.S. indexes. Gains of 3.2% for Amazon and 2.2% for Microsoft were the two strongest forces lifting the S&P 500. All told, the S&P 500 rose 34.26 points to 6,021.63. The Dow gained 123.74 to 44,860.31, and the Nasdaq composite climbed 119.46 to 19,174.30. In the bond market, Treasury yields held relatively steady following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury inched up to 4.29% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It’s since dipped back toward $91,000, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get the latest local business news delivered FREE to your inbox weekly.Jeremy Clarkson backpedals on previous claim he bought farm for tax reasons
New Delhi: The Congress on Saturday described the Maharashtra poll outcome as "inexplicable" and claimed that the level-playing field was disturbed in a targeted manner as part of a conspiracy to defeat it. The opposition party, however, hailed the result in Jharkhand, saying the people of the state had categorically rejected the " politics of polarisation " peddled by the BJP. Assembly Election Results Live Updates Maharashtra Election Results Jharkhand Election Results Bypoll Election Results "The Maharashtra assembly poll result is surprising, inexplicable for us," Congress leader Jairam Ramesh said, stressing that it was not a victory of development, as projected by the BJP. On Jharkhand, he said, "The people of Jharkhand have decisively rejected the politics of polarisation." Congress leader Pawan Khera said, as the principal opposition party, "we find it our responsibility to keep raising issues of transparency in elections". "The people of Jharkhand made victorious the government that worked for them," he said. Office Productivity Mastering Microsoft Office: Word, Excel, PowerPoint, and 365 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) AI for Everyone: Understanding and Applying the Basics on Artificial Intelligence By - Ritesh Vajariya, Generative AI Expert View Program Web Development A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance A2Z Of Finance: Finance Beginner Course By - elearnmarkets, Financial Education by StockEdge View Program Marketing Modern Marketing Masterclass by Seth Godin By - Seth Godin, Former dot com Business Executive and Best Selling Author View Program Finance A2Z Of Money By - elearnmarkets, Financial Education by StockEdge View Program Strategy Succession Planning Masterclass By - Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd. 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Our morale is not down and we will strengthen the organisation and analyse the results," Congress general secretary Jairam Ramesh said at a press conference. "We won and lost today but the Congress' agenda will not change and we will keep raising the issues that we have been raising such as that of caste census, raising reservation limit of 50 per cent, growing economic disparity and 'Modani'," Ramesh said, adding that the people of Maharashtra had not rejected these issues, as projected by the BJP. He said the Maharashtra results were opposite to the ground situation in the state a few months ago. "We will analyse the poll outcome and come out with measures to strengthen the organisation and revive it in the state and continue to raise the issues that we have been raising," he said. "We will keep raising questions on electoral transparency and there will be no change in our agenda," Ramesh said. Assembly Election Results Live Updates Maharashtra Poll Results Highlights 2024 Jharkhand Poll Results Highlights 2024 (You can now subscribe to our Economic Times WhatsApp channel )
Canadian freestyle skier star Mikael Kingsbury is juggling both moguls and fatherhood. The 32-year-old Olympic and world champion from Deux-Montagnes, Que., opens his World Cup season Saturday in Ruka, Finland, with partner Laurence Mongeon and their infant son Henrik in tow. Henrik was born Aug. 25. "It changes your life, that's for sure," Kingsbury said Tuesday from Ruka in a media conference call. "Get used to waking up in the middle of the night, but at the same time, it is the most beautiful thing in the world. "It brings a beautiful balance to my career." While Kingsbury acknowledges there are great hockey players named Henrik, he says the inspiration for the name was his niece liking a boy named Henrik in her kindergarten class. "I always liked the name anyway," Kingsbury said. "Laurence and I agree it fits his face. "I didn't ski as much this summer because I wanted to be home and I wanted to be present. We're five weeks on the road for the start of this season, so I couldn't see myself doing five weeks without seeing my kid. "I would have missed my family too much, so I brought them on the road for three weeks." Regarded as the most dominant moguls skier of all time, the Canadian achieved another significant milestone last season when he surpassed Swedish alpine skier Ingemar Stenmark for the most all-time World Cup victories by a male athlete in any ski discipline. Kingsbury embarks on his 16th World Cup season with a career 90 victories. He's finished in the medals in 129 of 151 career World Cup starts. But while Kingsbury claimed last season's dual moguls crown, Japan's Ikuma Horishima challenged Kingsbury's reign by claiming his first crystal globe in moguls. "The mindset is still the same. The goals are still the same," Kingsbury said. "Coming into the season, I want to focus on one race at a time. That's how you get to a crystal globe. "The main focus is being consistent, staying healthy to start the season, try to get the momentum of the start and stay healthy until the end of this season. "I usually start strong, and I can finish very strong, and that's how you win crystal globes." Kingsbury won an Olympic moguls gold medal in 2018 and silver in both 2014 and 2022. Dual moguls makes its Olympic debut in 2026 in Milan-Cortina, Italy. Kingsbury has swept both moguls and dual moguls gold medals in three straight world championships. He'll attempt the double a fourth time March 18-21 in Engadin, Switzerland. "Henrik and my family now are my priority and skiing comes second, but I know I can still win," Kingsbury said. "It's going to be different. My family is going to be home and it might be a bit more difficult, but at the same time I see a lot of positive in being a dad. I feel way more relaxed on the mountain." One secret to Kingsbury's success has been his durability. His only major injury hiccup so far was fracturing two vertebrae in his back training in Ruka ahead of the 2020-21 season. Kingsbury sat out the first three World Cups and won the fourth upon return to action. He's closer to the end of his career than the beginning, so quality training, not quantity, is important to him. "As I get older, I cannot do too much, but I've got to do the right amount and make sure I can peak in 2026," he explained. "The challenge is going to be the best dad I can and the best skier I can and try to manage in the middle. It's never going to be perfect, but I'm to do as best as I can and make sure I'm ready in 2026. "I feel fortunate for all the team (members) that I have around me, teammates, and all the coaches and staff that are working with me. They're going to make my life easy when it's going to be difficult." This report by The Canadian Press was first published Nov. 26, 2024. Donna Spencer, The Canadian PressEnvironment Don't miss out on the headlines from Environment. Followed categories will be added to My News. Summer has well and truly arrived for Queenslanders with the bureau warning parts of the state will be gripped by a “severe” heatwave over the coming days. A low intensity heatwave is expected across most of southeast Queensland, sending temperatures soaring. The Bureau of Meteorology issued a severe heatwave warning on Sunday for large parts of the state including the Northern Goldfields and Upper Flinders, Central Coast and Whitsundays, Capricornia, Central Highlands and Coalfields, Central West and North West Districts regions. Temperatures will soar on Monday Some parts of the state are expected to face temperatures nearing 40 degrees. While temperatures are expected to be cooler in Brisbane over the coming days, maximum temperatures are forecast to be in the low 30s for most of the week - with Wednesday (top of 29C) the only exception. “Severe heatwaves can be dangerous for many people, especially older people, babies, children, pregnant and breastfeeding women, people with medical conditions and people who are unwell,” the bureau said in its heatwave warning issued on Sunday. “Seek a place to keep cool, such as your home, a library, community centre or shopping centre. Bondi Beach was packed on Sunday and Sydneysiders flocked to soak up the sun. Picture: NewsWire/ Monique Harmer “Close your windows and draw blinds, curtains or awnings early in the day to keep the heat out of your home.” It also advised people to use air conditioners if available. Some parts of northern NSW - in the Mid North Coast and Northern Tablelands districts - are also expected to experience low-intensity heatwave conditions over the coming days. Meanwhile, the Bureau says it is also monitoring tropical storm activity in the northern parts of Western Australia.It issued a severe thunderstorm warning for the Pilbara, Gascoyne, North Interior, South Interior and Goldfields regions. It’s warning that the thunderstorms could produce heavy rainfall and flash flooding. The bureau says that warm waters are fuelling thunderstorms and we could see two tropical lows across WA’s north in the next week, though they are forecast to stay offshore. Originally published as Queenslanders warned of looming heatwave as temperatures soar More related stories Environment Dire heatwave, storm warning for millions Millions of Aussies are under heatwave warnings as temperatures rise above the mid-40s in some regions - all while storms continue to batter the east coast. Read more Environment Severe storm warning, 100km/h winds Severe thunderstorms have been issued for parts of the country, with some areas bracing for wind gusts of up to 100km/h. Read more
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