The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
Stocks rose on Wednesday as bank shares rallied on higher interest rates, while Boeing rose.
The Dow Jones industrial average closed 346.41 points higher at 25,146.39 with Boeing rising 3.2 percent and contributing the most to the gains. J.P Morgan and Goldman Sachs were also among the biggest contributors of gains. The Dow also closed above 25,000 for the first time since mid-March.
The gained 0.9 percent to finish at 2,772.35 as financials rose 1.9 percent. The benchmark 10-year Treasury note yield rose to 2.98 percent on Wednesday, following yields in Europe after the European Central Bank hinted at winding down its asset-purchasing program.
Shares of J.P. Morgan Chase, Bank of America and Morgan Stanley all rose more than 2 percent, while Goldman Sachs advanced 1.7 percent. The SPDR S&P Bank exchange-traded fund (KBE) gained 2.1 percent, marking its best day since March 26.
Meanwhile, the Nasdaq composite closed 0.7 percent higher at 7,689.24 and hit a record high as tech regained earlier losses. But tech's gains were capped after the Financial Times reported the European Union was set to unveil a negative finding from a probe on Google. Shares of Google-parent Alphabet closed 0.4 percent lower on the news.
Tech has been on fire recently, rising more than 6 percent over the past month to a record high. The best-performing tech names over that time include chipmakers Advanced Micro Devices, Micron Technology and Microchip Technology. PayPal, Electronic Arts and Facebook are also up sharply over the past month.
"It's interesting because, over the past few years, you've seen tech perform as a defensive sector," said Quincy Krosby, chief market strategist at Prudential Financial. "What we're seeing are concerns about global growth as overseas data have, overall, suggested moderation outside of the U.S."
Krosby also said concerns over a trade war between the U.S. and key partners have also helped push tech higher recently.
Mexico — one of the biggest U.S. trade partners — unveiled tariffs on Tuesday that target U.S. goods such as pork, cheese and steel. This comes after the Trump administration last week slapped tariffs on steel and aluminum imports from the European Union, Mexico and Canada.
Canada's Chrystia Freeland said the country plans to slap dollar-for-dollar tariffs on the U.S. Meanwhile, the EU threatened to retaliate with tariffs of its own.
"At least for now, instead of getting trade deals done with the stick of steel and aluminum tariffs, we have instead invited tariffs back on us," wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group, in a note. "I thought the point of our tariffs on them was to get them to negotiate with us but instead it's just inviting more tariffs. Let's hope this stays under control."