Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
The Dow Jones Industrial Average surged to its first record high since January on Thursday as gains in Apple and a decrease in trade fears lifted the 30-stock index.
The Dow jumped 251.22 points to 26,656.98 as Boeing, Caterpillar and Apple all rose. The also rose 0.8 percent to an all-time high, its first since late August, as materials, consumer staples and tech outperformed. The broad index close Thursday's session at 2,930.75.
President Donald Trump touted the S&P 500's record in a tweet, saying "Congrats USA!"
The Nasdaq Composite climbed 1 percent to 8,028.23 as Amazon also gained 1 percent as the company unveiled several Alexa-powered devices, including a microwave. The tech-heavy Nasdaq closed about 1.3 percent away from a record high. Apple, meanwhile, closed 0.8 percent higher.
Boeing and Caterpillar, two bellwethers for trade, rose 0.6 percent and 2.1 percent, respectively.
The Chinese commerce ministry said Thursday the country hopes the U.S. will take steps to correct its behavior. The comments come as the two countries slapped tariffs on each other's goods.
"I think we're moving away from fears of a global trade war to maybe just one with China," said Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management. Earlier, "it seemed like more countries would be caught in the administration's cross hairs; now it appears to be just one."
The U.S. administration announced Monday it would inflict 10 percent tariffs on $200 billion worth of Chinese imports, which would rise to 25 percent by year-end. China retaliated Tuesday by announcing levies targeting over 5,000 American products worth $60 billion and to go into effect next week. The country has also filed a complaint with the World Trade Organization about the U.S.' latest round of duties.
However, the levies imposed by both countries were seen as less than previously feared, helping lift sentiment on Wall Street. The Dow is up 1.9 percent this week while the S&P 500 has risen 0.9 percent in that time.
"I'm not at all surprised investors are taking the latest tariffs and the more muted response from China as a positive," said Kate Warne, investment strategist at Edward Jones. She noted that trade news have been both a positive and negative catalyst for stocks this year. Hence, a more muted escalation to the trade conflict is seen as a net positive. "But I don't think the worries about trade are completely over, especially if the U.S. tariffs on China increase to 25 percent."
J.P. Morgan Chase CEO Jamie Dimon also played down the conflict between the U.S. and China, calling it a skirmish and not a trade war.
Tom Martin, senior portfolio manager at Globalt, thinks investors should be more concerned with the trade situation, however. "It will take people some time realize this is not going away anytime soon," he said. "We think the situation with China will take the longest time to resolve."
General Electric shares fell 3.1 percent after an analyst at J.P. Morgan slashed his price target on the company to $10 from $11. The analyst noted he expects "weaker results at power and some franchise value impact. "
Nvidia slipped 2.1 percent after analysts at Morgan Stanley called the company's new gaming card disappointing.
Disney's stock rose 1.7 percent after ESPN announced its video streaming service reached more than 1 million paid subscribers in five months.
WATCH: China trying to become what U.S. is