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
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
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
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia 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
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
Stocks closed slightly higher in choppy trading Wednesday as Wall Street tried to interpret a release from the Federal Reserve which summarized its crucial meeting last month where the central bank indicated it would be patient on future rate hikes.
The Nasdaq Composite ended the day just above the flatline at 7,489.07 to notch its eight consecutive gain. The Dow Jones Industrial Average rose 63.12 points to 25,954.44. The closed 0.2 percent higher at 2,784.70. Equities gyrated following the Fed's release, with the S&P 500 and Dow reaching their highs of the day.
The Fed meeting minutes highlighted downside risks to the economy from its January meeting, including "the possibilities of a sharper-than-expected slowdown in global economic growth, particularly in China and Europe, a rapid waning of fiscal policy stimulus, or a further tightening of financial market conditions."
"Slowing growth has been a low humming chorus in the market for a while now and today we're hearing the Fed join in, which is a significant departure from the goldilocks rhetoric we've heard from them in the past," said Mike Loewengart, vice president of investment strategy at E-Trade. "That said, slow growth does not mean recession."
However, some equity investors may be encouraged by language in the minutes regarding its hotly debated balance sheet normalization. Bulls want the Fed to stop reducing its balance sheet, arguing that practice is a de facto tightening of monetary conditions. The central bank did hint in the minutes that it may end its balance-sheet normalization this year.
"Almost all participants thought that it would be desirable to announce before too long a plan to stop reducing the Federal Reserve's asset holdings later this year," the minutes stated. 'Such an announcement would provide more certainty about the process for completing the normalization of the size of the Federal Reserve's balance sheet."
The U.S. dollar hit its session low after the minutes were released, but later recovered to trade around breakeven. The Cboe Volatility Index (VIX), considered the best gauge of fear in the market, was down 5.7 percent around 14.
On Jan. 30, the Fed it will be "patient" in tightening monetary policy moving forward and kept interest rates unchanged.
Stocks have been on a tear lately in part because of the Fed's perceived pause on rate hikes. The Dow and Nasdaq are riding an eight-week winning streak, while the S&P 500 is up seven of the past eight weeks. Since the Fed's meeting in January, the major indexes are all up more than 4 percent.
Investors are also watching out for developments on U.S.-China trade talks as officials launched a new round of negotiations on Tuesday. A follow-up session of higher-level talks is expected later in the week, as both sides look to resolve the long-running trade war before an early March deadline.
"We think part of the recovery in share prices is with the suggestion that we've seen progress in [trade] talks," said Eric Wiegand, senior portfolio manager at U.S. Bank Wealth Management. "To sustain this, we need to actually see policy and not just progress."
President Donald Trump has suggested he might extend the deadline for a deal, telling reporters in the Oval Office on Tuesday that March 1 was not a "magical date." An extension to the current deadline would prevent an immediate increase in tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent.
But while stocks are up sharply, Treasury yields have also fallen sharply. The benchmark 10-year note yield traded around 2.78 percent on Jan 18. On Wednesday, it hovered around 2.65 percent.
"The stock market reads that the Fed is going to ease off on where they thought they were going with interest rates and perhaps holding on to more of their balance sheet, all of which was interpreted as good news," said Dave Campbell, principal at BOS. "Bond investors are looking at the exact same data and say the Fed is acknowledging the risks out there by slowing down."
CVS Health shares fell more than 8 percent after issuing a weaker-than-expected earnings forecast for 2019. The company's guidance comes after closing a $70 billion deal to acquire health insurer Aetna in November.
Southwest airlines fell 5.65 percent after slashing its revenue guidance. The company said the recent U.S. government shutdown cost it $60 million in sales.
—CNBC's Sam Meredith contributed to this report.