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UPI
10 hours ago
- Business
- UPI
S&P 500, Nasdaq set records in dramatic 3-month turnaround
The Standard & Poor's 500 and Nasdaq Index on Friday rose to records nearly three months after plunging amid tariff wars. File Photo by John Angelillo/UPI | License Photo June 27 (UPI) -- The Standard & Poor's 500 and Nasdaq Composite on Friday rose to record highs nearly three months after plunging to bearish stock prices amid tariff wars. The S&P finished at 6,173, an increase of 32.05, or 0.52% at the close of trading at 4 p.m. EDT. The previous all-time high closing price was 6,144 on Feb. 19. The index dropped to 4,982.77 on April 8, six days after Donald Trump announced trading tariffs on virtually all U.S. trading partners. That low point was 19% off the record with a bear market considered to be 20%. Tech-heavy Nasdaq finished at 20,273, a rise of 105.55, or .52%. The last all-time high was 20,173.89 on Dec. 16. The year's low was April 8 at 15,267, a decline of 24.5% from the record. The Dow Jones Industrial Average ended the day at 43,819.27, a rise of 431.43 or 1%. DJIA hit a record of 45,014.04 on Dec. 4 and was down to 37,645.59 on April 8. The high this year was 44,882.13 on Jan. 30th, 10 days after Donald Trump became president. All but two of CNBC's 11 sectors declined. Energy dropped 0.5% and health 0.17%. The biggest increases were consumer discretionary at 1.78% and communications services at 1.55%. Stocks had been trading higher Friday until Trump posted on Truth Social that trade talks with Canada were terminated. "We have just been informed that Canada, a very difficult Country to TRADE with, including the fact that they have charged our Farmers as much as 400% Tariffs, for years, on Dairy Products, has just announced that they are putting a Digital Services Tax on our American Technology Companies, which is a direct and blatant attack on our Country," Trump posted. "Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," he said. "We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period." The United States has imposed a 25% tariff on non-compliant Canadian goods, including vehicles, with energy products subject to a 10% tariff. Also, Canada was hit by the 50% tariff on steel and aluminum imports like other nations. Canada has retaliated with its own tariffs. Products involved in the U.S.-Mexico-Canada Agreement are exempted. Investors were buoyed after Commerce Secretary Howard Lutnick said a trade framework with China had been finalized. At one time, Trump imposed a 134% tariff but it has since been cut to $30. Lutnick said he expects deals with 10 trading partners soon. On "Liberation Day" on April 2, Trump said he would impose a baseline 10% tariffs on most trading partners and stiffer ones for big violators. A week later, he paused them until July 7 and that date might be extended. "I can see where the risks are here -- if the trade [progress] is just hype from the White House and no deals are really forthcoming, then this market is going to roll over," Thierry Wizman, global FX and rates strategist at Macquarie Group, told CNBS. "Ultimately, this all comes back to growth in the U.S. economy and growth of earnings." "We think the recovery makes sense, considering that most large-cap companies should weather the tariffs reasonably well," David Lefkowitz, head of U.S. equities at UBS Global Wealth Management, told investors in a note. "In fact, we think the upcoming [second-quarter] earnings season will once again highlight the resilience of corporate profits." Vital Knowledge analyst Adam Crisafulli sees possibly bumpy times. "We think there's a dangerous amount of complacency on trade/tariffs, a view underscored by the fact markets this morning are celebrating the China 'deal' for a third time," Crisafulli said in a report. The records come days after Trump brokered a cease-fire between Israel and Iran. Oil prices surged before the U.S. bombed three nuclear targets in Iran. West Test Intermediate crude climbed to $74.14 a barrel after being as low as $57.13 on May 13. On Friday, crude oil settled at 65.07, up 17 cents from the day before. One year ago, it reached nearly $84. The average price for unleaded gas in the United States is $3.207, a penny down from last week and $3.503 one year ago, according to AAA. Investors are also pleased with good economic data. Inflation rose 2.4% in May over one year. The unemployment rate 4.2% and has been at this level since May 2024. The Federal Reserve has not raised interest rates since Dec. 18. The Federal Funds Rate is 4.25% to 4.50%. Federal Reserve Chairman Jerome Powell has described a "wait-and-see" approach to interest rate adjustments, describing the need for more data. The next meeting is July 29 and 30.
Los Angeles Times
11 hours ago
- Business
- Los Angeles Times
US stocks close at an all-time high just months after plunging on tariff fears
NEW YORK — U.S. stocks closed at an all-time high Friday, another milestone in the market's remarkable recovery from a springtime plunge caused by fears that the Trump administration's trade policies could harm the economy. The Standard & Poor's 500 rose 0.5%, finishing above its previous record set in February. The key measure of Wall Street's health fell nearly 20% from February 19 through April 8. The market's complete turnaround from its deep swoon happened in about half the time that it normally takes, said Sam Stovall, chief investment strategist at CFRA. 'Investors will breathe a sigh of relief,' he said. The Nasdaq composite gained 0.5% and set its own all-time high. The Dow Jones Industrial Average rose 1%. President Donald Trump's decision Friday to halt trade talks with Canada threatened to derail Wall Street's run to a record, but the market steadied. The gains on Friday were broad, with nearly every sector within the S&P 500 rising. Nike soared 15.2% for the biggest gain on the market, despite warning of a steep hit from tariffs. The broader market has seemingly shaken off fears about the Israel-Iran war disrupting the global supply of crude oil and sending prices higher. A ceasefire between the two nations is still in place. The price of crude oil in the U.S. is mostly unchanged on Friday. Prices have fallen back to pre-conflict levels. Investors are also monitoring potential progress on trade conflicts between the U.S. and the world, specifically with China. The U.S. and China have signed a trade deal that will make it easier for American firms to obtain magnets and rare earth minerals from China that are critical to manufacturing and microchip production, U.S. Treasury Secretary Scott Bessent said Friday. China's Commerce Ministry also said that the two sides had 'further confirmed the details of the framework' for their trade talks. But its statement did not explicitly mention an agreement to ensure U.S. access to rare earths, and instead said it will review and approve 'eligible export applications for controlled items.' An update on inflation Friday showed prices ticked higher in May, though the rate mostly matched economists' projections. Inflation remains a big concern for businesses and consumers. Trump's on-again-off-again tariff policy has made it difficult for companies to make forecasts. It has also put more pressure on consumers worried about already stubborn inflation. A long list of businesses from carmakers to retailers have warned that higher import taxes will likely hurt their revenues and profits. The U.S. has 10% baseline tariffs on all imported goods, along with higher rates for Chinese goods and other import taxes on steel and autos. The economy and consumers have remained somewhat resilient under those tariffs, though analysts and economists expect to see the impact grow as import taxes continue to work their way through businesses to consumers. 'While we also would have expected to already to be seeing a bit more pass through into the inflation statistics, we still expect these impacts to show up in a more meaningful way in the next few months,' said Greg Wilensky, head of U.S. fixed income and portfolio manager at Janus Henderson. The threat of more severe tariffs continues to hang over the economy. The current pause on a round of retaliatory tariffs against a long list of nations is set to expire in July. Failure to negotiate deals or further postpone the tariffs could once again rattle investors and consumers. The Federal Reserve is monitoring the tariff situation with a big focus on inflation. The rate of inflation has been stubbornly sitting just above the central bank's target of 2%. In a report Friday, its preferred gauge, the personal consumption expenditures index, rose to 2.3% in May. That's up from 2.1% the previous month. The Fed cut interest rates twice in late 2024 following a historic series of rate hikes to cool inflation. The PCE was as high as 7.2% in 2022 while the more commonly used consumer price index hit 9.1%. The Fed hasn't cut rate cuts so far in 2025 over worries that tariffs could reignite inflation and hamper the economy. Economists still expect at least two rate cuts before the end of the year. Bond yields held relatively steady. The yield on the 10-year Treasury rose to 4.27% from 4.24% late Thursday. The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do, edged up to 3.74% from late Thursday. All told, the S&P 500 rose 32.05 points to 6,173.07. The Dow gained 432.43 points to 43,819.27, and the Nasdaq added 105.55 points to 20,273.46. Stocks in Europe were mostly higher, while stocks in Asia finished mixed. Troise and Veiga write for the Associated Press.
Dublin Live
18 hours ago
- Dublin Live
Garda suffered horrific finger injuries after burglar attacked him with kitchen knife in pub
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info A Garda suffered horrific injuries to his fingers after a burglar who broke into a west Dublin pub slashed him with a knife. The respected officer was responding to a break-in at 'The Great Wood' by Wetherspoons at the Westend shopping park near Blanchardstown Centre in the early hours of Thursday morning when the horror attack unfolded. Sources say the thug managed to break into the pub and steal E1,500 in cash before the garda member attempted to apprehend him on the premises. The front of the property was damaged by the thief as he made his way inside. The criminal attacked the garda member with what is understood to have been a kitchen knife - slashing the officer in the hand. Officers managed to arrest the man as their wounded colleague was taken to hospital, where he was treated for serious injuries to his hand. It is understood his fingers were badly damaged by the sharp blade - and sources say he is lucky not to have been more seriously hurt. Reacting to the incident, Detective Garda Mark Ferris, who is the Garda Representative Association (GRA) representative for the Dublin Metropolitan Region West CEC told us: 'It is with real concern that we acknowledge yet another incident in which a young Garda was assaulted while carrying out their duties, this time during the arrest of an individual in possession of a knife in Blanchardstown. The male Garda received medical attention at Connolly Hospital and has since been discharged following treatment. 'I wish to commend my colleagues for their courage and professionalism in the face of such adversity. Attacks on members of An Garda Síochána are entirely unacceptable, and sadly, becoming far too common. This incident serves as a stark reminder of the risks our members face daily while carrying out their work.' Asked for comment, a manager for The Great Wood declined to comment and referred this paper to the Wetherspoons Headquarters. In a statement about the incident gardai said: 'At approximately 3:45am this morning, Thursday 26th June 2025, Gardaí attached to Blanchardstown Garda Station responded to a report of a burglary occurring at a business premises in Dublin 15. 'At the scene, it was apparent to both Gardaí that a burglary had occurred and they called colleagues by radio for assistance. As they searched the premises, they encountered a male in possession of a bladed weapon who became aggressive and threatening. "One male Garda sustained injuries. During the incident, a male in his 30s, was arrested and is currently detained under Section 4 of the Criminal Justice Act, 1984 at a Garda Station in Dublin. The bladed weapon was seized at the scene along with €1,500 in cash. "The injured Garda, a male in his 20s, was taken to James Connolly Memorial Hospital for treatment. His injuries are not life-threatening. Garda welfare services have been made available to the Garda. The investigation is ongoing." The incident comes as a Garda representative told this paper this week that officers are being attacked 'on a daily basis.' Garda Eoin Browne, who represents the Roscommon and Longford divisions of the GRA, was speaking to us after a court heard how drug dealer Gerard Forte attacked two gardai with a meat cleaver - narrowly missing the head of one of them. 'Two gardai while conducting a search during the course of their duty were violently assaulted and both members were lucky to escape with their lives,' Garda Browne told us. 'We have one member (Garda Michael Fox) still out sick as a result of undergoing constant medical treatment another member gave a very impactful victim impact statement where he was attacked with a meat cleaver with his back turned and only for the grace of God he could have been killed. 'It very easily could have been a lethal situation,' he said. Garda Browne said the incident highlights the all too common events where officers in the region are putting their lives on the line. 'I just want to highlight the fact that these assaults on gardai are going on on a daily basis and are not just confined to the bigger urban areas. Towns like Roscommon have violent criminals as well and we just need to highlight the manpower issues in two common where there's just such a shortage of gardai and this has been going on now a number of years,' he said. Forte (29), pleaded guilty to assaulting both Garda Murphy and his colleague Garda Michael Fox - as well as producing a knife - namely a 'meat cleaver.' Forte, who the court heard already has a conviction for sale and supply of drugs and threatening and abusive behaviour, also pleaded guilty to possession of cannabis for the purpose of sale or supply on that same date. The court heard that Garda Murphy was saved by Garda Fox, who struggled with Forte on the floor and couch of his home before managing to restrain him with handcuffs. The drugs unit officers had made their way into the home, repeatedly shouting 'gardai', the court heard, as they executed a warrant to search his home on the suspicion that he was supplying drugs in Roscommon town. In a powerful victim impact statement read out in court, Garda Murphy, who has had to undergo physiotherapy and has ongoing issues due to the incident, said he feels he is lucky not to have been killed by Forte on that night. 'It seems somewhat unfair for only me to give a victim impact statement because the reality is, is that this attack affects many many more people than just me,' Garda Murphy told the court. 'The fear that I may be attacked again, is our reality. The fear that next time, I won't be so lucky, is our reality. My tour of duty the evening of the 27th of December 2023, I have no doubt in my mind could have been my last,' he added. "I have no doubt in my mind whatsoever, that Gerard Forte, tried to fatally injure me." Join our Dublin Live breaking news service on WhatsApp. Click this link to receive your daily dose of Dublin Live content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice . For all the latest news from Dublin and surrounding areas visit our homepage.
Daily Express
a day ago
- General
- Daily Express
Faulty pump claim rejected
Published on: Friday, June 27, 2025 Published on: Fri, Jun 27, 2025 By: Crystal E Hermenegildus Text Size: According to case details, the claimant, Lo Vun Yee, purchased a Grundfos Unilift KP350-A-1 Submersible Pump from the respondent, Ecopumps Sdn Bhd, in January 2024 for RM2,500. Kota Kinabalu: The Consumer Claims Tribunal has rejected a claim of RM2,700 from a claimant over a faulty submersible pump, ruling that the damage was caused by inadequate maintenance rather than a manufacturing defect. Tribunal President Salmi Zalinah Abdul Rahim said the decision was made after reviewing the evidence and testimonies submitted by both parties, on Monday. According to case details, the claimant, Lo Vun Yee, purchased a Grundfos Unilift KP350-A-1 Submersible Pump from the respondent, Ecopumps Sdn Bhd, in January 2024 for RM2,500. The pump came with a two-year manufacturer's warranty. However, in February 2025, the claimant lodged a complaint alleging that the pump had malfunctioned. The respondent then conducted an inspection and found that the lower section of the pump was clogged with debris and foreign objects. Further examination at the respondent's workshop revealed damage to the rotor shaft and motor bearings, caused by excessive solids in the pond. This blockage led the pump to overheat and burn the motor coil. On March 15, 2025, the respondent explained in writing to the claimant that they had consulted with the manufacturer, Grundfos Pumps Sdn Bhd, who confirmed that the failure was not due to a manufacturing defect and thus was not covered under the warranty. Despite this, the claimant proceeded to file a claim with the Tribunal, seeking RM2,700 in compensation. Zalinah said while the claimant submitted footage showing a domestic helper removing debris from the pond, she found that the accumulation of leaves and debris around the pump clearly indicated poor maintenance. 'The damage was not due to a manufacturing defect, but rather insufficient or minimal maintenance. Therefore, the claimant cannot demand a replacement under the manufacturer's warranty,' she said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
West Australian
a day ago
- Business
- West Australian
Macquarie's latest nickel downgrade further dampens hopes of revival for BHP's suspended Nickel West
Macquarie Group has again downgraded its prognosis for nickel and by virtue increased the probability BHP's idle Nickel West is going to shut permanently. The Australian investment bank published its quarterly commodities price forecasts on Friday, which casts even more doubt on the ability of Western Australia's largest nickel mining and refining operation — Nickel West — to come back to life. Macquarie is predicting a tonne of nickel will now be $US14,500 by the end of this year, compared to the $US15,500/t price it had anticipated in a previous update three months ago. The medium and longer-term forecasts for the battery metal have also taken another whack. Nickel is slated to average $US14,625/t in 2026, then $US16,500/t in 2027, $US17,500/t in 2028 and $US19,000/t in 2029. In its March update, Macquarie projected $US16,500/t, $US17,000/t, $US19,000/t and $US20,000/t over the next four years. Macquarie in December was pencilling in $US20,000 for 2028, which has now been slashed to $US17,500/t. Macquarie — known colloquially as the 'millionaires factory' for the huge pay packets its legion of investment bankers receive — stated its repeated nickel downgrades reflect 'a likely structural over-supply' of nickel from new refineries in China and Indonesia. 'The pace of growth in class 1 production remains high, fed by ongoing rises in production of Indonesian low-cost MHP (mixed hydroxide precipitate),' it stated. 'Over-supply has led to the closure of over 500,000 tonnes per annum of non-Indonesian production since 2020 and pressure for further closures remains, but prices may have to have one final push to the downside to induce that. 'The overall market is closer to balance due to large scale production cuts.' BHP in July last year announced its WA Nickel arm, which sustained 3000 jobs and counted the Nickel West mining operations as its centrepiece, would be put into care and maintenance. The Big Australian will decide whether to shut the operation for good by February 2027. When BHP made its care and maintenance decision Nickel West's break-even cost was about $US20,000/t. BHP Australia boss Geraldine Slattery said the mining giant had 'sufficient conviction' the nickel prices would stage a comeback towards the end of the decade and beyond, implying a predicted price materially above $US20,000/t. Nickel has dropped from $US17,100/t to $US15,200/t over the past year, heaping more pressure on WA's last major nickel operation — Glencore's Murrin Murrin. 'Virtually all the world's laterite ores now come from just three countries, Indonesia, the Philippines and New Caledonia,' Macquarie stated on Friday.
