U.S. Stocks Gain Despite Trade Worries
U.S. stocks had a shaky start on Tuesday before overcoming trade worries to close higher. The Dow Jones Industrial Average climbed 113.99 points (+0.44%) to finish nearly at 26,000. The triple digit advance by the blue-index was due to the rally in the energy and telecom sectors.
The tech-laden Nasdaq Composite Index gained 48.31 points (+0.61%) while the S&P 500 Index gained 10.75 points (+0.37%). The Dow Jones recovered after two consecutive losing sessions while the S&P 500 and the Nasdaq followed up their gains on Monday.
Trade worries were still simmering below the surface with eyes monitoring the continuing disputes between the U.S. and China.
Business Group Launches Coalition Against Tariffs
More than 60 U.S. industry groups are launching a coalition on Wednesday to wage a fight public fight against new tariffs. With the United States threatening to impose additional tariffs worth billions of dollars, the said groups formed the Americans for Free Trade.
Nicole Vasilaros, the top lobbyist for the National Marine Manufacturers Association said, “A lot of other interest groups thought they wouldn’t go this long or go this deep, but the layering effect (of tariffs) has finally gotten everyone to say: ‘Enough is enough.”
The nation’s largest companies comprise the business coalition group. Among them are the American Petroleum Institute, representing the largest refiners like Exxon Mobil Corp and Chevron Corp, and the Retail Industry Leaders Association, representing companies like Target Corp. (TGT) and Autozone Inc.
EU Parliament to Vote on Copyright Rules in the Tech Space
Proponents and supporters of the new copyright rules are calling for reforms in the tech sector. They want to restore the balance of power between big tech firms and content producers.
The European Parliament will vote on the said copyright rules and a win could mean major changes for tech platforms. But critics are warning the group of dire consequences: The proposal could lead to the closure of Google News.
Alphabet Inc. (GOOGL) along with other big tech companies has been lobbying against the rules. In a related development, the European Commission is calling for the imposition fines on tech companies that fail to remove terror content within an hour of it being flagged.
JPMorgan Earmarks $500 Million for Urban Renewal Program
JPMorgan Chase & Co. (JPM) announced on Wednesday they will provide $500 million to promote economic opportunities in selected cities, including some outside the United States, The bank gave a time frame of 5 years.
The Wall Street bank’s program will continue to implement urban renewal strategies. JPM already funded Detroit with $150 million beginning in 2014. Since then, it has taken similar approaches to Chicago ($40 million) and Washington, D.C. ($25 million).
The allocation of the $500 million will be split in two. One half will go to philanthropic grants while the other half will provide low-cost, long-term development capital. The money will be used to teach job skills, finance small businesses of women and minority entrepreneurs, rebuild neighborhoods and to help families with their finances.
Apple Readies for the Big Event
It’s a big day for Apple Inc. (AAPL) as they take center stage today. People will troop to the Steve Jobs Theater for the unveiling of the 2018 iPhone models to the world. SIM trays and new case covers will also be part of the special launching
The first U.S. Company to reach the $1 trillion market capitalization will feature their top model, the iPhone X Plus or Max. It will have a 6.5-inch (16.5-cm) screen with an edge-to-edge display. The OLED display will have richer colors and the price range will be between $1,049 and $1,099. Meanwhile, analysts predict the 5.8-inch iPhone X variant to have a starting price tag of $899.