US stocks tumble as US-China trade war rattles investors
NEW YORK (AP) — The Dow Jones Industrial Average plunged more than 600 points Friday after the latest escalation in the trade war between the U.S. and China rattled investors. The broad sell-off left the S&P 500 with its fourth straight weekly loss. Stocks tumbled after President Donald Trump demanded that U.S. companies with operations in China consider moving them to other countries just hours after Beijing announced new tariffs on $75 billion in U.S. goods.
Trump raises tariffs on Chinese goods as trade war escalates
WASHINGTON (AP) —Escalating his trade war with China, President Donald Trump bumped up his tariffs on Chinese imports Friday, lashing back after Beijing raised taxes on U.S. products. In a tweet, Trump said he would be raising tariffs on $300 billion in Chinese goods from 10% to 15%. The Office of the U.S. Trade Representative also said that on Oct. 1 the U.S. would hike tariffs on another $250 billion in Chinese imports from 25% to 30%.
‘Our bigger enemy’: Trump escalates attack on Fed chief
WASHINGTON (AP) — President Donald Trump has launched a furious and highly personal attack on the Federal Reserve and Chairman Jerome Powell. He fumed on Twitter that the Fed once more “did NOTHING!” And he asked who is “our bigger enemy” — Powell or China’s leader. The outburst came after Powell, speaking to central bankers in Jackson Hole, Wyoming, gave vague assurances that the Fed “will act as appropriate” to sustain the expansion.
Billionaire conservative donor David Koch dies at 79
NEW YORK (AP) — Billionaire industrialist David H. Koch, who with his older brother transformed American politics by pouring their riches into conservative causes, has died at 79. Koch was a major donor to conservative causes and educational groups.
As Gannett, GateHouse merge, newspaper cost-cutting persists
NEW YORK (AP) — The upcoming merger of the two largest U.S. newspaper companies is raising new fears about cuts to local journalism and the potential spread of “news deserts” in less densely populated regions of the country. GateHouse announced a $1.4 billion acquisition of Gannett on Aug. 5, one that the companies say will allow GateHouse to accelerate its newspapers’ move to digital while paying down debt. But it’s unclear exactly how it will make that happe
Walmart, Tesla pause in legal fight over fiery solar panels
NEW YORK (AP) — Walmart is working on a resolution with Tesla after the retailing giant sued the electric car company’s energy division for installing rooftop solar panels that caught fire. In the lawsuit filed Tuesday, Walmart said Tesla installed solar panels that went up in flames on seven of its store rooftops between 2012 and 2018, causing millions of dollars in damage. Walmart spokesman Randy Hargrove said the lawsuit has not been dropped, but that the companies are “actively working” to resolve it.
Judge orders woman in Capital One case to remain in custody
SEATTLE (AP) — A U.S. judge ordered a woman accused of hacking Capital One and other organizations to remain in custody pending trial because she is a flight risk and poses a danger to herself and others. At a hearing Friday in Seattle, the judge said Paige Thompson’s “bizarre and erratic” behavior makes her a risk. The judge also said Thompson has stated that she wanted to die. Her lawyers denied that she is violent and said she should be released to a halfway house.
US new home sales slid 12.8% in July
WASHINGTON (AP) — Sales of new U.S. homes fell a steep 12.8% in July, but the drop came after revisions to June sales showed the sales highest growth in 12 years. The Commerce Department says that new homes sold at a seasonally adjusted annual rate of 635,000 units. That’s down from a sharply revised upward rate of 728,000 in June. The volatility in home sales reflects broader uncertainty in the housing market. Buyers have been eager to take advantage of wage growth and historically-low mortgage rates.
Appeals court insulates Qualcomm from FTC’s antitrust win
SAN FRANCISCO (AP) — A federal appeals court is temporarily protecting Qualcomm from an antitrust ruling that would have forced the mobile chipmaker to drastically change how it licenses key technology for connecting smartphones to the internet. The 9th U.S. Circuit Court of Appeal granted a stay Friday in a high-stakes case that has pitted U.S. government agencies against each other while magnifying Qualcomm’s pivotal role in an upcoming shift to ultrafast wireless connections, known as 5G.
Top publishers sue Audible for copyright infringement
NEW YORK (AP) — Some of the country’s top publishers are suing Audible, citing copyright infringement as they ask a federal judge to enjoin the audiobook producer-distributor’s planned use of captions for an education-driven program. Penguin Random House and Simon & Schuster are among the plaintiffs in the suit filed Friday. The legal action comes in response to “Audible Captions,” which Audible has indicated would formally launch as students return this fall, with titles including “Catch-22.”
The S&P 500 fell 75.84 points, or 2.6%, to 2,847.11. The Dow lost 623.34 points, or 2.4%, to 25,628.90. The Nasdaq gave up 239.62 points, or 3%, to 7,751.77. The Russell 2000 index of smaller company stocks skidded 46.52 points, or 3.1%, to 1,459.49.