Latest Economy News

Stocks rebound after US eases off China sales restrictions

May. 21, 2019 1:35 PM EDT

Stocks marched broadly higher on Wall Street in afternoon trading Tuesday, placing the market on track to snap a two-day losing streak. The rally followed the U.S. government's decision to temporarily ease off proposed restrictions on technology sales to Chinese companies. The news gave a boost to technology...

US delay to Huawei ban gives tech sector time to adjust

May. 21, 2019 1:28 PM EDT

The United States is delaying some restrictions on U.S. technology sales to Chinese tech powerhouse Huawei in what it calls an effort to ease the blow on Huawei smartphone owners and smaller U.S. telecoms providers that rely on its networking equipment. The Trump administration insists the sanctions are unrelated...

Argentina: Fernández in court for first corruption trial

May. 21, 2019 1:23 PM EDT

BUENOS AIRES, Argentina (AP) — Argentina's former President Cristina Fernández appeared in court Tuesday for the first in a series of corruption trials ahead of a planned run for the vice presidency. The trial comes just days after Fernández surprised Argentines by announcing that she would seek...

Department stores troubles rise on Penney's, Kohl's results

May. 21, 2019 12:53 PM EDT

NEW YORK (AP) — The outlook for department stores got murkier Tuesday after J.C. Penney and Kohl's reported fiscal first quarter results that showed they struggled at the start of the year. Penney, which has been trying to turn around its business for several years after a disastrous reinvention plan,...

Markets Right Now: Stock rise, led by rebound in tech shares

May. 21, 2019 12:09 PM EDT

NEW YORK (AP) — The latest on developments in financial markets (all times local): 11:55 a.m. Stocks are higher at midday on Wall Street Tuesday as technology companies lead solid gains across the market. Chipmakers rallied after the U.S. government issued a 90-day grace period on its order to restrict...

The Latest: Rouhani: US economic pressure won't defeat Iran

May. 21, 2019 11:53 AM EDT

DUBAI, United Arab Emirates (AP) — The Latest on developments in the Persian Gulf region and elsewhere in the Mideast amid heightened tensions between the U.S. and Iran (all times local): 7:50 p.m. Iran's President Hassan Rouhani says the United States will not defeat Iran with economic pressure. In a live...

Bahrain defends decision to host White House Mideast meeting

May. 21, 2019 11:42 AM EDT

DUBAI, United Arab Emirates (AP) — Bahrain on Tuesday defended its decision to host a White House-engineered conference to address the Israeli-Palestinian crisis, saying its only objective is to support the "brotherly Palestinian people." The Palestinian Authority has rejected the economic conference...

The Latest: Huawei: US actions should worry other firms too

May. 21, 2019 11:35 AM EDT

BEIJING (AP) — The Latest on U.S. restrictions on sales to Chinese technology giant Huawei (all times local): 7:00 p.m. Chinese tech giant Huawei's top executive in the European Union is lashing out at the Trump administration's recently announced trade ban on the company and says other firms should be...

US home sales fell 0.4% in April amid limited supply

May. 21, 2019 10:49 AM EDT

WASHINGTON (AP) — U.S. home sales slipped 0.4% in April, as would-be homebuyers face affordability challenges and a limited supply of starter houses. The National Association of Realtors said Tuesday that existing homes sold at a seasonally adjusted annual rate of 5.19 million last month, down from 5.21...

EU elections: German port city a key battleground for center

May. 21, 2019 10:38 AM EDT

BREMERHAVEN, Germany (AP) — If Joachim Schuster is worried about his job, he's not letting on. A jolly German in his mid-fifties with spiky greying hair and a broad smile, Schuster was elected to the European Parliament five years ago for the center-left Social Democrats. Now he's speaking to students at a...