Latest Economy News

Canadian senate passes weed bill but legalization delayed

Jun. 19, 2018 8:32 PM EDT

TORONTO (AP) — Canada's Senate has given final passage to the federal government's bill to legalize recreational cannabis, though Canadians will have to wait at least a few months to legally buy marijuana. Prime Minister Justin Trudeau's government had hoped to make pot legal by July 1, but the government...

FedEx profit rises on increase in volume, shipping rates

Jun. 19, 2018 7:40 PM EDT

Higher rates, tax benefits and steady business fueled by economic growth helped FedEx Corp. boost its fourth-quarter profit 10 percent to $1.13 billion. Chairman and CEO Fred Smith said Tuesday that he is optimistic that the package-delivery company will increase its earnings and profit margins. On a conference...

GE to end more than 100-year run on Dow; Walgreens added

Jun. 19, 2018 7:06 PM EDT

LOS ANGELES (AP) — General Electric will be dropped from the Dow Jones industrial average next week, ending the conglomerate's more than 100-year run in the 30-company blue chip index. S&P Dow Jones Indices said Tuesday that GE will be removed from the index before the open of trading next Tuesday. Its...

Dow posts 6th loss in row on trade spat; small cos. rally

Jun. 19, 2018 6:16 PM EDT

NEW YORK (AP) — Big industrial and technology companies skidded Tuesday as the trade dispute between the U.S. and China threatened to come to a boil. Smaller companies less focused on overseas trade fared better, as did dividend-paying stocks. The Dow Jones industrial average fell for the sixth day in a...

Trump's tariffs: What they are and how they would work

Jun. 19, 2018 5:14 PM EDT

WASHINGTON (AP) — So is this what a trade war looks like? The Trump administration and China's leadership have threatened to impose tariffs on $50 billion of each other's goods. Trump has proposed imposing duties on $400 billion more if China doesn't further open its markets to U.S. companies and reduce...

How major US stock indexes fared Monday

Jun. 19, 2018 5:04 PM EDT

Big industrial and technology companies skidded Tuesday as the trade dispute between the U.S. and China threatened to come to a boil. Smaller companies less focused on overseas trade fared better, as did dividend-paying stocks. On Tuesday: The S&P 500 index slipped 11.18 points, or 0.4 percent, to 2,762.57....

Iran rebuffs Trump's call for OPEC to increase oil output

Jun. 19, 2018 4:44 PM EDT

VIENNA (AP) — Iran lashed out Tuesday against U.S. President Donald Trump's call on OPEC to increase oil production and limit global energy prices, saying the cartel "is not an American organization." The OPEC oil ministers began arriving in Vienna on Tuesday ahead of their official meeting Friday, when...

Trump raises risk of economically harmful US-China trade war

Jun. 19, 2018 4:16 PM EDT

WASHINGTON (AP) — The United States and China edged closer Tuesday to triggering the riskiest trade war in decades, a fight that could weaken the world's two largest economies, unsettle relations between Beijing and Washington and crimp global growth. The collateral damage could be widespread. If the...

Markets Right Now: Stocks fall on fresh worries over trade

Jun. 19, 2018 4:13 PM EDT

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4:00 p.m. The Dow Jones industrial average is closing with its sixth straight loss Tuesday as worries about a U.S.-China trade dispute hit stock indexes around the globe. The Dow is down 287 points, or 1.1 percent, to...

Fast facts on daily trade developments as Trump raises risks

Jun. 19, 2018 4:03 PM EDT

WHAT'S HAPPENING President Donald Trump directed the U.S. Trade Representative to prepare new tariffs on an additional $200 billion in Chinese imports as the two nations edged toward a trade war. In response, China threatened "comprehensive measures," raising the risk that it would target major American companies...