Business News

Wall Street rallies to its best day in months, but that’s not enough to salvage its losing week

NEW YORK (AP) — U.S. stocks rallied to their best day since November’s election, but that wasn’t enough to keep Wall Street from a fourth straight losing week. The S&P 500 rose 2.1% Friday, a day after closing more than 10% below its record for its first “correction” since 2023. The Dow Jones Industrial Average jumped 1.7%, and the Nasdaq composite climbed 2.6%. Ulta Beauty helped lead the market after the beauty products retailer reported stronger profit for its latest quarter than analysts expected. Worries have been rising that U.S. consumers may cut back on their spending because of uncertainty around tariffs.

In Michigan, Vance says US manufacturing can rebound despite tariff jitters and falling markets

BAY CITY, Mich. (AP) — Vice President JD Vance has toured a Michigan plastics manufacturing facility while promoting a promised Trump administration industrial renaissance nationwide. Vance was in Bay City, known in the 1800s for thriving sawmills and shipbuilding concerns that have long since closed. Speaking at Vantage Plastics, Vance vowed “a great American comeback” has started and said the Trump administration will “make it easier and more affordable” to manufacture things in the U.S. again. Vance also urged patience before the Trump White House’s economic policies take hold. 

Hit by storms and disease, Florida’s citrus growers try to survive until bug-free trees arrive

LAKE WALES, Fla. (AP) — Florida’s citrus growers are struggling to survive the one-two punch of hurricanes and disease. As production of the state’s signature crop has declined in recent years, many citrus farmers have sold their land rather than wait for the development of a genetically modified tree that could save their groves. The downturn in the citrus industry has been a boon for developers looking to build homes for the state’s rapidly expanding population. Florida has the third largest population of all U.S. states and last year the Sunshine State expanded by more than 450,000 people.

Allies preserve unity even as Trump’s tariffs and Canada taunts overshadow G7 meeting

LA MALBAIE, Quebec (AP) — Top diplomats from the Group of 7 industrialized democracies are jointly expressing support for Ukraine and a U.S. ceasefire proposal in the three-year-old war. That message came Friday in a group statement at the end of their talks, in a gathering overshadowed by President Donald Trump’s trade policies and his taunts toward the host country, Canada.  Although the trade war and Trump’s repeated comments about turning Canada into the 51st state distracted from the discussions, diplomats were able to rally around his Ukraine peace plan.

Gold rises to new heights as anxiety grips markets. Here’s what you need to know

NEW YORK (AP) — Amid widespread economic turmoil, the price of gold has soared to another record high. Gold futures surpassed the $3,000 per troy ounce mark for the first time this week, per FactSet. And the cost of New York spot isn’t far behind — closing at about $2,988 Thursday. Interest in buying gold often comes at times of uncertainty, as some anxious investors look for alternative places to park their money. Gold’s latest heights arrive as U.S. President Donald Trump’s on-again, off-again tariffs continue to escalate a trade war and roil financial markets. If trends continue, analysts say gold’s price could continue to climb in the months ahead. But precious metals are also volatile assets — and so the future is never promised.

Trade war turmoil topples Canada’s main financial market from its all-time high

NEW YORK (AP) — Trade war turmoil is weighing heavily on financial markets in Canada. Canada’s main stock index has been tumbling. The Toronto Stock Exchange’s S&P/TSX composite index reached an all-time high on Jan. 30. It started sliding a day later following the first salvo in the form of announced 25% tariffs on all goods from Canada and Mexico. Mexico’s main stock index has remained relatively stable following measures from the Mexican government to stabilize financial markets.