Stocks mixed…Eldorado to buy Caesars…Trump pressures Fed
NEW YORK (AP) – Stocks are mixed as gains for technology companies are offset by losses in health care and other sectors. Western Digital rose in early trading, while Bristol-Myers Squibb fell. Caesar’s rose 14% after Eldorado Resorts said it would buy the casino operator. Investors are also looking ahead to a meeting between Presidents Donald Trump and Xi Jinping later this week at the Group of 20 summit in Japan.
LAS VEGAS (AP) – Eldorado Resorts is buying Caesars in a cash-and-stock deal valued at $17.3 billion, creating a casino giant. The deal today puts about 60 casinos and resorts in 16 states under a single name. The combined business will be called Caesars with shares traded on the Nasdaq.
WASHINGTON (AP) – President Donald Trump is continuing efforts to pressure the U.S. central bank system, saying the stock markets and economic growth would be much higher if not for its actions. Trump says the Federal Reserve “doesn’t know what it’s doing” and raised interest rates too quickly. The Fed at its last meeting kept its benchmark rate in a range of 2.25% to 2.5% but hinted at future cuts.
WASHINGTON (AP) – President Donald Trump is suggesting the United States should not protect ships in the strategic Strait of Hormuz without compensation from other countries. Trump tweeted today that other countries “should be protecting their own ships on what has always been a dangerous journey” and that the U.S. doesn’t “even need to be there” because of its vast oil supply. The U.S. blames Iran for attacks on two oil tankers this month near the Strait of Hormuz, an allegation Iran has dismissed as “a lie.”
WASHINGTON (AP) – The Supreme Court has struck down a section of federal law that prevented officials from registering “scandalous” or “immoral” trademarks, handing a victory to a Los Angeles-based fashion brand spelled F-U-C-T. Lawyers for the brand had argued that the century-old provision should be struck down as an unconstitutional restriction on speech. The Trump administration had defended the provision. It argued that it encouraged trademarks that are appropriate for all audiences.