Wall Street tries to recover … Trump tweets about ‘STUPID TRADE’ … Russia promises to support companies just hit by US sanctions
NEW YORK (AP) – U.S. stocks are edging higher today after concerns about growing trade tensions between the U.S. and China sent stocks lower last week. Technology companies like Apple and Microsoft are recovering some of their recent losses and so are industrial companies. Banks are rising along with interest rates. At 10:30 a.m. Eastern Time, the S&P 500 was up 26 points, to 2,630. The Dow was up 215 points to 24,148. And the Nasdaq was up 102 points to 7,016.
WASHINGTON (AP) – President Donald Trump is complaining yet again about “STUPID TRADE” with China, doing little to calm investors anxious about the escalating trade conflict between the two economic superpowers. In a tweet this morning, Trump said that when a Chinese-made vehicle is sent to the U.S., the tariff is only 2.5 percent, while American cars exported to China are slapped with a 25 percent tariff. Trump asked, “Does that sound like free or fair trade.” Then answered, “No, it sounds like STUPID TRADE.”
MOSCOW (AP) – Russia says it will support companies hit by fresh U.S. sanctions as the ruble and Russian stocks drop sharply. The ruble dropped to its lowest level against the dollar since late 2016, while shares in sanctioned aluminum producer Rusal plunged. President Vladimir Putin’s spokesman Dmitry Peskov says the Kremlin backs efforts to mitigate the effect of the sanctions package, which he called “egregious in its lawlessness.”
NEW YORK (AP) – Facebook is in full damage-control mode following revelations that it might have shared the data of some 87 million users with Cambridge Analytica. Starting Monday Facebook will let users know if their data was shared, and some 2.2 billion Facebook users will be given access to a link to see what apps they use and what information they shared with those apps.
TEHRAN, Iran (AP) – Iranians are lining up to try to buy foreign currencies after the rial hit an all-time low against the U.S. dollar. The rial (REE’-al) was trading today at 62,000 to the dollar, an 18 percent drop since Saturday, which was the first working day after the Persian new year, when many people travel abroad. The local currency has been weighed down by fears the Trump administration will withdraw from the nuclear deal and impose new sanctions.