Business
US stocks close at an all-time high just months after plunging on tariff fears
A worker uses a forklift to move fireworks in preparation for shipping, at the Phantom Fireworks warehouse in Warren, Ohio on June 25. (AP)
WASHINGTON, June 28, (AP): US stocks closed at an all-time high Friday, another milestone in the market’s remarkable recovery from a springtime plunge caused by fears that the Trump administration’s trade policies could harm the economy. The S&P 500 rose 0.5%, finishing above its previous record set in February. The key measure of Wall Street’s health fell nearly 20% from February 19 through April 8.
The market’s complete turnaround from its deep swoon happened in about half the time that it normally takes, said Sam Stovall, chief investment strategist at CFRA. “Investors will breathe a sigh of relief,” he said. The Nasdaq composite gained 0.5% and set its own all-time high. The Dow Jones Industrial Average rose 1%. President Donald Trump’s decision Friday to halt trade talks with Canada threatened to derail Wall Street’s run to a record, but the market steadied after the S&P 500 briefly turned negative.
The gains on Friday were broad, with nearly every sector within the S&P 500 rising. Nike soared 15.2% for the biggest gain in the market, despite warning of a steep hit from tariffs. The broader market has seemingly shaken off fears about the Israel-Iran war disrupting the global supply of crude oil and sending prices higher. A ceasefire between the two nations is still in place.
The price of crude oil in the US rose 0.4% to $65.52 a barrel. Prices have fallen back to pre-conflict levels. Investors are also monitoring potential progress on trade conflicts between the US and its trading partners, specifically China. The two countries have signed a trade deal that will make it easier for American firms to obtain magnets and rare earth minerals from China that are critical to manufacturing and microchip production, US Treasury Secretary Scott Bessent said Friday.
China’s Commerce Ministry also said that the two sides had “further confirmed the details of the framework” for their trade talks. But its statement did not explicitly mention an agreement to ensure US access to rare earths, and instead said it will review and approve “eligible export applications for controlled items.”
An update on inflation Friday showed prices ticked higher in May, though the rate mostly matched economists’ projections. Inflation remains a big concern for businesses and consumers. Trump’s on-again-off-again tariff policy has made it difficult for companies to make financial forecasts. It has also put more pressure on consumers worried about already stubborn inflation.
Gold prices plunge over 6% after record highs in 2025’s wild rally.
NEW YORK, Oct 22: In a dramatic reversal of fortune, gold prices suffered their sharpest single-day drop in more than a decade on Tuesday, ending a frenzied rally that had sent the precious metal to record highs.
After touching an all-time peak of $4,381.21 per troy ounce on Monday, spot gold plunged as much as 6.3% to $4,082.03 on Tuesday. U.S. gold futures followed suit, settling 5.7% lower at $4,087.70—marking the steepest percentage decline since April 2013.
The sell-off comes after weeks of feverish buying that had driven gold up by more than 50% in 2025, a surge that outpaced gains during previous crises, including the September 11 attacks, the 2008 financial collapse, and the Covid-19 pandemic.
Analysts attributed the sudden downturn to investors cashing in profits from an overheated market, with several factors converging to cool gold’s momentum. These include optimism over easing U.S.-China trade tensions, a resurgent U.S. dollar, and the conclusion of Diwali, India’s major gold-buying festival.
By early Wednesday, gold prices had edged slightly higher, with spot gold trading at $4,141.48 per troy ounce as of 1:46 a.m. ET—up less than 0.4%, indicating a tentative recovery.
Gold, long regarded as a safe-haven asset in times of uncertainty, had seen a 25% spike in just the past two months, fueled by growing concerns over rising U.S. government debt, political instability, and expectations of further interest rate cuts by the Federal Reserve.
However, the recent shift in sentiment appears linked to improving diplomatic signals between Washington and Beijing. U.S. and Chinese officials are expected to hold another round of trade talks later this week, in advance of a planned meeting between Chinese President Xi Jinping and U.S. President Donald Trump next week.
“I expect we’ll probably work out a very fair deal with President Xi of China,” Trump said on Monday. “I think we’re going to work out something good.”
Other precious metals also felt the sting of Tuesday’s market rout, with silver tumbling 7% and platinum falling 5%, underscoring the breadth of the commodities pullback.
The end of India’s Diwali festival—when gold purchases typically surge—also contributed to the reduced physical demand, compounding the metal’s decline.
While Wednesday’s modest uptick suggests the market may be stabilizing, analysts caution that further volatility is likely as geopolitical developments and central bank policies continue to shift investor sentiment.
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea on Oct 21. (AP)
TOKYO, Oct 22, (AP): Asian shares were mostly lower Wednesday on selling of technology shares following a lackluster day on Wall Street. U.S. futures edged higher, while crude oil prices rose more than $1 a barrel. Chinese markets retreated after US President Donald Trump cast doubt on whether or not he will meet with Chinese leader Xi Jinping later this month.
“Maybe it won’t happen, maybe it won’t happen,” he said while hosting a lunch for Republican Party senators at the White House. However, Trump also said he was expecting “to do well” in negotiations with China. “I’m going to see President Xi in two weeks. … We’re going to meet in South Korea, ” he said. “We’re going to talk about a lot of things they want to discuss.”
Trump is traveling in the next several days to Japan and South Korea, in part, to finalize the terms of investments from those countries as part of an agreement to minimize the tariff rates Trump is charging on foreign goods. Hong Kong’s Hang Seng dropped 0.8% to 25,819.10, while the Shanghai Composite index shed 0.1% to 3,914.97.
Japan’s benchmark Nikkei 225 wavered between slight gains and losses a day after its parliament chose Sanae Takaichi to be its first female prime minister. It closed almost flat at 49,307.79, pulled lower by declines for tech companies like SoftBank Group Corp., whose shares fell about 5%. The government reported that Japan’s exports grew 4.2% in September from a year earlier, boosted by robust shipments to Asia that offset a 13% decline in those destined for the US.
Auto shipments fell 24% as they were hit hard by Trump’s tariff hikes. Australia’s S&P/ASX 200 lost 0.7% to 9,030.00, while South Korea’s Kospi rose 1.6% to 3,883.68. Tuesday on Wall Street, the S&P 500 inched up a fraction of a point, leaving it just slightly below its all-time high set earlier this month. The Dow Jones Industrial Average rose 0.5% to a new record and the Nasdaq composite slipped 0.2%.
General Motors rallied 15.1% after reporting stronger quarterly results than analysts expected, while also raising its forecasts for some full-year financial targets. Warner Bros. Discovery leaped 10.9% after the company said it’s now considering other options besides its previously announced split of Discovery Global off Warner Bros., which could be more profitable for shareholders.
Gold suffers biggest one-day drop since 2013 after historic surge
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