Michael and Susan Dell donate $6.25 billion to encourage families to claim 'Trump Accounts'
NEW YORK (AP) — Billionaires Michael and Susan Dell pledged a historic $6.25 billion on Tuesday to provide an incentive to families to adopt new investment accounts for children. The so-called “Trump Accounts” were created as part of President Donald Trump’s tax and spending legislation but have not yet launched. The gift has little precedent in terms of size, with few single charitable commitments in the past 25 years exceeding $1 billion. Through their gift, the Dells will deposit $250 into the investment accounts of 25 million children aged 10 and younger as an incentive for their families to claim the accounts and make investments in the stock market.
Wall Street holds steadier as bond yields and bitcoin stabilize
NEW YORK (AP) — The U.S. stock market held steadier as both bond yields and bitcoin stabilized. The S&P 500 rose 0.2% Tuesday, following its first loss in six days. The Dow Jones Industrial Average added 0.4%, and the Nasdaq composite climbed 0.6%. Boeing was one of the strongest forces lifting the market after it gave an encouraging forecast for how much cash it will produce next year. That helped offset losses for Signet Jewelers and Procter & Gamble, which highlighted potential challenges for U.S. households. Treasury yields eased following their jumps the day before. Bitcoin rose back above $91,000 after tumbling below $85,000 on Monday.
Costco becomes biggest company yet to demand refund of Trump tariffs
WASHINGTON (AP) — Costco is joining other companies that aren’t waiting to see whether the Supreme Court strikes down President Donald Trump’s most sweeping import taxes. They’re already going to court to demand refunds on the tariffs they’ve paid. The Court of Trade and the U.S. Court of Appeals for the Federal Circuit in Washington ruled earlier this year that Trump’s biggest and boldest import taxes are illegal. The case is now before the Supreme Court. In a Nov. 5 hearing, several of the high court’s justices expressed doubts that the president had sweeping power to declare national emergencies to impose tariffs on goods from almost every country on earth. The government might be forced to pay back the money it's collected.
Minimalist Prada buys maximalist Versace for $1.4 billion, in bid to relaunch sexier Milan rival
MILAN (AP) — The Prada Group has officially purchased Milan fashion rival Versace for $1.375 billion. The deal announced Tuesday brings the fashion house known for its sexy silhouettes under the same roof as Prada's "ugly chic" aesthetic and Miu Miu's youth-driven appeal. The highly anticipated acquisition is expected to relaunch Versace's fortunes. Versace has experienced middling post-pandemic performance as part of the U.S. luxury group Capri Holdings. Prada said in a one-line statement that the acquisition had been completed after receiving all regulatory clearances. Prada has underlined that the 47-year-old Versace brand offered “significant untapped growth potential.’’
With 'Trump Accounts,' your baby could qualify for $1,000. Here's what to know
WASHINGTON (AP) — President Donald Trump's tax legislation included a provision called "Trump Accounts," which gives $1,000 to every newborn if their parents open an account. This money is invested in the stock market, and children can access it when they turn 18. The accounts aim to help low-income children build wealth. Congress is funding accounts for babies born between 2025 and 2028. Billionaires Michael and Susan Dell on Tuesday announced a donation to help some older children with seed money of $250 each. Critics argue the accounts don't help children in their early years and may widen the wealth gap. Parents can sign up now, and the accounts will start to open in July 2026.
Here's why everyone's talking about a 'K-shaped' economy
WASHINGTON (AP) — References to the “K-shaped economy” are rapidly proliferating. So what does the phrase mean? Simply put, the upper part of the K refers to higher-income Americans seeing their incomes and wealth rise while the bottom part points to lower-income households struggling with weaker income gains and steep prices. A big reason the term is popping up so often is that it helps explain an unusually muddy and convoluted period for the U.S. economy. Growth appears solid, yet hiring is sluggish and the unemployment rate has ticked up. Overall consumer spending is still rising, but Americans are less confident. And the stock market still hovers near record highs even as wage growth is slowing.
A look at the Thanksgiving shopping weekend and what's next
NEW YORK (AP) — The nation’s shoppers may feel gloomy about the economy, but they certainly were in the mood to shop over the five-day Thanksgiving weekend that wrapped up on Cyber Monday. Wall Street analysts and retailers are sifting through the data from the weekend _ the unofficial start to the season and a good barometer of shoppers’ financial health and the strength of the economy. So far the figures show that shoppers came out online and in stores to scour for deals on everything from TVs and clothing, But all that economic uncertainty did affect spending. Shoppers were very focused and selective, malls reported. Now the question is: whether shoppers will keep spending for the season and into 2026. Here’s a look at the data, the discounts, and what’s next for retailers among other issues.
Crackdown on trucking schools shouldn't disrupt industry. But scrutiny on immigrant drivers might
Everything the Trump administration has done this year to strengthen and enforce the standards for truck drivers and the schools that train them after several deadly crashes may cause problems for some companies if immigrants continue to flee the profession rather than deal with the harassment and scrutiny. Trucking company owner Dave Atwal said he has lost drivers who are afraid to go on the road or can't get their licenses renewed. But national trucking groups and experts believe the industry will largely be able to handle the load without major disruptions. Right now there are more drivers than needed in the midst of a prolonged drop in shipments because of the economic uncertainty over the past three years.
Trump administration threatens to withhold SNAP management funds from states that don't share data
WASHINGTON (AP) — The Trump administration says it will withhold funds for administering SNAP food aid in most Democratic-controlled states starting next week unless they provide data about those receiving the assistance. Agriculture Secretary Brooke Rollins said Tuesday that the action is looming because those states are refusing to provide requested information about the recipients, including their names and immigration status. She says it's necessary that states comply to root out fraud in the program. Democratic states have sued to block the requirement. About 42 million lower-income Americans rely on SNAP to help buy groceries. The USDA said it is targeting states' administrative funds, not the benefits people receive.
Some friendly, some on-the-news questions at first briefing for new Pentagon press corps
The Pentagon press secretary has held her first briefing since most nonpartisan news outlets were replaced by friendly media representatives willing to accept new rules imposed by Defense Secretary Pete Hegseth. The briefing Tuesday was a mix of on-the-news questions and those designed to advance the point of view of President Donald Trump’s administration. Among the topics that interested the latest crop of reporters: the National Guard in American cities, military action in Iran and Somalia, an investigation into former President Joe Biden, potential legal action against The Washington Post and efforts to root out disloyal employees. Kingsley Wilson, Hegseth’s press secretary, said news outlets that chose to “self-deport” won’t be missed at the Pentagon.
