Wall Street coasts to the finish of its latest record-setting week
NEW YORK (AP) — Wall Street tacked on some more gains as it glided to the finish of its latest record-setting week. The S&P 500 rose 0.5% Friday. The Dow Jones Industrial Average added 0.4%, and the Nasdaq composite climbed 0.7%. All three indexes hit an all-time high for the second straight day. FedEx climbed after delivering a stronger profit for the latest quarter than analysts expected. The price of gold continued its sharp rally amid expectations for lower interest rates and worries about higher inflation. Japanese stocks fell after the Bank of Japan said it would reduce its trove of stock funds.
Trump asks the Supreme Court for an emergency order to remove Lisa Cook from the Fed board
WASHINGTON (AP) — President Donald Trump is asking the Supreme Court for an emergency order to remove Lisa Cook from the Federal Reserve’s board of governors. The Republican turned to the high court Thursday after an appeals court refused to go along with his effort to oust Cook, who participated in Wednesday’s Fed vote cutting its key interest rate. Trump wants to reshape the Fed’s seven-member governing board and strike a blow at its independence. Trump accuses Cook of mortgage fraud related to properties in Michigan and Georgia. Trump's administration says the president may reasonably determine interest rates "should not be set by a Governor who appears to have lied.” Cook denies lying and refuses to leave her post.
Trump signs proclamation adding $100K annual fee for H-1B visa applications
WASHINGTON (AP) — President Donald Trump has signed a proclamation that will require a new, $100,000 annual fee for H-1B visa applications. This move is among the changes to the program for highly skilled foreign workers, which has come under scrutiny by the administration. H-1B visas are intended to bring skilled foreigners for jobs that tech companies struggle to fill with U.S. citizens. Critics argue the program allows companies to pay lower wages and fill entry-level jobs. Historically, these visas have been distributed through a lottery system, with California having the highest number of H-1B workers.
Trump administration moves to revoke permit for Massachusetts offshore wind project
WASHINGTON (AP) — The Trump administration has moved to block a Massachusetts offshore wind farm, its latest effort to hobble an industry and technology that President Donald Trump has attacked as “ugly” and unreliable compared to fossil fuels such as coal and natural gas. The Bureau of Ocean Energy Management filed a motion in federal court Thursday seeking to take back its approval of the SouthCoast Wind project’s “construction and operations plan.″ The action by the Interior Department agency is the latest by the Trump administration in what critics call an “all-out assault” on the wind energy industry.
Federal Reserve shows unexpected unity, independence as it weathers Trump's attacks
WASHINGTON (AP) — In what was expected to be a contentious Federal Reserve meeting, policymakers on Wednesday instead emerged with a nearly unanimous voice to cut interest rates by a quarter-point. That helped tamp down -- at least for now -- concerns over its independence amid President Donald Trump’s relentless pressure for steeper cuts and his unprecedented effort to fire a top Fed official. Many Fed-watchers expected a contentious two-day meeting this week, with the economy’s future uncertain and a Trump appointee hastily added to the board just hours before the meeting began. Instead, just one official dissented from the Fed’s decision, favoring a more aggressive half-point cut.
Senate rejects competing bills to fund government, increasing risk of shutdown on Oct. 1
WASHINGTON (AP) — The Senate rejected competing measures to fund federal agencies for a few weeks when the new budget year begins on Oct. 1, increasing prospects for a partial government shutdown on that date. Leaders of the two parties sought to blame the other side for the standoff. Democrats accused Republicans of not negotiating with them to address some of their priorities on health care as part of the funding measure. Republicans said Democrats were making demands that would dramatically increase spending and were not germane to the core issue of keeping the government open. It’s unclear how the two sides will be able to avoid a shutdown.
Gen Z's credit scores are dropping. Here's what to do if yours is too
NEW YORK (AP) — Gen Z has seen its credit score drop more than any other generation over the past year, largely because of student loan debt. That's according to a new report out this week. The report from credit scoring company FICO found that the total national average credit score dropped two points this year to 715. But Gen Z’s average score dropped three points to 676. That's the largest year-over-year decrease among any age group since 2020. A credit score is a mathematical formula that helps lenders determine how likely you are to pay back a loan.
Who qualifies for 'no tax on tips' and what counts as a tip? Here are the new rules
WASHINGTON (AP) — The Treasury Department is moving closer to implementing President Trump's "no tax on tips" promise. New guidance released Friday outlines which tipped workers can benefit. The provision, part of a tax law signed by Trump, eliminates federal income taxes on tips for certain jobs and allows deductions up to $25,000 annually from 2025 to 2028. However, it phases out for those earning over $150,000. Only tips from qualified occupations and reported to employers will qualify. The Yale Budget Lab estimates about 4 million workers are in tipped occupations. The provision could increase the deficit by $40 billion through 2028.
Web of business interests shows that Kimmel's future rests on far more than his jokes
NEW YORK (AP) — The decision about whether to keep Jimmy Kimmel on his late-night ABC show depends on far more than his jokes. The choice is complicated by a web of business and regulatory considerations involving ABC’s parent company, other media companies and the Trump administration. It’s the inevitable result of industry consolidation that over years has built giant corporations with wide-ranging interests. ABC owner Walt Disney Co. is a massive organization with far-flung operations. It frequently seeks federal regulatory approval to expand, buy or sell businesses or acquire licenses. The Trump administration has not spared the company from investigations. It has opened multiple inquiries in just the past few months to probe possible antitrust, programming and hiring violations.
US Steel changes course and will keep processing raw steel at Granite City plant in Illinois
HARRISBURG, Pa. (AP) — U.S. Steel is reversing course and now says it'll continue processing raw steel indefinitely at its Granite City Works plant in Illinois, nixing a decision that had put the plant on track to stop work in the coming weeks. U.S. Steel on Friday didn't explain its reasons for changing course, other than it'll maintain flexibility. It's now barely three months after Nippon Steel sealed a deal with President Donald Trump to buy the iconic American steelmaker by giving the government a say over decisions that affect domestic steel production. The United Steelworkers union accused U.S. Steel of trying to “wiggle out” of commitments that Nippon Steel made in the deal.
