Economy

Dow scores 100th record close under Trump

Stocks closed on record highs Tuesday helped by a batch of positive retail earnings, a new record for Disney and more positive developments on U.S. – China trade talks. Tuesday’s record close was the 100th since Trump took office. Investors scooped up more Disney shares, lifting the Mouse House to a new record after the research firm Apptopia said the Disney+ app has been downloaded 15.5 million times and is averaging 25.6 million sessions per day over the past week. Uber and Lyft shares gained despite the City of Chicago announcing a congestion tax on ride-hailing services. Uber was hit hard Monday after London pulled its business license. On the earnings front, Best Buy reported better-than-expected third-quarter results as store sales rose 2 percent from a year ago, driven by strength in appliances, headphones, tablets, services and computing. The electronics retailer also raised its full-year outlook for earnings and revenue. Dick’s Sporting Goods soared after reporting a top and bottom-line beat and raising its outlook for the rest of the year. The sporting goods retailer said e-commerce sales climbed 13 percent year-over-year. Meanwhile, shares of Dollar Tree tanked after the discount retailer said it expects fourth-quarter earnings to take a hit due to tariffs. And more positive trade developments also helped drive the gains after President Trump told reporters the U.S. and China are “in the final throes” of reaching a deal. The comments came after China said earlier in the day that its top trade envoy and other senior officials spoke by phone with U.S. negotiators. China’s commerce ministry said Vice Premier Liu He and other senior officials spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

Another stock market record high in this Trump economy!!  Excellent!!   For more, click on the text above.     🙂

Opinion/Analysis: Speaker Nancy Pelosi’s stall tactics hurt America’s economy

Wouldn’t it be wonderful if for one brief shining moment in Washington, Congress put good policy over politics — and passed a bill that would benefit American workers, investors and businesses? We haven’t had a true bipartisan victory in Washington for seemingly ages, but we are tantalizingly close to getting there. This would be the passage of the U.S. Mexico Canada Trade Agreement (USMCA). Both parties want this modernized version of NAFTA to pass. It is the legacy of Ronald Reagan and Bill Clinton. But this latest modernized trilateral trade deal for North America hasn’t happened yet because of an endless parade of stall tactics by House Speaker Nancy Pelosi. She is blockading a vote of the 435 members of the House of Representatives. The odds are very favorable that Democrats and Republicans would provide enough yays to pass it and move it on to the Senate where the trade deal would be approved by a wide margin. The whispering campaign on Capitol Hill is that Mrs. Pelosi is worried about giving Mr. Trump a “win,” so she’s inventing flimsy excuses for endlessly delaying a vote. Her strategy might have some credibility if she had credible objections to this modernized trade deal, which was carefully crafted by Donald Trump with trade negotiators from our neighbors Canada and Mexico. First, Mrs. Pelosi said she wanted more worker protections in the trade deal — but this bill actually has stronger job and wage protections for American workers (some of which I think go too far) than the old North America Free Trade Agreement. Mr. Trump insisted on those broader labor protections for the auto and other blue-collar workers in many of those Midwestern states that have seen middle class job losses. She continues to broach the idea of attaching a pension bailout bill to the trade deal. That pension bill has nothing to do with trade. It would also potentially cost taxpayers tens of billions of dollars of costs to bailout mismanaged labor union pension funds. This is Mrs. Pelosi’s way of throwing a wet kiss to the union bosses as payback for their support in helping her become Speaker. An even wilder idea is a scheme by Democrats to force Mr. Trump to allow the United States back into the Paris Climate Accord — a $100 billion tax on Americans — as the ransom for passing USMCA. These are obvious poison pills and the speaker knows it. Mr. Trump would never allow the U.S. into the climate treaty and many fiscally-conscientious Republicans would withdraw their support for the USMCA if they were forced to endorse these new giant taxpayer liabilities for obese pensions. Then there is Mrs. Pelosi’s ploy to reopen the trade deal to repeal the hard-won patent protections for American pharmaceutical companies. Mrs. Pelosi is acting as if this were a giant “giveaway” to the U.S. drug companies that will raise prices for American consumers. She has it all wrong. This provision of the trade deal actually protects America patent rights for 10 years when made-in-America drugs and “biologics” are sold in foreign countries. The USMCA — expertly negotiated by Mr. Trump’s lead trade negotiator, Robert Lighthizer — actually forces Mexican and Canadian citizens to honor our patents and pay more for American drugs. This could in the end mean lower prices for these drugs here in the United States because our two neighbors would pay their fair share to cover the billions of dollars of research costs to bring to market new life-saving drugs. Mr. Trump should be applauded for getting Mexico and Canada to agree to live by the same patent protections that we require here in America. Why would Mrs. Pelosi object to a provision that effectively curtails foreign freeloading off the medical R&D investments of American firms? Why should foreigners get special discount deals on our patented drugs that are not similarly available to American patients? Mrs. Pelosi’s cynical strategy to change the USMCA would bust the trade deal wide open and kill it. Trying to renegotiate a trade deal that has been years in the making is like putting toothpaste back in the tube. Opening up one section of the law makes every section negotiable and brings us back to square one. The victims here would be American farmers, ranchers and hard-hat manufacturing workers. The economic benefits of the USMCA have been estimated by the U.S. International Trade Commission to be almost $60 billion in higher exports each year and some 175,000 new jobs. Passage of this law would put added pressure on China to pass its own trade deal with the Trump administration. Mrs. Pelosi should put America first by putting the political games aside and bringing USCMA to a vote urgently. Democrats won back the House in the 2018 elections by promising Americans that they could govern the country. Obstruction is not governing and blocking free trade deals is no way to keep the Trump economic boom going. I hate to think that may be the point of her political tactics.

No kidding!!  Thanks to economist Stephen Moore for calling out Speaker Nancy Pelosi (D-CA) on her shameless, and shameful, politics that are just hurting everyday Americans. Stephen Moore is an economic consultant with Freedom Works and served as a senior economic adviser to Donald Trump. His latest co-authored book is “Trumponomics: Inside the America First Plan to Revive Our Economy.”

Analysis: October jobs’ numbers speak volumes on impeachment

America’s economy saw the addition of 128,000 jobs this past October, a figure that surpassed expectations of 75,000. And unemployment came in at 3.6%. And all the Democrats went — oh crap. This is why impeach, impeach, impeach is such a must-be, must-have, must-do for the left. Even the normal spinmeisters in the media can’t spin away the positives of the President Donald Trump economy. “The U.S. added 128,000 jobs in October, topping dour forecasts,” CNN Business wrote, in a headline above a story that went so far as to clarify, truthfully, why the unemployment rate rose a bit in recent weeks. “[T]he unemployment rate rose slightly to 3.6&, but it was for good reason: 325,000 Americans started looking for work,” CNN Business reported. What? No crowing about a rising unemployment rate? No squawking of this depressed and depressing Trump economy? “Overall,” the outlet went on, “the report was far stronger than expected, beating economists’ forecasts for a gain in 89,000 jobs.” NBC News, meanwhile, put the good news this way: “Economy added 128,000 jobs in October, beating expectations of 75,000.” Where’s the snark, guys? Where’s the bark? From the Los Angeles Times: “U.S. employers added a solid 128,000 jobs in October.” From ABC: “U.S. adds a higher than expected 128,000 jobs in October.” From Bloomberg: “U.S. Hiring Resilient With 128,000 Gain, Validating Fed Pause.” Of course, there was still this, from The Washington Post — Old Reliable on the Ding Trump Front: “U.S. economy added 128,000 jobs in October, despite the GM strike. The jobless rate ticked up to 3.6 percent.” But that’s predictable. There always has to be one, right? Fact is, the economy’s chugging — it’s been chugging, since exit, stage left, Barack Obama days — and contrary to what Democrats would like believed, it’s only on a steady path to continue chugging. So what’s a desperate campaigner of the left to do? Climb aboard the impeachment train. Choo, choo, that’s what the left’s got to chug into 2020. “Public’s 2019 Priorities: Economy, Health Care, Education and Security All Near Top of List,” Pew Research Center wrote in January. Before that, it was this from Gallup, in 2018: “Healthcare, the economy and immigration top a list of issues that voters consider important to their vote for Congress.” Poll Democrats by themselves, though, and the priorities shift a bit. FiveThirtyEight, in a September survey that asked, “What Issues Should The 2020 Democratic Candidates Be Talking About?” — found: “Democrats are most concerned about defeating President Trump — nearly 40 percent of respondents said this was their top issue. For reference, the next-most-common top issue — health care — was picked by just 10 percent voters.” That means Democrats care more about booting Trump than keeping an economy that’s obviously working well for the country. Impeach, impeach, impeach. The better the economy booms, the more positive the job numbers turn, the louder, wilder, crazier and frantic the impeachment calls will grow.

Agreed…and well said, Cheryl.  Cheryl Chumley is the author of that spot-on op/ed.  The economy is on fire, and continues it’s positive trajectory.  All the Dems have is “impeach, impeach, impeach”…because they’re terrified Trump could get re-elected.  Even Democrat Rep. Al Green (D-TX) brazenly, openly, admitted on the House floor, “We have to impeach him, otherwise he’s going to win the election.”  Wow..   Well, at least he’s honest about the total sham that is this impeachment nonsense..  They know they can’t win in the arena of ideas and they have nothing positive, and beneficial for America, that they can run on.  Keep this in mind as this bs drags on..

Dow jumps over 400 points on US-China trade progress

U.S. stocks kicked off the final day of the week on a high note as the U.S. and China begin day two of trade talks. This after President Trump signaled that thus far the talks are going well. He tweeted as much on Friday after the opening bell. Trump is set to meet with Chinese Vice Premier Liu He at the White House later today. The Dow rose by more than 400 points in early trading. Also providing a boost was a rebound in consumer sentiment, which in October climbed to a three-month high of 96, up from 93.2 the prior month, according to preliminary data released by the University of Michigan. In stock news, General Motors shares were higher after the automaker provided fresh details on negotiations with the United Auto Workers union. GM, in a letter, outlined some revised points on its offer to the union. Investors are also eyeing Apple which hit an all-time high after a Wall Street analyst raised his price target. Wendy’s also saw a nice pop after disclosing that sales in the third-quarter were stronger than expected. In commodities, oil prices spiked around 1 percent after a rocket attack on an Iranian tanker. Global investors are also expecting to hear from Saudi oil giant Aramco as it prepares for its initial public offering. Early reports indicate the company’s valuation may around $1.5 trillion, slightly below the $2 trillion Crown Prince Mohammed bin Salman was aiming for. In Europe, London’s FTSE gained 0.3 percent, Germany’s DAX added 1.9 percent and France CAC was higher by 1.2 percent. In Asia, China’s Shanghai Composite finished higher by 0.9 percent on Friday and 2.4 percent for the week. Tokyo’s Nikkei closed up 1.2 percent and 1.8 percent for the week. Hong Kong’s Hang Seng ended the session higher 2.3 percent and 1.9 percent for the week.

Trump cheers billions of dollars’ worth of US investments from major auto companies

President Trump on Monday touted a host of new investments in the U.S. worth billions of dollars. One of the investments is a $4 billion joint venture on behalf of Hyundai, Kia and Aptiv to develop autonomous driving technologies, which the president noted would bring a lot of “great jobs” back to America. The companies said last week that the driving platform would be available for robotaxi providers and automotive manufacturers in 2022. Additionally, Trump said Navistar, a leading manufacturer of trucks and buses, would be building a $250 million truck factory in San Antonio, Texas – bringing an additional 600 jobs. Navistar recently announced plans to invest $125 million in the Huntsville, Alabama, engine plant. Trump also mentioned – as previously reported by FOX Business – that tech giant Apple will build its new Mac Pro in Austin, Texas, after it was granted exemptions from tariffs to import parts from China. “The Mac Pro is Apple’s most powerful computer ever and we’re proud to be building it in Austin,” Apple CEO Tim Cook said in a statement last week. “We thank the administration for their support enabling this opportunity.”

More great news in this Trump economy!!    🙂

Apple will build new Mac Pros in Texas amid tariffs

Apple’s insanely expensive new desktop computer will be made in the United States — not China, the company announced Monday. The $6,000 Mac Pro will be built at Apple’s Austin, Texas, plant following US trade regulators approving 10 requests for tariff exemptions filed by Apple for computer parts. “The new Mac Pro will include components designed, developed and manufactured by more than a dozen American companies for distribution to US customers,” Apple said in a statement. The Mac Pro had been assembled at the Austin plant since 2013, but Apple announced earlier this year that its new computer would be made in China — prompting furor from President Trump, who has been critical of the company’s reliance on Chinese factories. “Apple will not be given Tariff wavers (sic), or relief, for Mac Pro parts that are made in China,” Trump tweeted. “Make them in the USA, no Tariffs!” Apple at that time said “like all of our products, the new Mac Pro is designed and engineered in California and includes components from several countries including the United States.” The new Mac Pro is slated for release this fall with an entry-level price of $5,999. It’s designed to be paired with Apple’s new $4,999 Pro Display XDR monitor, which in turn is mounted on a $999 Pro Stand. That means Apple’s new supercomputer will cost at least $12,000 before boosting any of its specs. Apple shares were up 0.6 percent Monday morning, at $219.10.

Trump announces new tariffs on China

President Trump said Thursday he is slapping a 10 percent tariff on $300 billion in Chinese imports as of Sept. 1, saying President Xi Jinping failed to fulfill key promises. Mr. Trump said the levy is on top of the heftier tariffs affecting more than $250 billion in imports. In a series of tweets, the president said Mr. Jinping has failed to block shipments of fentanyl to the U.S, as he’s promised, and hasn’t purchased U.S. farm products. Mr. Trump had touted both pledges as signs of incremental progress when they occurred, though now he says he’s disappointed with Mr. Xi. The China tariff announcement immediately reversed a positive day on Wall Street, turning a 250 point-plus gain in the Dow Jones index Thursday into a loss of more than 100 points within 15 minutes of the White House announcement. Both the broader S&P 500 and the tech-heavy Nasdaq indexes also fell back sharply. Even as he slammed China, Mr. Trump held out hope for a trade deal after “constructive” talks between both sides in Shanghai this week. Mr. Trump said his new levies will take effect right as Chinese officials travel to Washington in September to resume talks. “We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!” Mr. Trump wrote.