Ken Sweet, Associated Press | PostedJul 16th - 10:21am
Bank of America's second-quarter profits jumped 33 percent from a year earlier, the company said Monday, as like nearly all other big banks, it benefited greatly from the new tax law. The bank also benefited from the recent rise in interest rates, allowing it to charge more for customers to borrow.
U.S. stocks are mostly lower Monday as energy companies sink along with the price of oil. Banks are rising along with interest rates, and Bank of America is climbing after a solid second-quarter report. Stocks finished at five-month highs last week as investors remained optimistic about the U.S. economy even as they worried about the trade war between the U.S. and China.
Paul Wiseman, Associated Press | PostedJul 16th - 9:17am
The Trump administration is filing a challenge at the World Trade Organization against China, the European Union, Canada, Mexico and Turkey for retaliating against American tariffs on imported steel and aluminum.
Joe McDonald, Associated Press | PostedJul 16th - 8:41am
China announced it filed a World Trade Organization challenge Monday to President Donald Trump's latest tariff threat, stepping up its diplomatic efforts to counter U.S. pressure in a spiraling technology dispute.
Paul Wiseman, Associated Press | PostedJul 16th - 8:12am
The International Monetary Fund is keeping its forecast for global economic growth unchanged at 3.9 percent this year despite worries about rising trade tensions and higher oil prices. But the lending agency is downgrading the outlook for Europe and Japan.
Amazon is extending its annual "Prime Day" promotion to 36 hours this year and will try to lure more deal-seekers to the aisles of Whole Foods. Shoppers will have plenty of sales to choose from as other retailers offer promotions to try to take a share of the spending.