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US: S&P 500, Nasdaq open at record levels on trade talk hopes; set for strong quarter

US: S&P 500, Nasdaq open at record levels on trade talk hopes; set for strong quarter

Business Times9 hours ago

[NEW YORK] The S&P 500 and Nasdaq opened at fresh record highs on Monday (Jun 30), as optimism over the United States striking trade deals with its key partners fuelled bullish momentum, keeping the indexes on track for strong quarterly gains.
The Dow Jones Industrial Average rose 201.4 points, or 0.46 per cent, at the open to 44,020.66. The S&P 500 rose 20.3 points, or 0.33 per cent, at the open to 6,193.36​, while the Nasdaq Composite rose 86.7 points, or 0.43 per cent, to 20,360.152 at the opening bell. REUTERS

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Trump imposes tougher US policy toward Cuba
Trump imposes tougher US policy toward Cuba

Straits Times

time15 minutes ago

  • Straits Times

Trump imposes tougher US policy toward Cuba

FILE PHOTO: Cars pass by Cuban and U.S. flags beside the U.S. Embassy in Havana, Cuba, May 13, 2024. REUTERS/Alexandre Meneghini/File Photo WASHINGTON - President Donald Trump on Monday signed a memorandum imposing a hard-line U.S. policy toward communist-run Cuba and reversing measures put in place by former President Joe Biden, the White House said. The directive will enforce a statutory ban on U.S. tourism to Cuba while supporting an economic embargo of the country, the White House said in a fact sheet. While Americans cannot visit Cuba for leisure, travel has been allowed for activities including educational or humanitarian trips. As one of his first acts after taking office in January, Trump, a harsh Cuba critic, revoked the Biden administration's last-minute decision to remove the country from the U.S. list of state sponsors of terrorism. He has also partially restricted the entry of people from Cuba. Under Monday's memorandum, Trump renewed a ban on direct or indirect financial transactions with entities controlled by the Cuban military, such as Grupo de Administracion Empresarial S.A. (GAESA), and its affiliates, with exceptions for transactions that advance U.S. policy goals or support the Cuban people. Biden had revoked a 2017 Trump order that restricted financial transactions with some military- and government-linked Cuban entities. The new memorandum "enforces the statutory ban on U.S. tourism to Cuba and ensures compliance through regular audits and mandatory record-keeping of all travel-related transactions for at least five years," the White House fact sheet said. It also supports the economic embargo of Cuba and opposes calls in the United Nations and other international forums for its termination, the fact sheet said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.

US: S&P 500, Nasdaq end at records, adding to big quarterly gains
US: S&P 500, Nasdaq end at records, adding to big quarterly gains

Business Times

time18 minutes ago

  • Business Times

US: S&P 500, Nasdaq end at records, adding to big quarterly gains

[NEW YORK] Wall Street stocks rose again on Monday amid optimism over trade negotiations and US tax cut legislation to conclude the final session of the second quarter at fresh records. The S&P 500 finished at 6,204.95, up 0.5 per cent for the day and about 10.6 per cent for the quarter. The tech-rich Nasdaq Composite Index climbed 0.5 per cent to 20,369.73, which was also a record, while the Dow Jones Industrial Average gained 0.6 per cent to 44,094.77. 'Investors are feeling optimistic that we had a very strong quarter with reasons to feel optimistic,' said CFRA Research's Sam Stovall, who cited easing trade tensions and fewer worries about inflation as drivers. The latest records came after Canada rescinded taxes impacting US tech firms, setting the stage for negotiations to resume between Washington and Ottawa after President Donald Trump abruptly broke off talks on Friday because of the tax. Trump administration officials have said they are making progress on trade deals with major partners and could unveil trade agreements in the coming months. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up An aggressive tariff plan announced by Trump in early April initially battered financial markets, but Trump has backed off many of the most onerous provisions. Analysts have also cited investor enthusiasm about Trump's massive tax cut legislation currently being debated in the Senate. The measure also contains controversial cuts to health benefits for low-income populations and heavy spending on deportation programmes. Large banks including Citigroup and JPMorgan Chase advanced after the Federal Reserve on Friday gave the industry a passing grade on stress tests, a finding that could boost givebacks to investors through shareholder repurchases and dividend hikes. Shares of Facebook parent Meta rose 0.6 per cent and touched an all-time record as the company extends an aggressive recruitment drive of top artificial intelligence talent, luring some experts from other companies with US$100 million bonuses. Moderna rose 1.6 per cent after announcing positive results from a phase three clinical trial into a vaccine for seasonal influenza. AFP

Trump signs order lifting sanctions on Syria, White House says
Trump signs order lifting sanctions on Syria, White House says

Straits Times

timean hour ago

  • Straits Times

Trump signs order lifting sanctions on Syria, White House says

U.S. President Donald Trump speaks during a meeting with Democratic Republic of the Congo's Foreign Minister Therese Kayikwamba Wagner and Rwanda's Foreign Minister Olivier Nduhungirehe in the Oval Office at the White House in Washington D.C., June 27, 2025. REUTERS/Ken Cedeno/ File Photo FILE PHOTO: U.S. President Donald Trump meets with Syrian President Ahmed al-Sharaa in Riyadh, Saudi Arabia, in this handout released on May 14, 2025. Saudi Press Agency/Handout via REUTERS/File Photo WASHINGTON - President Donald Trump signed on Monday an executive order terminating a U.S. sanctions program on Syria, allowing an end to the country's isolation from the international financial system and building on Washington's pledge to help it rebuild after a devastating civil war. The move will allow the U.S. to maintain sanctions on Syria's ousted former president Bashar al-Assad, his associates, human rights abusers, drug traffickers, people linked to chemical weapons activities, the Islamic State and ISIS affiliates and proxies for Iran, White House spokeswoman Karoline Leavitt told reporters in a briefing. Assad was toppled in December in a lightning offensive by Islamist-led rebels and Syria has since taken steps to re-establish international ties. Syrian Foreign Minister Asaad al-Shibani said Trump's termination of the Syria sanctions program would "open door of long-awaited reconstruction and development," according to a post by the foreign minister on social media platform X. He said the move would "lift the obstacle" against economic recovery and open the country to the international community. Syria's President Ahmed al-Sharaa and Trump met in Riyadh in May where, in a major policy shift, Trump unexpectedly announced he would lift U.S. sanctions on Syria, prompting Washington to significantly ease its measures. Some in Congress are pushing for the measures to be totally repealed, while Europe has announced the end of its economic sanctions regime. "Syria needs to be given a chance, and that's what's happened," U.S. Special Envoy for Syria Thomas Barrack told reporters in a briefing call. He described Monday's move as "the culmination of a very tedious, detailed, excruciating process of, how do you unwrap these sanctions." The White House in a fact sheet said the order directs the Secretary of State to review the terrorism designations of Hayat Tahrir al-Sham, a rebel group that Sharaa led that has roots in al Qaeda, as well as Syria's designation as a state sponsor of terrorism. The White House said the administration would continue to monitor Syria's progress on key priorities including "taking concrete steps toward normalizing ties with Israel, addressing foreign terrorists, deporting Palestinian terrorists and banning Palestinian terrorist groups." LAYERS OF U.S. SANCTIONS A Reuters investigation published on Monday revealed the role of Syrian government forces in the killing of more than 1,500 Syrian Alawites over three days of massacres along the country's Mediterranean coast in March. The Trump administration had no comment on the Reuters report. It was not immediately clear if Washington was lifting the sanctions on any of the factions that Reuters found were involved. Syrians hope the easing of sanctions will clear the way for greater engagement by humanitarian organizations working in the country, encouraging foreign investment and trade as it rebuilds. In the aftermath of Trump's announcement in May, the U.S. Treasury Department issued a general license that authorized transactions involving the interim Syrian government as well as the central bank and state-owned enterprises. However, the U.S. has imposed layers of sanctions against Syria, some of which are authorized by legislation, including the Caesar Act. Repealing the measures is necessary for Syria to attract long-term investment without parties fearing the risk of violating U.S. sanctions. "We are now, pursuant to the executive order, going to look at suspension criteria for the Caesar Act," a senior administration official said. Most of the U.S. sanctions on Syria were imposed on Assad's government and key individuals in 2011 after civil war erupted in the country. The dismantling of the U.S. sanctions program on Syria includes terminating from Tuesday a national emergency declared in 2004 and revoking linked executive orders, according to the order signed on Monday. The executive order also directs additional actions, including some with respect to waivers of export controls and other restrictions, the order read. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.

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