Latest news with #4thIndependenceDay
The Market Online
12 hours ago
- Business
- The Market Online
@ the Bell: Bay Street sings on 4th of July
Canada's main stock index showed enough strength to overcome a marketplace split, with enough gains across several sectors contributing to the positive momentum. This uptick reflects the meagre investor optimism amid stable commodity prices and encouraging economic signals. Trading volume was moderate, suggesting steady participation without significant volatility. US markets were closed for the July 4th Independence Day holiday. The Canadian dollar traded for 73.49 cents US compared to 73.75 cents US on Thursday. US crude futures traded $0.50 lower at US$66.50 a barrel, and the Brent contract fell $0.50 to US$68.30 a barrel. The price of gold was up US$3.27 to US$3,336.74. In world markets, the Nikkei was up 24.98 points to ¥39,810.88, the Hang Seng was down 153.88 points to HK$23,916.06, the FTSE was down 0.29 point to ₤8,822.91, and the DAX was down 146.68 points to €23,787.45. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein.
Business Times
a day ago
- Business
- Business Times
US: S&P 500, Nasdaq end at fresh records after solid jobs data
[NEW YORK] Wall Street stocks surged higher on Thursday following US jobs data that topped estimates as President Donald Trump's massive tax cut measure neared final passage in Congress. The broad-based S&P 500 jumped 0.8 per cent to 6,279.35, a second straight record. The tech-rich Nasdaq Composite Index gained 1.0 per cent to 20,601.10, also a record, while the Dow Jones Industrial Average climbed 0.8 per cent to 44,828.53. The US economy added 147,000 jobs in June while unemployment dipped to 4.1 percent from 4.2 per cent, a sign of US labour market resilience despite the White House's wave of tariffs. 'We have a nice rally going, and the reason for that is that the employment data was stronger than expected,' said Peter Cardillo of Spartan Capital Securities, who noted that the market overlooked that the job additions included a heavy share of public sector posts. Markets also shrugged off data showing an uptick in the US trade deficit in May, with both imports and exports declining. But congressional Republicans expressed confidence they would win final passage of Trump's sweeping fiscal package, which includes heavy spending increases for deportations and cuts in federal health care programmes. Investors have greeted the extension of tax cuts, but have expressed concern at forecasts that the package will add US$3.4 trillion in debt. US stock exchanges closed early on Thursday and will be shuttered Friday for the July 4th Independence Day holiday. AFP
Japan Today
a day ago
- Business
- Japan Today
Trump wins major victory as Congress passes flagship bill
By Ben SHEPPARD and Frankie TAGGART U.S. President Donald Trump on Thursday secured a major political victory when Congress narrowly passed his signature tax and spending bill, cementing his radical second-term agenda and boosting funds for his anti-immigration drive. The bill underlined the president's dominance over the Republican Party, which had been wracked by misgivings over a text that will balloon the national debt and gut health and welfare support. A small group of opponents in the party finally fell into line after Speaker Mike Johnson worked through the night to corral dissenters in the House of Representatives behind the "One Big Beautiful Bill." The bill squeezed past a final vote, 218-214. The White House declared "VICTORY" on social media and said Trump would sign the bill into law on Friday, the July 4th Independence Day holiday. "One of the most consequential Bills ever. The USA is the 'HOTTEST' Country in the World, by far!!!" the president posted as he scented success. The timing of the vote had slipped back through Thursday as Democratic House minority leader Hakeem Jeffries spoke against the bill for nearly nine hours to delay proceedings. Mass deportations, tax breaks The legislation is the latest in a series of big wins for Trump, including a Supreme Court ruling last week that curbed lone federal judges from blocking his policies, and U.S. air strikes that led to a ceasefire between Israel and Iran. His sprawling mega-bill narrowly passed the Senate on Tuesday and had to return to the lower chamber for a rubber stamp of the senators' revisions. The package honors many of Trump's campaign promises: boosting military spending, funding a mass migrant deportation drive and committing $4.5 trillion to extend his first-term tax relief. "Everything was an absolute disaster under the Biden-Harris radical regime, and we took the best effort that we could, in one big, beautiful bill to fix as much of it as we could," Johnson said. "And I am so grateful that we got that done." But it is expected to pile an extra $3.4 trillion over a decade onto the country's fast-growing deficits, while shrinking the federal food assistance program and forcing through the largest cuts to the Medicaid health insurance scheme for low-income Americans since its 1960s launch. Some estimates put the total number of recipients set to lose their insurance coverage under the bill at 17 million. Scores of rural hospitals are expected to close. While Republican moderates in the House fear the cuts will damage their prospects of reelection next year, fiscal hawks chafed over savings that they say fall far short of what was promised. Johnson had to negotiate tight margins, and could only lose a handful of lawmakers in the final vote, among more than two dozen who had earlier declared themselves open to rejecting Trump's 869-page text. Trump has spent weeks hitting the phones and hosting White House meetings to cajole lawmakers torn between angering welfare recipients at home and incurring the president's wrath. Democrats hope public opposition to the bill will help them flip the House in the 2026 midterm election, pointing to data showing that it represents a huge redistribution of wealth from the poorest Americans to the richest. Jeffries held the floor for his Democrats ahead of the final vote, as he told stories of everyday Americans who he argued would be harmed by Trump's legislation. "This bill, this one big, ugly bill -- this reckless Republican budget, this disgusting abomination -- is not about improving the quality of life of the American people," he said. After the bill was passed, Trump predecessor's Joe Biden said it was "not only reckless -- it's cruel." Extra spending on the military and border security will be paid in part through ending clean energy and electric vehicle subsidies -- a factor triggering a bitter public feud between Trump and former key advisor Elon Musk. © 2025 AFP
