Latest news with #GinaBolvin
Yahoo
14-05-2025
- Business
- Yahoo
Fidelity users report technical issues trying to check their accounts after U.S.-China trade deal sends stocks surging
As the stock market jumped Monday on news that the U.S. and China have reached a preliminary trade agreement, pausing reciprocal tariffs of as high as 145% for 90 days, popular brokerage Fidelity suffered widespread technical issues as traders flooded its app and website to check their portfolios. The technical issues kept some users from logging in to their accounts as trading opened on Monday, and many people took to social-media platforms like X, formerly known as Twitter, to voice their concerns. My husband and I spend more money on our daughter and her family than on my single son. Do we compensate him? The bulls are back in town. Goldman and this Wall Street optimist are lifting their S&P 500 targets on tariff relief. 'Be vigilant with your finances': My IRA had an unknown beneficiary designation. How could this happen? 'I am scared to death that I'll run out of money': My wife and I are in our 50s and have $4.4 million. Can we retire early? 'It just doesn't seem right': My sister picks up the check for our parents, but later asks me to repay her 'You guys lost me as a customer today,' one X user posted about the issues with his Fidelity account. There were thousands of reports of issues by Fidelity users on Monday, according to data from a website that tracks online service issues. And Google searches for 'is Fidelity down' spiked on Monday morning through the early afternoon, along with related queries about having issues logging in. 'We are aware that some customers are experiencing issues with Active Trader Pro (ATP), and our mobile apps,' Fidelity said in a statement. 'We are working urgently on resolving the issues. We apologize for the inconvenience and appreciate you being a customer.' See: Cooling U.S.-China trade tensions don't mean smooth sailing for U.S. economy Other financial-services companies who operate brokerages, however, didn't appear to be experiencing similar issues. Representatives from Interactive Brokers IBKR, Charles Schwab SCHW and Robinhood HOOD all told MarketWatch that their systems were operating normally on Monday, despite some scattered complaints on social media. The rallies in the equities market as well as the dollar that have followed the de-escalation of the U.S.-China trade war could be viewed as a sign that investors are becoming more confident and bullish in the near term, and many people were eager to check their financial portfolios on Monday. 'A trade deal with China is a big deal, don't underestimate it,' Gina Bolvin, President of Bolvin Wealth Management Group, told MarketWatch. 'It matters because trade affects earnings and sentiment.' 'We've gone from pulling guidance to giving a range of guidance and now more optimism for earnings clarity,' she added. 'Don't underestimate consumer sentiment, which is 70% of the economy, and let's not forget there's $7 trillion of cash on the sidelines.' Another expert noted that while the latest pause is a good sign, its important to manage expectations. 'There is still work to be done to reach a formal [U.S.-China] agreement and deterioration could happen,' Daniela Sabin Hathorn, senior market analyst at international trading platform wrote to MarketWatch in a statement. 'Markets seem to be aware of this as the equities have come off their highs a bit after the initial reaction. It is likely that more positive sentiment drives the momentum higher once the U.S. traders come online, but some caution may remain despite the optimism.' The S&P 500 SPX rose to 3.13% as of Monday afternoon, the Dow Jones Industrial Index DJIA was up 2.73% and the Nasdaq COMP is on track to exit bear-market territory following the announcement of the trade agreement. The pause to reciprocal tariffs will expire in three months, and the current 10% flat tariff on China will remain, as well as an additional 20% levy to combat fentanyl smuggling, according to the White House. Watch: How to pick dividend stocks positioned to keep growing dividends My eldest son refused to share his father's $500K inheritance with his siblings. Should I cut him off? My friend's partner is pregnant, but she's married to another man. Is he financially responsible? 'We live modestly': My wife and I have $900K in stocks and $380K in savings and CDs. Are we holding too much cash? Gold skids more than 3% on tariff relief. Is it time to sell? The bull market has survived Trump's tariff onslaught. But stocks aren't out of the woods just yet. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
US stocks end sharply higher on China-US trade deal. S&P 500 hits more than 2-month high
U.S. stocks closed sharply higher, with the blue-chip Dow surging more than 1,000 points, after the U.S. announced a trade deal with China. The U.S. and China put a 90-day pause on most of the tariffs the countries had imposed on one another. Effective from Wednesday, the U.S. will temporarily reduce tariffs on China to 30%, down from 145%, and China will reduce tariffs on U.S. goods to 10%, down from 125%. "This was a larger-than-expected the negotiation process will likely remain challenging," said Lynn Song, chief economist of greater China at Dutch bank ING. As the deadline for the 90-day pause nears, tensions may reescalate, some said. "Expect volatility as we approach the 90-day reciprocal tariffs deadline," wrote Gina Bolvin, president of Bolvin Wealth Management Group, in a note. "But today, the market is blowing through resistance levels and if it sticks, this is a big WIN for Trump, for stocks and for investors." The Dow soared 2.81%, or 1,160.72 points, to 42,410.10; while the broad S&P 500 jumped 3.26%, or 184.28 points, to 5,844.19; and the tech-heavy Nasdaq rallied 4.35%, or 779.43 points, to 18,708.34. The S&P 500 touched the highest level in more than two months. The benchmark 10-year Treasury yield rose to 4.475% as investors bet better tariff terms with China could save the economy from a recession and the Federal Reserve wouldn't have to cut rates any time soon. Oil prices also rose more than 1% on hopes a chugging economy will keep up demand. Gold prices shed about 3% as the need faded for a safe-haven investment. China's Vice Premier He Lifeng described the meetings on Sunday as "candid, in-depth and constructive" and said "substantial progress was made and important consensus was reached," according to Chinese state media. Treasury Secretary Scott Bessent said on Monday morning he expected to meet with Chinese officals again in coming weeks to further discuss trade. 'I would imagine in the next few weeks we will be meeting again to get rolling on a more fulsome agreement,' Bessent said on CNBC's 'Squawk Box.' A deal with China, one of the U.S.' top trading partners, is seen as a relief for investors who worried tariffs as high as 145% would severely limit trade, raise prices and hurt the U.S. economy. The U.S. and the U.K. announced a trade deal framework last week that started to turn sentiment more optimistic that Trump could get trade deals done. The tariff pause is positive for companies, analysts said. "Management teams could witness significantly fewer costs, as most businesses have opted to plan with the assumption of a 145% tariff in place," said Randal Konik, equity analyst at Jefferies. That should help earnings outlooks, experts said. "Corporate America can handle 10% tariffs, and this will only be a 2% hit to earnings, not the 5% that rattled markets," said Gina Bolvin, president of Bolvin Wealth Management Group. Retail: Tariff relief from the U.S.- China deal boosted major retailers like Target, Home Depot and Best Buy that sell a lot of "Made in China" goods. Target shares gained almost 5%, Home Depot added nearly 4% and Best Buy rose more than 6.5%. Home furnishing retailer Williams-Sonoma, which sources nearly a quarter of products from China, and Nike, which makes about 18% of its footwear in China, also saw jumps in their stock prices. Small businesses like those who sell on Amazon Marketplace also will feel relief. Amazon shares jumped 8%. U.S. listed Chinese stocks: Chinese companies, including ecommerce giant Alibaba, Chinese tech stocks like and PDD, and EV manufacturers Nio, XPeng and Li Auto, rallied. Alibaba rose 5.82%, added 6.47%, PDD rallied 6.14%, NIO rose 5.79%, XPeng was up 7.62% and Li Auto gained 6.57%. Auto makers: Shares of car makers that rely on Chinese parts rose. Ford stock was up 2.53% and GM gained 4.48%. Tech stocks: Apple, which assembles many of its iPhones in China and said it may raise iPhone prices, saw its stock jump more than 6%. Tesla rose 6.75%, regaining its market capitalization above $1 trillion for the first time since February. China is a key market for the EV maker. Chip stocks also soared, with the iShares Semiconductor ETF (SOXX) having its best day since April 9. SharkNinja Chief Executive Mark Barrocas instructed factories in China to release hundreds of containers of goods bound for the U.S., including coffee makers and the Ninja Slushie, a frozen drink maker, after news broke of the U.S.-China trade deal, the Wall Street Journal reported. Still, SharkNinja is still looking to build a factory in the U.S. to produce low-labor intensive products like coolers and certain vacuum cleaners, the story said. Barrocas said the factory would have to be built from the ground up and goods wouldn't start rolling off the production lines until the end of 2026 at the earliest, the WSJ said. SharkNinja shares rose 7.37%. In a non-tariff related move, NRG Energy jumped 26.21% and was the biggest percentage gainer in the S&P 500 after the utility said it would acquire power generation assets from energy infrastructure investment firm LS Power in a deal valued at $12 billion. President Donald Trump signed an executive order giving drugmakers price targets in the next 30 days, and will take further action to lower prices if those companies do not make "significant progress" towards those goals within six months of the order being signed. "I will be instituting a MOST FAVORED NATION'S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World," Trump said in an earllier post on Truth Social. "Our Country will finally be treated fairly, and our citizens Healthcare Costs will be reduced by numbers never even thought of before." Trump tried a similar move in his first term to bring the U.S. in line with other countries but was blocked by the courts. MicroStrategy founder and executive chairman Michael Saylor announced that the firm acquired 13,390 bitcoin for approximately $1.34 billion from May 5-11. MicroStrategy is now known as Strategy. Bitcoin was last down 2.08% at $101,880.40. This story was updated with new information. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday. This article originally appeared on USA TODAY: Dow surges, S&P 500 jumps to more than 2-month high on US-China deal Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Dubai Eye
13-05-2025
- Business
- Dubai Eye
Global markets rally as US and China agree to 90-Day tariff truce
Global shares rallied, while gold and safe-haven currencies slumped against a resurgent dollar on Monday as the US and China agreed to temporarily slash harsh reciprocal tariffs and cooperate. Following weekend talks in Geneva, both sides agreed that the US would drop levies on Chinese imports from 145 per cent to 30 per cent during a 90-day negotiation period and China would cut duties from 125 per cent to 10 per cent. Wall Street stocks made significant gains, with the S&P 500 index jumping 3.3 per cent and the tech-focused Nasdaq Composite advancing 4.4 per cent. In a joint statement on Monday, Washington and Beijing said they recognised the importance of their bilateral trade relationship to both countries and the global economy, in language that analysts said had brightened the market outlook. An index tracking the dollar against other major currencies rose further from last month's three-year trough with an almost 1.17 per cent gain, while Japan's yen fell 2.1 per cent to 148.39 per dollar. The retreat from safe-haven assets pushed Switzerland's franc 1.8 per cent lower on the day, in a jolt of relief for Swiss exporters and the nation's central bank. Spot gold prices, which hit an all-time high of $3,500 last month and often move inversely to the dollar, fell 2.7 per cent to $3,234.8 an ounce. "This is a textbook recovery after the market's waterfall declines," said Gina Bolvin, the president of Bolvin Wealth Management Group in Boston. "The market is blowing through resistance levels and if it sticks, this is a big 'WIN' for Trump, for stocks and for investors." The euro, which surged in April as investors questioned the dollar's long-held status as the world's reserve currency, was 1.4 per cent lower at $1.1090.
The Star
13-05-2025
- Business
- The Star
Stocks, dollar surge as US and China agree 90-day tariff relief
NEW YORK/LONDON: Global shares rallied, while gold and safe-haven currencies slumped against a resurgent dollar on Monday as the U.S. and China agreed to temporarily slash harsh reciprocal tariffs and cooperate to avoid rupturing the global economy. Following weekend talks in Geneva, both sides agreed that the U.S. would drop levies on Chinese imports from 145% to 30% during a 90-day negotiation period and China would cut duties from 125% to 10%. Wall Street stocks made significant gains, with the S&P 500 index jumping 3.3% and the tech-focused Nasdaq Composite advancing 4.4%. In a joint statement on Monday, Washington and Beijing said they recognised the importance of their bilateral trade relationship to both countries and the global economy, in language that analysts said had brightened the market outlook. An index tracking the dollar against other major currencies rose further from last month's three-year trough with an almost 1.17% gain, while Japan's yen fell 2.1% to 148.39 per dollar. The retreat from safe-haven assets pushed Switzerland's franc 1.8% lower on the day, in a jolt of relief for Swiss exporters and the nation's central bank. Spot gold prices, which hit an all-time high of $3,500 last month and often move inversely to the dollar, fell 2.7% to $3,234.8 an ounce. "This is a textbook recovery after the market's waterfall declines," said Gina Bolvin, the president of Bolvin Wealth Management Group in Boston. "The market is blowing through resistance levels and if it sticks, this is a big 'WIN' for Trump, for stocks and for investors." The euro, which surged in April as investors questioned the dollar's long-held status as the world's reserve currency, was 1.4% lower at $1.1090. 'RELIEF' Kit Juckes, chief FX strategist at Societe Generale, said the tariff pause was a "substantial relief" for the U.S. and China. With tariff anxiety having already caused some Chinese exporters to consider their futures, data this weekend showed the nation's factory-gate prices had dropped by the most in six months in April. Trump's erratic trade policies had also sparked fears over U.S. corporate earnings, with investors having entered this week nervous about an impending update from retail giant Walmart after a slew of U.S. multi-nationals pulled their forecasts. On Monday, however, commodities traders rushed to reassess the recessionary risks of tariff uncertainty, with oil traders pricing Brent crude for delivery next month almost 1.9% higher at $65.10 a barrel, up from around $57 a week ago. Europe's regional STOXX 600 was last trading 1.2% higher and Hong Kong's Hang Seng Index ended the day with an almost 3% gain. FURTHER TO RUN? While Trump's April 2 tariff announcement initially caused world stocks to drop sharply, MSCI's index of global shares , which is U.S.-dominated, was trading back at levels last seen in late March and was up 2%. Some analysts and investors warned, however, that this was not the end of unpredictable trade talks between the White House and Beijing and that any relief may soon be overshadowed by data showing the U.S. economy had slowed. Sheldon MacDonald, CIO at British asset manager Marlborough, said that even if the U.S. maintained 30% tariffs on China this was still "negative" for growth, with "no all-clear on recession fears just yet." The 10-year U.S. Treasury yield rose almost 10 basis points on the day, as the price of the government debt fell, with almost identical moves for benchmark German Bunds and British gilts. But analysts at Citi cautioned Trump supporters may not support a compromise with China and recalled the short-lived trade truce during his first presidency in 2018-2019, when both nations agreed a 90-day tariff halt before tensions resumed. "It's going to take some time to get more clarity," said John Praveen, managing director co-chief investment officer at Paleo Leon in New Jersey. "Until we have a final agreement on both sides, when Trump and Chinese President Xi meet and shake hands, that's when we will begin to see the blue skies." - Reuters
CNA
12-05-2025
- Business
- CNA
Stocks, dollar surge as US and China agree 90-day tariff relief
NEW YORK: Global shares rallied, while gold and safe-haven currencies slumped against a resurgent dollar on Monday (May 12) as the US and China agreed to temporarily slash harsh reciprocal tariffs and cooperate to avoid rupturing the global economy. Following weekend talks in Geneva, both sides agreed that the US would drop levies on Chinese imports from 145 per cent to 30 per cent during a 90-day negotiation period and China would cut duties from 125 per cent to 10 per cent. Wall Street stocks made significant gains, with the S&P 500 index jumping 3.3 per cent and the tech-focused Nasdaq Composite advancing 4.4 per cent. In a joint statement on Monday, Washington and Beijing said they recognised the importance of their bilateral trade relationship to both countries and the global economy, in language that analysts said had brightened the market outlook. An index tracking the dollar against other major currencies rose further from last month's three-year trough with an almost 1.17 per cent gain, while Japan's yen fell 2.1 per cent to 148.39 per dollar. The retreat from safe-haven assets pushed Switzerland's franc 1.8 per cent lower on the day, in a jolt of relief for Swiss exporters and the nation's central bank. Spot gold prices, which hit an all-time high of US$3,500 last month and often move inversely to the dollar, fell 2.7 per cent to US$3,234.8 an ounce. "This is a textbook recovery after the market's waterfall declines," said Gina Bolvin, the president of Bolvin Wealth Management Group in Boston. "The market is blowing through resistance levels and if it sticks, this is a big 'WIN' for Trump, for stocks and for investors." The euro, which surged in April as investors questioned the dollar's long-held status as the world's reserve currency, was 1.4 per cent lower at US$1.1090. "RELIEF" Kit Juckes, chief FX strategist at Societe Generale, said the tariff pause was a "substantial relief" for the US and China. With tariff anxiety having already caused some Chinese exporters to consider their futures, data this weekend showed the nation's factory-gate prices had dropped by the most in six months in April. Trump's erratic trade policies had also sparked fears over US corporate earnings, with investors having entered this week nervous about an impending update from retail giant Walmart after a slew of US multi-nationals pulled their forecasts. On Monday, however, commodities traders rushed to reassess the recessionary risks of tariff uncertainty, with oil traders pricing Brent crude for delivery next month almost 1.9 per cent higher at US$65.10 a barrel, up from around US$57 a week ago. Europe's regional STOXX 600 was last trading 1.2 per cent higher, and Hong Kong's Hang Seng Index ended the day with an almost 3 per cent gain. FURTHER TO RUN? While Trump's Apr 2 tariff announcement initially caused world stocks to drop sharply, MSCI's index of global shares, which is US-dominated, was trading back at levels last seen in late March and was up 2 per cent. Some analysts and investors warned, however, that this was not the end of unpredictable trade talks between the White House and Beijing and that any relief may soon be overshadowed by data showing the US economy had slowed. Sheldon MacDonald, CIO at British asset manager Marlborough, said that even if the US maintained 30 per cent tariffs on China, this was still "negative" for growth, with "no all-clear on recession fears just yet". The 10-year US Treasury yield rose almost 10 basis points on the day, as the price of the government debt fell, with almost identical moves for benchmark German Bunds and British gilts. But analysts at Citi cautioned Trump supporters may not support a compromise with China and recalled the short-lived trade truce during his first presidency in 2018-2019, when both nations agreed a 90-day tariff halt before tensions resumed. "It's going to take some time to get more clarity," said John Praveen, managing director co-chief investment officer at Paleo Leon in New Jersey.
