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For global economy, Trump victory intensifies uncertainties
Donald Trump's promise to put America first helped propel him to the U.S. presidency. But he also unleashed uncertainty on the global economy by skewering trading partners and offering few specifics that might calm allies or businesses.
Financial markets reacted quickly and negatively to the unknowns of a Trump stewardship of the world's largest economy. By Wednesday afternoon, though, stocks had rebounded, especially those involving drug companies, defense contractors and firms that rebuild infrastructure, which could benefit from a Trump administration.
Many analysts asked: Will — or can — Trump shed his aggressive rhetoric?
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US stocks surge following Trump victory; bond prices tumble
It turns out that President Donald Trump might not be bad for the stock market after all.
Asian stock markets tumbled shortly after Trump overtook Hillary Clinton in the presidential electoral vote count early Wednesday. From there, Wall Street appeared set for a slump of its own, only it never materialized.
Global financial markets soon steadied as Trump delivered an acceptance speech pledging to unify a deeply divided nation.
And despite wavering in the first hour of trading, U.S. stocks rallied the rest of the day, lifting the Dow Jones industrial average within 50 points of a record high close.
Small businesses can expect policy changes under Trump
NEW YORK (AP) — The election of Donald Trump as the next U.S. president has small business advocates expecting policy changes on issues like health care and the environment. But they're concerned about gridlock persisting even with a Republican president and Congress.
Advocacy groups expect Trump to start working toward at least modifying President Barack Obama's health care overhaul, and undoing environmental regulations. They're generally upbeat that bipartisan support for small business issues like access to federal contracts will continue. But some question how campaign rhetoric will translate into concrete steps.
They're also wondering whether Senate Democrats will try to slow the GOP agenda.
Tips for getting deals for the Black Friday weekend
NEW YORK (AP) — Serious deal-seekers are already planning their Thanksgiving weekend shopping, and experts believe that once again the holiday itself may offer better deals than Black Friday the day afterward.
Amid the clutter of deals clamoring for attention, smart and careful shoppers can come out ahead.
"Start researching and planning," says Benjamin Glaser, features editor with DealNews.com, a deal comparison website.
Mexican stocks, peso take a beating following Trump victory
NEW YORK (AP) — Global investors are seriously worried about Mexico.
The election of Donald Trump as the next president of the United States has caused investors to bet heavily against Mexico, its currency and Mexican companies. They worry that Trump's rhetoric of building a wall, cracking down on illegal immigration and renegotiating trade agreements will damage the country's economy.
The peso fell 8 percent Wednesday to roughly 20 pesos to the dollar, its lowest value against the dollar in history. In comparison, the peso traded at roughly 13.50 pesos to the dollar two years ago, well before Trump announced his candidacy. The stock market in Mexico fell more than 2 percent.
Trump's threats to repeal or renegotiate the North American Free Trade Agreement are real and so is the potential damage to Mexico's economy. The United States is Mexico's largest trading partner and NAFTA makes up the backbone of that commerce.
GM laying off over 2,000 at 2 car plants as sales slow
DETROIT (AP) — Shifting demand from cars to trucks and SUVS is forcing General Motors to lay off more than 2,000 workers indefinitely at two assembly plants in Ohio and Michigan starting in January.
The company said Wednesday it will suspend the third shifts at factories in Lordstown, Ohio, and in Lansing, Michigan, because of the market change, which is growing and shows no sign of abating.
About 1,250 workers will be furloughed at the Lordstown plant, which makes the Chevrolet Cruze compact car, starting Jan. 23. Another 840 will be idled at the Lansing Grand River factory, which makes the Chevrolet Camaro muscle car and the Cadillac ATS and CTS luxury cars, when their shifts end Jan. 16.
Mylan sees 3Q loss due to settlement for EpiPen overcharges
TRENTON, N.J. (AP) — Drugmaker Mylan Inc. swung to a third-quarter loss, mainly due to a big settlement for overcharging the federal government for its controversial EpiPen, the emergency allergy injector whose price Mylan has repeatedly jacked up. The results missed Wall Street expectations, and Mylan reduced its 2016 profit forecast.
In early October, Mylan said it would pay $465 million to settle allegations that it overbilled Medicaid for years for its life-saving EpiPen. The settlement with the Department of Justice follows news that EpiPen has been incorrectly classified since late 1997 as a generic product under the Medicaid health program for the poor and disabled, rather than as a brand-name drug, which requires rebates to Medicaid nearly twice as high as for generic medicines.
That charge, other litigation costs and higher spending on marketing, administration and research doubled Mylan's operating expenses in the latest quarter.
Snowflakes, Santa look to be back on Starbucks holiday cups
NEW YORK (AP) — Starbucks is unveiling its holiday coffee cups for this year and appears to be bringing back snowflakes, candy canes and other holiday symbols, after last year's more subdued red cups caused an uproar from critics who said the chain was part of a so-called war on Christmas.
The coffee chain was set to roll out the red cups to stores Thursday. But a New York store had a display Tuesday showing 10 different cups it said were designed by customers around the world, some featuring ornaments, Santa Claus and reindeer.
Starbucks Corp. said its plans are still under wraps and declined to confirm that the cups on display were the holiday ones. It has released holiday cups every year since 1997. The outcry over 2015's plainer red cup grew after now President-elect Donald Trump suggested boycotting the chain.
British trader charged in 'flash crash' pleads guilty
CHICAGO (AP) — A British futures trader has pleaded guilty during his first U.S. court appearance since helping to trigger a 2010 "flash crash" from his parents' suburban London home that wiped billions of dollars off the value of U.S. stocks.
Navinder Singh Sarao stood in a Chicago courtroom Wednesday with his legs shackled as a judge asked if he understood the consequences of pleading guilty, including that he could face 30 years in prison. The 37-year-old answered quietly, "Yes, your honor."
Millions scramble after India scraps its largest banknotes
NEW DELHI (AP) — Indians awakened to confusion Wednesday as banks and ATMs remained closed after the government withdrew the highest-denomination currency notes overnight to halt money laundering in a country where many in the poor and middle-class still rely mainly on cash.
Roadside vegetable sellers, kiosks selling biscuits and tea, small mom-and-pop stores selling groceries, all saw a sharp drop in customers on Wednesday, the day after Prime Minister Narendra Modi's surprise televised announcement.
As of midnight Tuesday, all 500- and 1,000-rupee notes had no cash value. People holding the discontinued notes can deposit them in banks and post office savings accounts before the end of the year. But anyone making large bank deposits might invite the unwelcome attention of Indian tax authorities.
The Dow Jones industrial average climbed 256.95 points, or 1.4 percent, to 18,589.69. The Standard & Poor's 500 index gained 23.70 points, or 1.1 percent, to 2,163.26 The Nasdaq composite index rose 57.58 points, or 1.1 percent, to 5,251.07.
Benchmark U.S. crude rose 29 cents to close at $45.27 a barrel in New York. Brent crude, used to price international oils, gained 32 cents to close at $46.36 a barrel in London. Wholesale gasoline fell a penny to $1.36 a gallon. Heating oil held steady at $1.44 a gallon. Natural gas rose 6 cents, or 2.2 percent, to $2.69 per 1,000 cubic feet.