NEW YORK (AP) — U.S. stocks rose to records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect. The S&P 500 climbed 0.6% to top the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 123 points, or 0.3%, to its own record set the day before, while the Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way. Stock markets abroad mostly fell after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China once he takes office. But the movements were mostly modest. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada’s main index edged down by less than 0.1%. Trump has often praised the use of tariffs , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. The consequences otherwise for markets and the global economy could be painful. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. And unlike tariffs in Trump’s first term, his latest proposal would affect products across the board. General Motors sank 9%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.3%. The value of the Mexican peso fell 1.8% against the U.S. dollar. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support for the job market . While lower interest rates can boost the economy, they can also offer more fuel for inflation. “Many” officials at the Fed’s last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon. The talk about tariffs overshadowed another mixed set of profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates imposed by the Fed to get inflation under control. A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected. Kohl’s tumbled 17% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. Best Buy fell 4.9% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. Still, more stocks rose in the S&P 500 than fell. J.M. Smucker had one of the biggest gains and climbed 5.7% after topping analysts’ expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. Big Tech stocks also helped prop up U.S. indexes. Gains of 3.2% for Amazon and 2.2% for Microsoft were the two strongest forces lifting the S&P 500. All told, the S&P 500 rose 34.26 points to 6,021.63. The Dow gained 123.74 to 44,860.31, and the Nasdaq composite climbed 119.46 to 19,174.30. In the bond market, Treasury yields held relatively steady following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury inched up to 4.29% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It’s since dipped back toward $91,000, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Stay up-to-date on the latest in local and national government and political topics with our newsletter.TAKING THE UNBEATEN PATH From left: Retired Supreme Court Associate Justice Antonio Carpio; IBP Human Rights Award recipients Edre Olalia, Kristian Jacob Lora and Antonio Azarcon; and fellow human rights lawyer Evalyn Ursua. Carpio and Ursua were on the panel of judges for the award. —Jane Bautista MANILA, Philippines — Brave clients, according to the late “people’s lawyer” Romeo Capulong who dedicated his life to defending human rights victims, deserve brave lawyers. And for the first time since its formation 51 years ago, the Integrated Bar of the Philippines (IBP) has cited three members of these “endangered breed” for their “exceptional contributions in the protection and advancement of human rights through the practice of law.” Named as recipients of the inaugural IBP Human Rights Awards were Edre Olalia for Luzon, Kristian Jacob Lora for the Visayas, and Antonio Azarcon for Mindanao, all members of the National Union of Peoples’ Lawyers (NUPL). READ: NUPL: IBP award affirms human rights lawyering, shields vs red-tagging “It is now the 51st year of the existence of IBP and it is only now that the IBP has engaged in this kind of activity to honor an endangered breed of lawyers who risk their lives and their limbs to defend human rights,” IBP president Antonio Pido said at the awarding ceremony held on Dec. 5 in Mandaluyong City. Olalia, the incumbent NUPL chair who has been advocating for over three decades for human rights, was the legal counsel of Flor Contemplacion, an experience he described as his “baptism of fire.” The Filipino domestic worker was executed in Singapore in 1995 after she was convicted in court for killing a fellow Filipino helper and a boy in her care four years earlier. While Contemplacion’s case ended in tragedy, it led Olalia into a career that has left an “indelible mark” on the human rights landscape in the country—from saving another overseas Filipino worker, Mary Jane Veloso, from being executed by the Indonesian government on drug charges, to securing the conviction of Army Gen. Jovito Palparan for the disappearance of University of the Philippines students and activists Sherlyn Cadapan and Karen Empeno. For Olalia, the IBP award was both a “vindication” and a “shield against the vicious Red-tagging” of his comrades-in-law. “This recognition is a sort of vindication against struggles with our families, colleagues, friends and classmates who cannot, do not and will not understand fully why we took this option,” he said in his acceptance speech. “In a nation where lawyers abound and battalions are added every single year, justice is inaccessible to many. We at NUPL took the unbeaten path, taking on causes and clients that many of our fellow lawyers do not, cannot or will not handle,” Olalia added. Lora, who has been practicing for just six years, is the youngest among the three awardees and represents the “new generation of people’s lawyers.” He is a member of NUPL-Cebu and a litigator of the Visayas Community Law Center, a law office that provides pro bono services to marginalized communities in the region in human rights and public interest litigation. His legal victories include securing the release of political prisoners like Liezyl Anne Gomez and defending those wrongfully accused under the Anti-Terrorism Act. He also worked for the acquittal of wrongfully accused individuals in the “Escalante 6” and “Himamaylan 3” cases. Lora said in his acceptance speech that he was still a law student when a group of protesting Kidapawan farmers was brutally dispersed by the police under the Aquino administration in 2016, and when thousands of drug suspects were killed under the Duterte administration. “The Duterte administration has diminished the value of human rights and embedded into the minds of our people that human rights are diametrically opposed to human lives. Evidently, we have a lot of work to do and, tonight, we begin,” Lora added. Azarcon, a seasoned lawyer who stood his ground during martial law, was later arrested in 1983 for his role in the Coalition of Organizations for the Restoration of Democracy (CORD), an alliance of groups opposed to the Marcos dictatorship. He was just 26 years old when he joined the Free Legal Assistance Group, offering pro bono legal assistance to victims of political persecution, extrajudicial killings and torture. “As a member of the Parliament of the Streets, I took on cases defending political prisoners and those subjected to arbitrary detention. My active role in Democracy CORD Mindanao led to my detention in 1983, but even then, I continued to advocate for justice through writing and other means,” Azarcon said. “These experiences only deepened my resolve and love for our country, driving me to fight for a future where every Filipino’s rights are respected and upheld,” he added. As NUPL assistant vice president for Mindanao, Azarcon vowed to remain committed to defending the rights of people in his region, especially against the threats of Red-tagging and extrajudicial killings. “While receiving this award is a moment of celebration, it is also a poignant reminder of the work that still lies ahead. The fight for human rights is ongoing, and we must remain vigilant and committed to addressing the challenges that persist,” he said. Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . This year’s IBP human rights awardees were chosen by a panel of judges composed of retired Supreme Court Senior Associate Justice Antonio Carpio, retired Court of Appeals Associate Justice Alfredo Ampuan, former University of the Philippines College of Law dean Pacifico Agabin, Adamson University College of Law dean Maria Anna Abad and human rights lawyer Evalyn Ursua.Gering holds pool input meeting to share study results, explore options
CARSON, Calif. (AP) — Joseph Paintsil and Dejan Joveljic scored in the first half, and the LA Galaxy won their record sixth MLS Cup championship with a 2-1 victory over the New York Red Bulls on Saturday. Read this article for free: Already have an account? To continue reading, please subscribe: * CARSON, Calif. (AP) — Joseph Paintsil and Dejan Joveljic scored in the first half, and the LA Galaxy won their record sixth MLS Cup championship with a 2-1 victory over the New York Red Bulls on Saturday. Read unlimited articles for free today: Already have an account? CARSON, Calif. (AP) — Joseph Paintsil and Dejan Joveljic scored in the first half, and the LA Galaxy won their record sixth MLS Cup championship with a 2-1 victory over the New York Red Bulls on Saturday. After striking twice in the first 13 minutes of the final with goals from their star forwards, the Galaxy nursed their lead through a scoreless second half to raise their league’s biggest trophy for the first time since 2014. MLS’ most successful franchise struggled through most of the ensuing decade, even finishing 26th in the 29-team league last year. But the Galaxy turned everything around this season with a high-scoring new lineup that finished second in the Western Conference and then streaked through the playoffs with a whopping 18 goals in five games to win another crown. Sean Nealis scored for the seventh-seeded Red Bulls, whose improbable charge through the playoffs ended one win shy of its first Cup championship. With the league’s youngest roster, New York fell just short of becoming the lowest-seeded team to win MLS’ playoff tournament under first-year German coach Sandro Schwarz. Galaxy goalkeeper John McCarthy made four saves to win his second MLS title in three seasons. He was the MVP of the 2022 MLS Cup Final for the Galaxy’s crosstown rival, Los Angeles FC. The Galaxy won this title without perhaps their most important player. Riqui Puig, the playmaking midfielder from Barcelona who ran their offence impressively all season long, tore a ligament in his knee last week in the Western Conference final. Puig watched the game in a suit, but his teammates hadn’t forgotten him: After his replacement, Gastón Brugman, set up LA’s opening goal with a superb pass, Paintsil held up Puig’s jersey to their fans during the celebration. Paintsil put the Galaxy ahead in the ninth minute when he ran onto that sublime pass from Brugman and pounded home his 14th MLS goal — including four in the playoffs — in the Ghanaian forward’s outstanding first season. Just four minutes later, Joveljic sprinted past four New York defenders and chipped home the 21st goal of his outstanding year as the Galaxy’s striker. Nealis got New York on the scoreboard in the 28th minute when he volleyed home a ball that got loose in LA’s penalty area after a corner. The Galaxy’s usually shaky defence gave up another handful of good chances before reaching halftime with a tenuous lead. The second half was lively, but scoreless. Red Bulls captain Emil Forsberg hit the outside of the post in the 72nd minute, while Gabriel Pec and Galaxy substitute Marco Reus nearly converted chances a few moments later. The ball got loose again in the Galaxy’s penalty area in the third minute of extra time, but two Red Bulls couldn’t finish. The Galaxy bench rushed onto the field and prematurely celebrated a victory in the seventh minute of injury time, only to be herded back off for another 30 seconds of play. The Galaxy finished 17-0-3 this season at their frequently renamed suburban stadium, where the sellout crowd of 26,812 for the final included several robust cheering sections of travelling Red Bulls supporters hoping to see their New Jersey-based club’s breakthrough on MLS’ biggest stage. The Galaxy’s Greg Vanney became the fourth coach to win an MLS title with two clubs. The former Galaxy player coached Toronto FC to the championship in 2017 and to runner-up finishes in both 2016 and 2019. Vanney’s coaching and technical staff in L.A. was full of former Toronto employees. Dan Calichman, Nick Theslof, former Canadian international Jason Bent, Michael Rabasca and Galaxy academy director Mike Munoz all spent time in Toronto. Jim Liston and Tom Williams, in the Galaxy sports performance department, also worked under Vanney in Toronto, as did midfielder Mark Delgado, who started Saturday, and defender Eriq Zavalaeta, who started on the Galaxy bench. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. The club famous for employing global stars from David Beckham and Zlatan Ibrahimovic to Robbie Keane and Javier “Chicharito” Hernández rebuilt itself this season with lesser-known young talents from around the world. The Galaxy signed Pec from Brazil and the Ghanaian Paintsil out of Belgium, and the duo combined with incumbent Serbian striker Joveljic to form a potent attack that could outscore almost any MLS opponent. But the Galaxy also relied heavily on Puig, their Catalan catalyst and one of MLS’ best players. Puig stayed in last week’s game after injuring his knee, and he even delivered the decisive pass to Joveljic for the game’s only goal. ___ AP soccer: https://apnews.com/soccer Advertisement Advertisement