Fed hearing ‘rising chorus of concern’ about tariffs
WASHINGTON — Federal Reserve Chairman Jerome Powell said Wednesday that the central bank has tools it can use to cushion the potential economic fallout from a trade war. But he told Congress the effort could be challenging if higher tariffs push inflation up too sharply. Testifying before Congress for a second day, Powell said that Fed officials were hearing a “rising chorus of concern” from business contacts around the country about potential harm from President Donald Trump’s tariffs.
United shares fly high
United Airlines had its best day on the stock market in two years after saying it can cover most of the increase in fuel prices. Shares of United Continental Holdings Inc. rose $6.38, or 8.8 percent, to close Wednesday at $79. With strong travel demand pushing up prices, CEO Oscar Munoz said United is offsetting three-fourths of an expected $2 billion fuel increase.
Ford recalling 550,000 cars
DETROIT — Ford is recalling about 550,000 cars and SUVs in North America to fix a gearshift problem that could cause the vehicles to roll away unexpectedly. It covers certain 2013 through 2016 Fusion sedans and some 2013 and 2014 Escape small SUVs.
Abbott earnings beat estimates
Abbott Laboratories on Wednesday reported second-quarter net income of $733 million. The results exceeded Wall Street expectations, and shares rose 3 percent. AP
Friday fry deal at McD’s
For the rest of 2018, McDonald’s customers can get free medium fries with a minimum $1 purchase. To access the coupon, customers must first download the McDonald’s mobile app. The offer is only valid for one use per customer each Friday.