BUSINESS BRIEFS
S&P notches modest gains for quarter as stocks rise
U.S. stocks climbed Monday and gave one last nudge to ensure the S&P 500 emerges from yet another tumultuous quarter with a modest gain.
The S&P 500 climbed 14.95 points, or 0.5%, to 2,976.74.
The Dow Jones Industrial Average rose 96.58, or 0.4%, to 26,916.83, and the Nasdaq composite added 59.71, or 0.8%, to 7,999.34.
The moves left the S&P 500 with a 1.2% gain for the quarter. While that was its smallest quarterly gain this year, the index had been on track for a much worse performance just a month ago.
Like the S&P 500, the Dow also ended the quarter with a gain of 1.2%. The technology-heavy Nasdaq was a touch lower, with a loss of 0.1%.
Small companies took more damage, as they typically do when investors are worried about the threat of a recession. The Russell 2000 lost 2.8% during the quarter.
EU trade chief nominee hopes for better trans-atlantic ties
The Irishman set to take over as the European Union’s top trade official says he hopes the United States and the bloc can accelerate trade talks and avoid a tit-for-tat tariff war over Airbus and Boeing.
At a hearing by lawmakers Monday assessing his suitability to become next EU trade commissioner, Phil Hogan said that “unfortunately we have not seen much movement” in transatlantic trade talks over the last year.
The World Trade Organization is set to allow President Donald Trump to slap tariffs on EU products in response to the Europeans illegally subsidizing Airbus, hurting U.S. competitor Boeing.
Hogan says such a move “doesn’t make sense” given that Europe would retaliate in coming months once the WTO rules on its case accusing the U.S. of illegally subsidizing Boeing.
Indiana governor concludes China trip during trade war
Indiana Gov. Eric Holcomb says he had a productive trip to China amid that country’s trade war with the United States.
Holcomb concluded a week of meetings with Chinese government and business leaders Monday with sessions in Shanghai. Holcomb said in a statement that he’s optimistic about future business investments between Indiana and China. The governor said this was “the perfect time” to broaden business, cultural and academic relationships.
The Trump administration has imposed tariffs on Chinese imports in a bid to win concessions from China, which has responded with tit-for-tat tariffs. The dispute between the world’s two largest economies has darkened the global economic outlook.
Holcomb continues his overseas trip to India, where he travels until Saturday. He visited Japan and South Korea for a week in early September.