Wall Street is trading at record levels since the election of Donald Trump as U.S. president, spurred by his promises of tax reforms, reduced regulations and increased infrastructure spending. At 12:36 p.m. ET (1736 GMT) the Dow Jones industrial average (.DJI) was down 35.23 poi...Read More »
Although President-elect Donald Trump has pledged to cut federal taxes, state taxes are rising across the U.S. as financially strapped states search for funds to repair deteriorating infrastructure and close widening budget shortfalls. Alaska currently has no income or state sales tax. Raising existing state taxes or imposing new ones could backfire if they lead to fewer taxpayers.
J.C. Penney (JCP)finally lifted the lid on its plans to downsize its fleet, telling investors on Friday that it would close between 130 and 140 of its stores over the next few months. The retailer made its comments while reporting fiscal fourth-quarter earnings that topped Wall Street's expectations, though revenue and same-store sales fell shy of expectations. The company's shares slipped roughly 9 percent in early trading amid doubts that the store closure plan would be enough to reinvigorate sluggish sales.
In a story Feb. 23 about a meeting that President Donald Trump held with two dozen manufacturing executives, The Associated Press referred incorrectly to Doug Oberhelman as the CEO of Caterpillar Inc. Oberhelman is the current chairman and former CEO of Caterpillar. WASHINGTON (AP) -- President Donald Trump brought two dozen manufacturing CEOs to the White House on Thursday and declared their collective commitment to restoring factory jobs lost to foreign competition.