NEW YORK (AP) — Stocks are higher in afternoon trading, led by gains in banks and industrial companies. Software maker Adobe climbed 3 percent after reporting a strong quarter. Retailers were mostly higher, but Tiffany and Hibbett Sports both fell.
BERLIN (AP) — Germany’s economy minister is flying to Washington on Sunday to discuss the looming trade war between Europe and the United States. Public broadcaster ARD reports that the German official plans to meet with high-ranking U.S. officials through Tuesday. The German government has expressed concern about President Donald Trump’s decision to raise tariffs on foreign-made steel and aluminum. Trump has repeatedly singled out Germany and its auto exports for possible future duty increases.
BRUSSELS (AP) — The European Union has published a list of U.S. products it plans to introduce duties on if the 28-nation bloc is not exempted from President Donald Trump’s steel and aluminum tariffs. The EU’s Executive Commission is giving European industry stakeholders 10 days to object if they believe any products targeted for “rebalancing” tariffs would hurt their business.
FREEPORT, Maine (AP) — L.L. Bean says sales declined slightly over the past year and that there will be no bonus for workers for the first time since 2008. The outdoor retailer today announced annual revenue of $1.6 billion, which was nearly flat, for its fiscal year. CEO Steve Smith says nearly 500 workers took advantage of a voluntary early-retirement program and that another 100 jobs will be eliminated next month.
NEW YORK (AP) — The Wall Street Journal is reporting that a federal investigation into Wells Fargo has broadened to include its wealth-management division. Wells Fargo is wrestling with aftermath of a scandal in its retail banking unit in which, among other things, employees opened up millions of fake accounts without customer authorization. The Journal reports that the Justice Department is now investigating whether Wells Fargo made inappropriate recommendations or referrals, or failed to inform customers about potential conflicts of interest.