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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.

Nancy Pelosi was a leading figure in the ouster of Joe Biden from the US Presidential election race, according to reports, and has been blamed by many for the loss of Kamala Harris against Republican Party's Donald Trump . Meanwhile, if all of this was not enough, she is now planning a major cleanup drive within the Democratic Party bracket, and is initially targeting the top member of her party on the Judiciary Committee , Jerry Nadler, according to a Daily Beast report. Is Pelosi restructuring within her own party? The US Presidential elections 2024 race is now finally over and it is Donald Trump, who will become the President next, but Pelosi is still adamant in leading the political charge, and this time, within her own party. Meanwhile, reports suggest that her efforts are more like a move to bring in young guns into the Democratic fold, rather than aged politicians, who do not have the standing or strength to go after Donald Trump and other hotshot Republicans in the upcoming administration. Why is Pelosi bringing in fresh-blood Democrats into the fold? Trump will be adapting a combative approach towards law and order, and he has made that very clear since day one of winning the US Presidential elections. He has also appointed a federal department to look into excess government expenses, and if all of these are needed to be countered in the House or the Senate, it will need fierce Democrats, which Pelosi is claiming to be her motive for her latest political moves, if reports are to be believed. FAQs: Is Donald Trump the winner of the US elections? Yes, Donald Trump emerged as the winner of the US Presidential elections 2024, after beating Kamala Harris convincingly on November 5. Is Nancy Pelosi working against her own party? Nancy Pelosi appears to be restructuring within her own party, as a bid to bring in fierce Democrats to counter Trump and his upcoming administration. 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Ohio Dems push for vetoes for parts of new legislationThe cryptocurrency industry is pushing President-elect Donald Trump ‘s team to kick start his promised crypto policy overhaul when he takes office next month with executive orders that would help push tokens mainstream, according to industry officials. Trump plans to issue a flurry of executive orders and directives on everything from immigration to energy on his first day in office on Jan. 20, Reuters reported this month. On the campaign trail, Trump courted crypto cash with promises to be a “crypto president,” and the industry wants him to make good on that pledge with executive orders creating a bitcoin stockpile, ensuring the industry can access banking services, and creating a crypto council, the people said. They are pushing for those executive orders within Trump’s first 100 days in office, and expect at least one could come on Jan. 20, said two other people with knowledge of the matter. | “Given the tenor of the campaign, it would be imperative for executive orders to really set out what the actual priorities will be on day one and provide some kind of roadmap,” said Rebecca Rettig, chief legal and policy officer at crypto company Polygon Labs. Worried about crime and volatility, President Joe Biden ‘s regulators cracked down on crypto companies, but Trump has pledged to reverse course. His crypto policy team is already taking shape, with the announcement this month of crypto-friendly Securities and Exchange Commission chair Paul Atkins and White House crypto czar David Sacks . “There has been an effort in the Washington bureaucratic swamp to stifle innovation... but President Trump will deliver on his promise to encourage American leadership in crypto,” Trump transition team spokesperson Brian Hughes said in a statement. Bitcoin, the world’s largest cryptocurrency, hit new records above $107,000 this month after Trump reiterated his plan, first unveiled in a speech in July, for a strategic bitcoin reserve. Bitcoin has since fallen back below $100,000. Analysts are divided on whether Trump could use executive powers to create the reserve, potentially via the Treasury Department, or whether an act of Congress would be necessary. One industry group, the Bitcoin Policy Institute, has gone as far as to draft a text of a potential executive order Trump could use to establish such a stockpile. That draft would designate bitcoin as a strategic reserve asset and require the Treasury Secretary to spend $21 billion over a year to amass a national bitcoin stockpile, according to the draft seen by Reuters. Zack Shapiro, the Bitcoin Policy Institute’s head of policy, said the United States should get ahead of geopolitical rivals in monetizing bitcoin, “rather than have the price run up without the United States having any reserves.” He declined to say if the group had shared the draft with Trump’s team. Trump also said in July that he would not let banks “choke” crypto firms out of the traditional financial system, and some executives expect he will also try to address that issue with an executive order. Crypto companies have long complained that banks won’t work with them due to regulatory scrutiny, although regulators say banks are free to lend to crypto firms that follow the law. While an executive order directing bank regulators to go easy on crypto would send a signal to agency officials and provide them with political cover, it’s unlikely to have legal force since federal bank regulators are independent, some executives warned. “(They) are not going to change policy on the ground on day one,” said Jonah Krane, partner at financial firm Klaros Group. “But they will tell you what direction this administration wants to head.” Trump has also said he’ll create a crypto industry council and his team is discussing how to structure and staff it. Previous administrations have stood up specialized councils via executive orders, executives noted. More broadly, Trump could also try to address crypto complaints that existing regulations are not fit for the industry with an executive order articulating core principles for crypto regulation, similar to an order Trump issued in 2017 directing regulators to review banking rules. “I wouldn’t be surprised if you get something like an executive order early on that directs the agencies to re-examine their rules in this space,” Krane added. —Hannah Lang, Reuters

Matt Gaetz accused of ‘regularly’ paying for sex, including with 17-year-old girlSen. Chuck Schumer, D-N.Y., has asked the Department of Homeland Security to deploy a specific type of technology that detects drones in New York and New Jersey. The Senate majority leader told reporters during a news conference Sunday that a specialized drone-detecting product from Robin Radar Systems is likely more effective than the equipment DHS currently uses to track aircrafts in tri-state skies. “Today, we’re asking the DHS, the Department of Homeland Security, to deploy special detection systems, like the Robin, which use not a linear line of sight, but 360-degree technology that has a much better chance of detecting these drones,” Schumer said. “And we’re asking DHS to bring them to the New York-New Jersey area.” Residents say they have spotted unidentified drones flying over New Jersey recently, prompting concerns among elected officials. Schumer said Robin Radar Systems will help provide answers to questions about the aircraft. “If the technology exists for a drone to make it up into the sky, there certainly is the technology that can track the aircraft with precision and determine what the heck is going on,” Schumer said. “And that’s what the Robin does.” “Once we get those answers, we will be in much better shape. Let’s face it: Our local people ... who have questions about these drones should not have to shake an 8-ball to get an answer,” Schumer added, holding up a Magic 8 Ball. “They want real answers, and the Robin can supply those answers, and that’s why we want them here. Schumer said he has received briefings from DHS about the drones. The department did not return a request for comment. Last week, former Maryland Gov. Larry Hogan flying over his Davidsonville home, though critics claim he actually saw the constellation Orion.