Investors shrug off tariffs, indexes rise
U.S. stocks closed solidly higher Tuesday as investors largely brushed off the Trump administration’s decision to impose tariffs on an additional $200 billion of Chinese goods. A swift response by China, saying it will increase tariffs on $60 billion worth of U.S. goods, also didn’t dampen investors’ buying mood. The S&P 500 index rose 15.51 points, or 0.5 percent, to 2,904.31. The Dow Jones industrial average climbed 184.84 points, or 0.7 percent, to 26,246.96. The Nasdaq composite gained 60.32 points, or 0.8 percent, to 7,956.11. The Russell 2000 index of smaller companies added 7.42 points, or 0.4 percent, to 1,710.97. Benchmark U.S. crude oil rose 1.4 percent to settle at $69.85 a barrel in New York.
FOOD AND DRINK
McDonald’s workers protest harassment
McDonald’s workers staged protests in several cities Tuesday in what organizers billed as the first multistate strike seeking to combat sexual harassment in the workplace. In Chicago, one of the targeted cities, several dozen protesters rallied in front of McDonald’s headquarters while a plane flew overhead with a banner reading, “McDonald’s: Stop Sexual Harassment.” In New Orleans, current and former employees chanted, “Hey, McDonald’s, you can’t hide — we can see your nasty side.” Other protests were held in San Francisco; Los Angeles; St. Louis; Kansas City, Mo., and Durham, N.C. The targeted restaurants kept serving food, with organizers saying the goal was not to shut them down.
Tesla cooperates with request from feds
Tesla Inc. has turned over documents to the U.S. Justice Department after statements by CEO Elon Musk about taking the company private, the electric carmaker confirmed Tuesday. The Palo Alto, Calif., company cooperated with the request and believes the matter should be resolved quickly once federal prosecutors review information they have received, according to a company statement. News of a potential criminal investigation pushed Tesla stock down 5 percent in morning trading Tuesday, but the decline subsided a bit by early afternoon to 3.4 percent, at $284.96.
Visa, MasterCard are settling lawsuit
Visa and MasterCard said Tuesday they will pay $6.2 billion to settle part of a long-running lawsuit brought by merchants over fees on credit card transactions. Visa said it will pay $4.1 billion and MasterCard will pay about $900 million. The two companies say they have already set aside money to cover the payment. A group of 19 merchants and trade groups alleged Visa and MasterCard conspired to fix fees that are charged to stores for handling credit card payments.
Judges side with bartenders, wait staff
Restaurants must pay waiters and bartenders minimum wage when they are engaged in tasks such as cleaning toilets that are unrelated to their main jobs and do not offer tips, a divided U.S. appeals court ruled Tuesday. At issue in the decision by an 11-judge panel of the Ninth U.S. Circuit Court of Appeals was a federal law that allows an employer to pay workers who receive tips as little as $2.13 an hour as long as their tips earn them minimum wage. Employers cannot use that tip credit when the workers are engaged in unrelated tasks that don’t pay tips, the panel ruled in a 9-2 decision.