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A windfall tax is a higher tax rate on profits that ensue from a sudden windfall gain to a particular company or...
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U.S. stocks finished higher on Tuesday, clawing back some losses from their worst day in nearly two years, as investors paused from concerns that the U.S. economy could be heading toward a recession.
The Dow Jones Industrial Average rose 0.8%, to end near 38,996, according to preliminary data from FactSet.
The S&P 500 was up 1%, to finish around 5,239.
The Nasdaq Composite ended 1% higher, at around 16,366.
The numbers: The trade deficit fell by 2.5% in June and receded from a 19-month high, owing to higher exports of aircraft and U.S.-produced oil and gas.
Government data showed that the deficit dropped to $73.1 billion in June from $75.0 billion in May.
Still, a bigger trade gap in the second quarter shaved 0.7 percent points off the 2.8% annual rate of growth in the second quarter. Higher deficits subtract from the gross domestic product.
Chevron CEO Michael Wirth recently criticized U.S. President Joe Biden’s administration for policies that...
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