Morning Business Report: Trump announces new retirement savings program as markets rally
Donald Trump signed a new executive order Thursday aimed at expanding access to retirement savings accounts for Americans without employer-sponsored plans.
(LILAMAX)- Donald Trump signed a new executive order Thursday aimed at expanding access to retirement savings accounts for Americans without employer-sponsored plans.
Beginning next year, Americans will reportedly be able to open low-cost IRA accounts through a new government-backed platform called TrumpIRA.gov.
The administration says the program will also include a federal savings match for qualifying low-income Americans, allowing eligible participants to receive up to $1,000 annually deposited directly into their retirement accounts.
The announcement comes as new economic data shows the U.S. economy remained resilient during the first quarter of the year.
According to updated figures, the American economy grew at an annual rate of 2% despite rising global energy prices tied to the conflict involving Iran.
The report cited strong consumer spending, private investment and government expenditures as key drivers of growth.
Wall Street also closed higher Thursday, with the S&P 500 and NASDAQ Composite reaching new highs.
The Dow Jones Industrial Average jumped 790 points, while the Nasdaq posted its strongest month in six years, led largely by gains in chip stocks.
Meanwhile, companies are reporting unusual consumer trends tied to weight-loss medications.
Manufacturers say so-called “Ozempic breath,” a term linked to bad breath reported by some users of GLP-1 medications, is increasing sales of gum and breath mints.
The Hershey Company says appetite suppressant drugs are also changing snacking habits, with consumers reportedly eating smaller portions.
In New York City, officials are preparing for America’s 250th anniversary with a new interactive historical experience.
The free smartphone-based tour, developed with help from creators behind the Assassin’s Creed series, will allow visitors to explore Revolutionary War-era locations including Wall Street, the Hudson River and Federal Hall.
The immersive experience is scheduled to launch in mid-June.
