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By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks jumped in a widespread rally and more than made up for their sharp drops from the day before. The S&P 500 rose 2.5% Tuesday to erase Monday’s loss, which came on worries about President Donald Trump’s trade war and his attacks on the head of the Federal Reserve. The Dow Jones Industrial Average rose 2.7%, and the Nasdaq composite climbed 2.7%. Equifax, 3M and other companies reporting better profits than analysts expected helped lead the way. The value of the U.S. dollar also stabilized after sliding against the euro and other competitors, while Treasury yields held steadier in the bond market.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

NEW YORK (AP) — U.S. stocks are jumping in a widespread rally Tuesday, and other U.S. investments are steadying a day after falling sharply on worries about President Donald Trump’s trade war and his attacks on the head of the Federal Reserve.

The S&P 500 was up 2.4% in late trading. The Dow Jones Industrial Average was up 996 points, or 2.6%, with an hour remaining in trading, and the Nasdaq composite was 2.7% higher. All three indexes more than made up their big losses from the start of the week. read more

By CHRISTOPHER RUGABER, Associated Press Economics Writer

WASHINGTON (AP) — The U.S. and global economies will likely slow significantly in the wake of President Donald Trump’s tariffs and the uncertainty they have created, the International Monetary Fund said Tuesday.

The IMF said that the global economy will grow just 2.8% this year, down from its forecast in January of 3.3%, according to its latest World Economic Outlook. And in 2026, global growth will be 3%, the fund predicts, also below its previous 3.3% estimate.

And the Fund sees the world’s two largest economies, China and the United States, weakening: U.S. economic growth will come in at just 1.8% this year, down sharply from its previous forecast of 2.7% and a full percentage point below its 2024 expansion. The IMF doesn’t expect a U.S. recession, though it has raised its odds of one this year from 25% to about 40%.

China is now projected to expand 4% this year and next, down roughly half a point from its previous forecasts. read more

Pharmacy giant Walgreens has reached a $300 million settlement with the U.S. Department of Justice over allegations it filled millions of invalid opioid and other drug prescriptions during the height of the nation’s opioid epidemic.

The lawsuit filed against Walgreens involved multiple agencies and prosecutors from across the country, including in Florida.

“Pharmacies have a legal responsibility to prescribe controlled substances in a safe and professional manner, not dispense dangerous drugs just for profit,” U.S. Attorney General Pam Bondi said in a DOJ news release announcing the settlement Monday. “This Department of Justice is committed to ending the opioid crisis and holding bad actors accountable for their failure to protect patients from addiction.”

In its lawsuit, the justice department alleged Walgreens filled the invalid prescriptions between August 2012 and March 2023 — even after previously acknowledging that it failed to comply with the Controlled Substances Act and reaching a settlement with the DOJ and the Drug Enforcement Administration in 2013, according to court records. read more

By DEE-ANN DURBIN

Chipotle Mexican Grill is coming to Mexico.

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The California-based chain said Monday it’s planning to open a restaurant in Mexico early next year, its first location south of the border in its 30-year history.

Chipotle is partnering with Alsea in Mexico City, a company that operates Domino’s, Starbucks, Burger King, Chili’s and other brands in South America and Europe. Alsea plans to explore additional expansion in Mexico and other locations in the region.

Nate Lawton, Chipotle’s chief business development officer, said the company is confident that its menu will resonate with Mexican diners. read more

By DEE-ANN DURBIN

The U.S. Federal Trade Commission filed a lawsuit against Uber on Monday, alleging that it enrolled consumers in its Uber One subscription program without their consent and made it too difficult for them to cancel the service.

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Uber One members pay $9.99 per month or $96 per year for a range of services, including fee-free Uber Eats food deliveries and cash back when they take Uber rides.

In its lawsuit, the FTC said multiple customers complained that Uber signed them up for Uber One without their permission or charged them for the service before a free trial period was over. In at least one case, a person was charged $9.99 per month even though they didn’t have an Uber account, the lawsuit said. read more