U.S. leaders laud McCain as one of America's 'bravest souls'; Trump absent

WASHINGTON - Washington's bitterly divided leaders came together on Friday to praise the late Senator John McCain as an embodiment of America's fighting spirit, idealism and sense of humor, but there was one notable absentee: President Donald Trump.

At a Capitol Rotunda ceremony, Republicans and Democrats called a temporary political truce to honor McCain on the third of five days of memorial celebrations in Arizona and Washington for the Vietnam War hero and two-time Republican presidential candidate.

"He would fight tooth and nail for his vision of the common good. Depending on the issue, you knew John would either be your staunchest ally or your most stubborn opponent," said Senate Republican leader Mitch McConnell, who frequently clashed with McCain on issues such as healthcare and campaign finance reform.

"He had America’s fighting spirit, our noble idealism, our solemn patriotism, and our slightly irreverent streak -- all rolled into one," McConnell said.

The absence of Trump - who on Friday will travel to one of his private golf clubs for a campaign fundraiser - was a reflection of the animosity between the two men that lingered even after McCain's death on Saturday from brain cancer.

Vice President Mike Pence participated and spoke, saying Trump had asked him to attend to pay his respects.

"He will be missed. As President Trump said yesterday, we respect his service to the country," Pence said. "I never traveled with a colleague who was better to our enlisted (military service members) or harder on our generals."

Trump will also miss Saturday's service at the Washington National Cathedral, where former President Barack Obama, the Democrat who defeated McCain in 2008, and former Republican President George W. Bush, who beat McCain in their party's 2000 presidential nominating contest, will pay tribute to McCain.

House Speaker Paul Ryan said he was sometimes on the receiving end of McCain's "distinct brand of candor" and said McCain relished a good fight.

"This is one of the bravest souls our nation has ever produced," Ryan said.

After the ceremony, McCain's family and those in attendance filed past the coffin. Later, the public was to pass through the Rotunda for six hours to pay their respects to McCain, whose coffin was placed atop a pine board catafalque originally built in 1865 for President Abraham Lincoln's casket.

The Trump-McCain feud dated back to at least 2015, not long after Trump kicked off his presidential campaign. McCain condemned the candidate's hard-line rhetoric on illegal immigration, accusing Trump of "firing up the crazies."

The New York businessman hit back, saying of McCain's 5-1/2 years as a prisoner of war in Vietnam: "He was a war hero because he was captured. I like people who weren’t captured." Trump received five deferments that got him out of military service.

More recently, McCain accused Trump of kowtowing to Russian President Vladimir Putin at July's Helsinki summit, calling it "one of the most disgraceful performances by an American president in memory."

Trump in turn delayed issuing any statement after McCain's death. Earlier this week, the American flag atop the White House that had been at half-staff was raised back up, then lowered again after Trump drew fire from Congress and veterans.

McCain helped plan the events around his funeral. He made it clear to family and friends that he wanted Democratic former Vice President Joe Biden, Bush and Obama to speak - but that Trump was not welcome.

source: news.abs-cbn.com

Wall Street rallies on optimism about tax reform

US stocks ended up on Tuesday, with each of the 3 major indexes posting their best one-day percentage gains in over a week, as lawmakers' comments on tax reform and the debt ceiling boosted investor optimism.

US House Speaker Paul Ryan told CNN at a town hall on Monday that tax reform would be easier to pass than the failed healthcare overhaul because Republicans have built a consensus.

Separately, Senate Majority Leader Mitch McConnell said on Monday that there was "zero chance" that the United States will fail to raise the debt ceiling in September, allaying concerns that the United States is poised to default on its debt, according to media reports.


"Definitely part of today's movement is rumblings of the potential for tax reform or tax repatriation,” said Eric Freedman, chief investment officer at US Bank Wealth Management in Minneapolis.

"If we have more of a messy debt ceiling debate and sides become firmly entrenched, that could spell out more difficulty, both within the party and between parties.”

Investors are also looking for positive hints on US monetary policy from Federal Reserve Chair Janet Yellen on Friday at the annual central bankers meeting in Jackson Hole, Wyoming, though observers do not expect her to give new guidance.

Absent major news from the White House and a standstill in tensions between the United States and North Korea – two major factors that roiled the market in the past two weeks – investors flocked back to high-flying tech shares.

Gains were broad, with nearly all of the 11 major S&P sectors posting gains. Technology shares led the advance, up 1.5 percent, notching the first gain in four sessions.

The S&P 500 materials index also jumped more than 1 percent, enjoying its best day since mid-June, led by rising commodity and metals prices.

Metals prices, including copper, zinc and nickel, ended higher against a backdrop of strong results for mining firms and talk of shortages in some metals.

The Dow Jones Industrial Average rose 196.14 points, or 0.9 percent, to 21,899.89, the S&P 500 gained 24.14 points, or 0.99 percent, to 2,452.51 and the Nasdaq Composite added 84.35 points, or 1.36 percent, to 6,297.48.

At the close, 335 stocks hit new 52-week highs while 300 hit fresh 52-week lows across all US exchanges, marking the first time in 10 sessions that more stocks have hit highs than lows.

Among stocks, Freeport-McMoRan Inc gained 2.31 percent on news that Indonesia expects to strike an agreement this month to allow the miner to keep operating its copper mine in Papua.

Macy's Inc rose 4.56 percent, scoring its best day in nearly seven months, after announcing restructuring and job cuts.

DSW Inc shares surged 17.46 percent after the footwear retailer reported a surprise rise in comparable sales.

Advancing issues outnumbered declining ones on the NYSE by a 2.66-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored advancers.

About 5.24 billion shares changed hands in US exchanges, below the 6.28 billion daily average over the last 20 sessions.

source: news.abs-cbn.com