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NEW YORK (AP) — Millions of Americans saving for retirement through 401(k) accounts could have the option of putting their money in higher-risk private equity and cryptocurrency investments, according to an executive order signed Thursday by President Donald Trump that could give those financial players long-sought access to a pool of funds worth trillions.

There is no immediate change in how people invest part of their work earnings. Federal agencies would need to rewrite rules and regulations to allow the expanded choices, and that would take months or more to complete. But once done, employers could offer a broader array of mutual funds and investments to workers, according to the White House. New plans could invest in alternative assets, particularly private equity, cryptocurrencies and real estate.

The Republican president’s order directs the Labor Department and other agencies to redefine what would be considered a qualified asset under 401(k) retirement rules.

Americans’ retirement plans are governed by a law known as the Employee Retirement Income Security Act of 1974, better known as ERISA. Employers are required by law to offer retirement options that are in the best interest of their employees, not Wall Street. Most retirement plans for Americans are made up of stock and bond investments, and to a much lesser extent, cash and heavily traded commodities such as gold.

Trump’s move rewards both the $5 trillion private equity industry, which for decades has wanted to compete for a role in retirement plans, and the cryptocurrency industry, whose executives strongly supported Trump’s 2024 campaign as they aimed for more mainstream acceptance among Americans.

The price of bitcoin was up 2% on Thursday to $116,542 and has nearly doubled since Trump was elected.

Under Democratic President Joe Biden, federal regulators were to treat cryptocurrency investments with “extreme care” because of the extreme volatility of crypto. It is not uncommon for bitcoin, ethereum and other big cryptocurrencies to move up or down 10% in a single day, whereas a 2% or 3% single-day move in the stock market would be considered historic.

For cryptocurrency companies, which donated millions to Trump’s campaign as well as his inauguration, one goal was to get their industry qualified under ERISA. Coinbase, one of the largest crypto companies in the United States, was also a major donor toward Trump’s military parade in Washington this summer. Under Trump, the Securities and Exchange Commission dropped its lawsuit against Coinbase where the Biden administration said crypto should be treated as a security.

Crypto is particularly popular among young Americans. While volatile, bitcoin has generally moved upward since it was created by an anonymous programmer nearly 20 years ago.

““It was inevitable that bitcoin would make its way into American 401(k)s,” said Cory Klippsten, the CEO of Swan Bitcoin. “As fiduciaries realize Bitcoin’s risk-adjusted upside over the long term, we’ll see growing allocations, especially from younger, tech-savvy workers who want hard money, not melting ice cubes.”

Private equity firms rely heavily on high-net worth individuals and state and private pension plans, which have extremely long investing timelines. But having access to Americans’ retirement assets would open up a deep pool of cash.

Blackstone CEO Steve Schwarzman has told investors going back to at least 2017 that it was a “dream” of his and the industry to be able to draw upon these retirement assets. Previous administrations, Republican and Democrat, have agreed that private equity investments, which can be riskier, more expensive and less liquid than traditional stock and bond market mutual funds, should not be included in 401(k) plans.

KABUL, Afghanistan (AP) — One after the other, the opportunities vanished. Like so many other Afghan women, Sodaba could do little but watch as her country’s new Taliban government imposed a stranglehold on women’s lives.

The Taliban seized power in Afghanistan in 2021, and quickly set about implementing a dizzying array of restrictions for women: No visiting parks or gyms, no eating in restaurants, no working, except in very few professions.

But one of the cruelest blows for the pharmacology student was the ban on education beyond primary school.

Pushed by necessity, she went online. And there, she found hope: a free computer coding course for women in Afghanistan. Taught in her own language, Dari, by a young Afghan refugee living half a world away, in Greece.

“I believe a person should not be (bowed) by circumstance, but should grow and get their dreams through every possible way,” Sodaba said. She began learning computer programming and website development.

The new skills “helped me regain my confidence and clarity in my direction,” said the 24-year-old, who asked to be identified by her first name only for safety reasons because of the education ban. “I am so happy to be part of this journey.”

The courses are part of Afghan Geeks, a company created by Murtaza Jafari, now 25, who arrived in Greece on a boat from Turkey years ago as a teenage refugee.

While living in a shelter in Athens after he arrived, Jafari received help from a teacher to enroll in a computer coding course. He knew nothing about computers — not even how to switch one on — didn’t know what coding was and didn’t speak a word of English, essential for computer programming.

“I had no idea about English. No idea, like zero zero,” he said. “And I was trying at the same time to learn Greek, learn English and then also learn computer … It was super difficult for me.”

But several months later, he earned his certificate.

Coding opened up a new world. A couple of years ago, he set up Afghan Geeks.

Jafari said that he started providing online courses last December to help women in his homeland, and as an expression of gratitude for the help he received as a youngster alone in a foreign country.

“The main goal was to give back to the community, especially to the Afghan women, what I had received from the other people for free,” he said, sitting in his sparse one-room flat in downtown Athens.

“I think … sharing knowledge is what makes a real difference to someone,” he said. “And if I share it, it just goes and expands, and then there’s more people to learn things.”

Jafari now has 28 female students in Afghanistan in three classes: beginner, intermediate and advanced.

Aside from teaching, he also mentors his students in finding online internships and jobs using their new skills. For women in a country where nearly all professions are banned, the opportunity for online work is a lifeline.

The most qualified join his team at Afghan Geeks, which also offers website development and chatbot creation services. He now has several clients, he said, from Afghanistan, the United States, the United Kingdom and Europe.

“Those clients were happy that they are contributing in a meaningful goal. So the goal was to support women … And that’s why they keep coming back for other projects that they have,” Jafari said.

Although he’s been teaching his students for seven months, Jafari has never seen their faces. He asks how they are and what the situation is in Afghanistan, “but I’ve never asked them to open their cameras or to share their profile, to share the image. I’ve never done that. I don’t want to do it, because I respect their culture, their choice.”

With the Taliban government’s restrictions increasingly confining women to their homes, and going as far as officially banning women’s voices and bare faces in public, the web has opened a new world of possibilities for women in Afghanistan.

Zuhal, a young Afghan woman whose dream of going to university was shattered, partnered with a university professor to launch an online academy for women about 18 months ago.

What began as a team of five people now has a crew of 150 teachers and administrators, and more than 4,000 students, she said.

“We are all working voluntarily with no salary, no support,” said the 20-year-old, who uses a nickname for fear of reprisals after receiving threats over the academy. “Our only aim or goal is to provide free education for girls and to enhance research in Afghanistan.”

The academy, Vision Online University, now runs courses in a range of subjects, from psychology and foreign languages to Quranic studies, nursing and public speaking, among others.

When the education ban came into effect, Zuhal said that she “was depressed because nothing was available.”

“There was no school, no university, no courses,” she said. “And that really affected me.

“Then I thought (to) myself that this is not the solution. If I get depressed, that will not be helpful, not for me and not for other girls.” She decided “that I shouldn’t give up. I should do something for girls of my country.”

Now she also pursues a degree in computer science through an American online university, the University of the People.

It’s tough, she said. With no funding, the academy for women can’t pay for premium online services that allow large group meetings. She herself often struggles to afford her internet service.

“But I’m doing it because I have a goal,” she said. ”And my goal is to support girls. If I stop it, more than 4,000 or 5,000 girls will be depressed again.”

NEW YORK (AP) — Wall Street is rising on Wednesday, led by a rally for Apple.

The S&P 500 was 0.7% higher in afternoon trading. The Dow Jones Industrial Average was up 145 points, or 0.3%, as of 2:03 p.m. Eastern time, and the Nasdaq composite was 1.1% higher.

Apple alone accounted for nearly half of the S&P 500’s gain. It rose 5.7% ahead of an announcement at the White House where it’s expected to increase its U.S. investments by an additional $100 billion over the next four years.

Trading elsewhere on Wall Street was mixed following a jumble of profit reports. McDonald’s and Shopify rose following their latest updates, while Super Micro Computer tumbled after its earnings and revenue came in below analysts’ expectations. The Walt Disney Co. fell after its earnings beat forecasts but its revenue fell short

Worries are still high that President Donald Trump’s tariffs may be hurting the economy, but hopes for coming cuts to interest rates by the Federal Reserve and a parade of stronger-than-expected profit reports from U.S. companies have helped steady the market.

Companies are under pressure to deliver bigger profits to justify the big gains their stock prices have made since the U.S. market hit a low point in April. The S&P 500 is just a bit below its record, which was set late last month, and the big rally fueled criticism that the broad market has become too expensive.

McDonald’s climbed 3.4% after reporting stronger profit and revenue for the spring than analysts expected. A meal tied to the “Minecraft” movie proved to be a hit for the restaurant chain.

Shopify jumped 19.7% after the company, which helps businesses sell on the internet, said it made more in revenue last quarter than expected. Analysts also said the company’s forecast for revenue in the current quarter suggests the strong trends are continuing.

Arista Networks was one of the stronger forces lifting the S&P 500 and leaped 18% after the networking company delivered a bigger profit for the latest quarter than expected. Its forecast for revenue in the current quarter also topped forecasts.

They helped offset a 19.3% slump for Super Micro Computer, which gave back some of the huge gains the server maker has made recently. Super Micro came into the day with a nearly 88% gain for its stock so far this year, but it reported weaker profit and revenue for the latest quarter than analysts expected. It also gave a forecast for profit in the current quarter that fell short of what Wall Street had penciled in.

Disney dropped 2.4% after its profit beat forecasts but its revenue fell short. Analysts said investors may have been looking for Disney to boost its profit forecast by a bigger amount.

The NFL also announced that it had entered into a nonbinding agreement with Disney’s ESPN, which will give the sports broadcaster the NFL Network, NFL Fantasy and the rights to distribute the RedZone channel. The NFL will get a 10% stake in ESPN in the proposed deal.

Chip company Advanced Micro Devices fell 6% after its profit for the latest quarter only matched analysts’ expectations. Analysts said the company’s financial forecasts for upcoming results also looked solid, but that may not have been enough for investors after its stock had already soared 44.3% for the year so far coming into the day.

In the bond market, Treasury yields held relatively steady.

The yield on the 10-year Treasury edged up to 4.24% from 4.22% late Tuesday. It’s still well below where it was last week, before Friday’s much weaker-than-expected report on the U.S. job market ignited worries that Trump’s tariffs are pushing employers to hold back on hiring.

That report has traders on Wall Street betting heavily that the Federal Reserve will need to cut interest rates at its next meeting in September. Such cuts can give the economy and investments prices a boost, but they also can push inflation higher.

In stock markets abroad, indexes rose modestly across much of Europe and Asia.

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AP Business Writers Yuri Kageyama and Matt Ott contributed.