Business category, Page 117
Stocks drift higher as earnings season kicks into gear
NEW YORK — Wall Street drifted higher Monday to kick off the first full week of earnings reporting season. The S&P 500 rose 13.68, or 0.3%, to 4,151.32 in its first trading after squeezing out its fourth winning week in the last five. The Dow Jones Industrial Average gained 100.71,...
TV and film writers authorize strike over pay, other issues
LOS ANGELES — Unionized film and television writers have voted overwhelmingly to give their leaders the authority to call a strike if a new contract agreement is not reached with producers. In an email to members Monday, the negotiating committee of the Writers Guild of America said nearly 98% of...
New U.S. tax credit rules narrow the list of eligible EVs
DETROIT — Ten electric or plug-in hybrid vehicles will be eligible for a $7,500 U.S. tax credit, while another seven could get $3,750 under new federal rules that go into effect on Tuesday. But under the Treasury Department rules and other provisions of last year’s Inflation Reduction Act, most of...
New push on U.S.-run free electronic tax-filing system for all
WASHINGTON — It’s that time of year when throngs of taxpayers are buckling down to file their income tax returns before Tuesday’s filing deadline. Many often pay to use software from private companies such as Intuit and H&R Block. Almost one-quarter of Americans wait until the last minute to file...
David’s Bridal could lay off more than 9,000 employees as company explores sale
Pennsylvania-based David’s Bridal, which sells wedding dresses and other clothing and accessories for special occasions, could lay off thousands of people across the country and is exploring a sale of the company. The company filed a WARN (Worker Adjustment and Retraining Notification) notice with the Pennsylvania Department of Labor &...
Profits at big U.S. banks show few signs of industry distress
NEW YORK — The nation’s largest banks appear to be weathering the current turmoil in their industry just fine. Despite a pair of historical failures last month that put the nation’s banking industry into crisis mode, the nation’s biggest banks posted strong profits last quarter, helped by higher interest rates...
U.S. retail sales fall 1% amid high inflation, rising rates
WASHINGTON — Americans cut their spending at retail stores in March for the second straight month, a sign consumers are becoming more cautious after a burst of spending in January. Retail sales dropped 1% in March from February, a sharper decline than the 0.2% fall in the previous month. Sales...
Top Fed official sees need for more interest rate increases
WASHINGTON — A senior Federal Reserve official said Friday that there has been little progress on inflation for more than a year and that more interest rate hikes are needed to get prices under control. Christopher Waller, a member of the Fed’s governing board, did not specify how many more...
Wall Street rallies and tech stocks leap as inflation coolsVideo
NEW YORK — A rally Thursday on Wall Street lifted stocks to their highest level in almost two months following the latest sign that inflation continues to cool. The S&P 500 rose 1.3% after a report showed inflation at the wholesale level slowed last month by more than expected. The...
Haven’t filed taxes yet? Don’t panic. Here’s what to know
NEW YORK — The deadline to file your taxes is Tuesday, which is just around the corner. Filing U.S. tax returns — especially for the first time — can seem like a daunting task, but there are steps you can take to make it less stressful. Whether you do your...
Your tax refund could be smaller than last year. Here’s why
NEW YORK — Expecting a tax refund? It could be smaller than last year. And with inflation still high, that money won’t go as far as it did a year ago. The 90 million taxpayers who have filed as of March 31 got refunds that were an average of nearly...
John Dorfman: 30-30 Club Gets More Exclusive with Microsoft, Merck and 36 More
What do Mike Trout and Microsoft have in common? Both are members of a 30-30 Club. In baseball, this club contains those stars who have smashed 30 home runs and have stolen 30 bases in the same season. I have a 30-30 club for corporations. To make it, a company...
Stocks dip after inflation data, Fed economists’ warningVideo
NEW YORK — Stocks dipped to close an up-and-down Wednesday on Wall Street as a result of the latest update on inflation and the latest warning of a possible recession. The S&P 500 fell 16.99, or 0.4%, to 4,091.95 after drifting between small gains and losses through the day. The...
Cheaper gas and food provide some relief from U.S. inflation
WASHINGTON — U.S. consumer inflation eased in March, with less expensive gas and food providing some relief to households that have struggled under the weight of surging prices. Yet prices are still rising fast enough to keep the Federal Reserve on track to raise interest rates at least once more,...
Why new grads shouldn’t fear a recession
In 2023 alone, there have been over 118,000 U.S. tech layoffs, according to Crunchbase News, a business publication. That’s in addition to two major bank collapses and two federal rate hikes. The class of 2023 will graduate into this economic upheaval while facing another variable: student loan payments. This can...
EPA pollution limits aim to boost U.S. electric vehicle sales
WASHINGTON — The Biden administration is proposing strict new automobile pollution limits that would require as many as two-thirds of new vehicles sold in the U.S. to be electric by 2032, a nearly tenfold increase over current electric vehicle sales. The proposed regulation, announced Wednesday by the Environmental Protection Agency,...
Buffett says people shouldn’t worry about Berkshire, banks
OMAHA, Neb. — Billionaire Warren Buffett assured investors Wednesday that Berkshire Hathaway will be fine when he’s no longer around to lead the conglomerate. Buffett said shareholders shouldn’t worry about the future of the company after Vice Chairman Greg Abel takes over because he will do a great job and...
Deadline approaches to file federal tax returns, extensions
The deadline to file federal income taxes is less than a week away, but it’s not too late to get your paperwork in or seek an extension. Kim McHenry, a franchisee of H&R Block in Leechburg and Vandergrift, has been reminding clients of the looming Tuesday deadline. It’s the busiest...
Wall Street drifts through muted day ahead of inflation dataVideo
NEW YORK — Wall Street drifted through a muted day of trading Tuesday, with stocks and bonds making modest moves ahead of reports later in the week with the potential to move markets. The S&P 500 had its smallest one-day move in more than a year, slipping 0.17 points, or...
Theranos’ Elizabeth Holmes loses bid to stay out of prisonVideo
Disgraced Theranos CEO Elizabeth Holmes has been rebuffed in her attempt to stay out of federal prison while she appeals her conviction for the fraud she committed while overseeing a blood-testing scam that exposed Silicon Valley’s dark side. In an 11-page ruling issued late Monday, U.S. District Judge Edward Davila...
IMF: Prolonged high inflation dims outlook for world economyVideo
WASHINGTON — The outlook for the world economy this year has dimmed in the face of chronically high inflation, rising interest rates and uncertainties resulting from the collapse of two big American banks. That’s the view of the International Monetary Fund, which on Tuesday downgraded its outlook for global economic...
Stocks end mixed on Wall Street amid rate hike expectationsVideo
NEW YORK — Stocks were mixed Monday in their first trading after a report heightened speculation the Federal Reserve may tap the brakes a little harder on financial markets and the economy. The S&P 500 rose 4.09 points, or 0.1%, to 4,109.11. It did not trade on Friday, when data...
Kimberly Palmer: How to protect parents from financial scams
When a scam artist called Cameron Huddleston’s mom to tell her to wire money in order to claim a prize, Huddleston had to intercept the calls. Her mom, who had been diagnosed with Alzheimer’s, was convinced she had to wire the money as soon as possible. “That was a wake-up...
Tesla cuts prices on all models, 3rd cut this year
DETROIT — Tesla cut prices on its entire U.S. electric vehicle model lineup for the third time this year in an apparent effort to lure more buyers amid rising interest rates. The cuts that appeared Friday on Tesla’s website ranged from $5,000 per vehicle for Tesla’s slower-selling more expensive models,...
GM Cruise recalls 300 robotaxis after crash involving bus
DETROIT — General Motors’ Cruise autonomous vehicle unit has recalled 300 robotaxis to update software after one of them rear-ended a municipal bus in San Francisco. Cruise says in government documents posted Friday that the robotaxi inaccurately predicted how the bus would move as it pulled out of a bus...
