Business category, Page 156
Stocks extend their losses on fears recession may be looming
NEW YORK — Good news on the economy remains bad news for Wall Street, and stocks are falling sharply Friday on worries a still-strong U.S jobs market may actually make a recession more likely. The S&P 500 was 3.1% lower in afternoon trading after the government said employers hired more...
U.S. hiring stayed solid in September as employers add 263,000
WASHINGTON — America’s employers slowed their hiring in September but still added a solid 263,000 jobs — potentially hopeful news that may mean the Federal Reserve’s drive to cool the job market and ease inflation is starting to make progress. Friday’s government report showed that last month’s job growth was...
Peloton to cut 500 jobs as turnaround efforts continueVideo
Peloton is looking to trim hundreds of jobs as the company continues to reorganize its business which has stalled as the coronavirus-related surge fades. The maker of high-end exercise equipment plans to cut approximately 500 jobs, or about 12% of its workforce. “A key aspect of Peloton’s transformation journey is...
Average long-term U.S. mortgage rates dip to 6.66% this week
WASHINGTON — Average long-term U.S. mortgage rates ticked down modestly this week after six straight weeks of gains pushed rates to heights not seen in more than a decade, before a crash in the housing market triggered the Great Recession in 2008. Mortgage buyer Freddie Mac reported Thursday that the...
11 Pa. turkey farm workers charged with cruelty caught on video
Eleven people working for one of the nation’s leading turkey producers have been charged with animal cruelty in Pennsylvania after state police said they were caught on video kicking, stomping and beating turkeys at several farms. The workers were responsible for capturing and crating turkeys destined for slaughter, Pennsylvania State...
Amazon to hire 150,000 workers for holidays, similar to 2021
NEW YORK — Amazon will hire 150,000 full-time, part-time and seasonal employees across its warehouses ahead of the holiday season. The announcement, made Thursday, shows the e-commerce behemoth is taking a less conservative approach to its holiday planning than Walmart, which said last month it would hire 40,000 U.S. workers...
Amazon suspends at least 50 workers after fire protest
NEW YORK — Amazon has suspended at least 50 warehouse employees who refused to work their shifts as a result of a trash compactor fire at one of its New York facilities, according to union organizers. The company suspended the workers, with pay, on Tuesday, a day after the fire...
Wall Street’s rally runs out of gas, leaving indexes lower
NEW YORK — A wobbly day of trading on Wall Street ended with stocks slightly lower Wednesday as a gangbuster two-day rally ran out of gas. Stock indexes had been in the red much of the day before briefly shifting into the green following a late-afternoon burst of buying. The...
Musk Twitter turnaround reflects legal challenges
WASHINGTON — Elon Musk’s sudden about face on a $44 billion agreement to acquire Twitter, reversing an earlier attempt to rescind that offer, came as a surprise even from the mercurial billionaire who loves to shock. It sent shares of the social media platform soaring Tuesday and stoked alarm among...
OPEC+ makes big oil cut to boost prices; pump costs may rise
FRANKFURT, Germany — The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections. Energy ministers cut production...
Employers have jobs to offer, yet struggle to fill vacancies
Gemma Koury of Greensburg was looking for a job Sept. 26, checking the various employers who lined the halls of the PA CareerLink office at the Westmoreland County Community College near Youngwood. “I was looking for something in elder care,” said Koury, 32, who had been working in a restaurant...
Stocks rise in extended rally, clawing back more groundVideo
The Dow Jones Industrial Average climbed more than 800 points and the S&P 500 had its best day in more than two years Tuesday as the market clawed back more of the ground it lost in a miserable several weeks on Wall Street. The S&P 500 rose 3.1%, its best...
Iconic Goodwill gets serious with online for thrifters
NEW YORK — Thrifters who flock to Goodwill stores will now be able to do more of their treasure hunting online. The 120-year-old nonprofit organization on Tuesday launched GoodwillFinds, a newly incorporated shopping venture that is making roughly 100,000 donated items available for purchase online and expanding Goodwill’s internet presence...
Musk offers to end legal fight, pay $44B to buy TwitterVideo
Elon Musk is abandoning his legal battle to back out of buying Twitter by offering to go through with his original $44 billion bid for the social media platform. The mercurial Tesla CEO made the offer in a letter to Twitter, which the company disclosed in a filing Tuesday with...
Job openings sink as economy slows, cost to borrow rises
WASHINGTON — The number of available jobs in the U.S. plummeted in August compared with July as businesses grow less desperate for workers, a trend that could cool chronically high inflation. That is good news for the Federal Reserve in its efforts to bring down high prices without plunging the...
Kim Kardashian fined $1 million by SEC over crypto promotion
The long list of celebrities promoting cryptocurrencies just got shorter. Kim Kardashian is being barred from doing so for three years — and will pay a $1 million fine — to settle federal charges that she recommended a crypto security to her 330 million Instagram followers without making clear that...
John Dorfman: After third-quarter carnage, look at the Casualty List
Investors suffered their third unpleasant quarter in a row in the quarter that just ended. After this pounding, quite a few stocks look attractive to me. I’ve highlighted a few of them on my Casualty List. This list, which I compile each quarter, contains stocks that have been smacked down...
Wall Street soars to best day since summer, S&P 500 up 2.6%Video
NEW YORK — Stocks on Wall Street rallied to their best day in months on Monday after falling bond yields eased some of the pressure that’s been battering markets. The S&P 500’s leap of 2.6% was its biggest since July, the latest swing for a scattershot market that’s been mostly...
4 with Pittsburgh ties land on Forbes list of 400 richest Americans
Four people with significant ties to Pittsburgh made the latest Forbes 400 ranking of wealthiest Americans. David Tepper tops the local connections with an appearance at No. 33 with an estimated net worth of $18.5 billion. Tepper, the president and founder of the Appaloosa Management hedge fund, was raised in...
Kim Kardashian settles with SEC over crypto promotion
Kim Kardashian has agreed to pay $1.26 million to settle Securities and Exchange Commission charges that she promoted a cryptocurrency on Instagram without disclosing that she’d been paid $250,000 to do so. The SEC said Monday that the reality TV star and entrepreneur has agreed to cooperate with its ongoing...
Biden pledge to make federal fleet electric faces slow start
WASHINGTON — President Joe Biden, a self-described “car guy,” often promises to lead by example on climate change by moving swiftly to convert the sprawling U.S. government fleet to zero-emission electric vehicles. But efforts to eliminate gas-powered vehicles from the fleet have lagged. Biden last year directed the U.S. government...
Tesla robot walks, waves, but doesn’t show off complex tasks
DETROIT — An early prototype of Tesla Inc.’s proposed Optimus humanoid robot slowly and awkwardly walked onto a stage, turned, and waved to a cheering crowd at the company’s artificial intelligence event Friday. But the basic tasks by the robot with exposed wires and electronics — as well as a...
Resilient U.S. consumers spend slightly more in August
WASHINGTON — Consumers spent a bit more in August than the previous month, a sign the economy is holding up even as inflation lifts prices for food, rent, and other essentials. Americans boosted their spending at stores and for services such as haircuts by 0.4% in August, after it fell...
Wall Street drops back to lowest since 2020 as fear returns
NEW YORK — Stocks fell broadly Thursday on Wall Street as worries about a possible recession and rising bond yields put the squeeze back on markets. The S&P 500 fell 2.1%, reaching its lowest level since late 2020. The washout erased the index’s gains in a big rally the day...
Explainer: How do we know when a recession has begun?
WASHINGTON — The economy shrank in the first half of this year, the government confirmed in a report Thursday, underscoring fears of a broad-based slowdown that could lead to a recession. At the same time, the number of people seeking unemployment benefits — a figure that often reflects the pace...
