Business category, Page 157
Wall Street drops back to lowest since 2020 as fear returns
NEW YORK — Stocks are back to falling on Wall Street Thursday as worries about a possible recession and rising bond yields put the squeeze back on markets. The S&P 500 was 1.8% lower after sinking even more in the morning to its lowest level since late 2020. The washout...
Lordstown Motors starts making electric trucks at Ohio plant
LORDSTOWN, Ohio — Commercial electric vehicle startup Lordstown Motors says it has slowly started production of its first model, the Endurance pickup. The struggling company says it has built two pickups, with a third to be finished shortly. It plans to ramp up production depending on quality and parts availability,...
U.S. economy drops at 0.6% annual rate from April through June
WASHINGTON — Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Thursday, unchanged from its previous second-quarter estimate. It marked the second consecutive quarter of economic contraction, one informal rule of thumb for a...
Stocks rally, bonds soar in relief after U.K. calms marketsVideo
NEW YORK — Stocks rallied on Wall Street to their first gain in more than a week, as some calm returned to markets around the world Wednesday after the Bank of England moved forcefully to get a budding financial crisis there under control. The S&P 500 jumped 2% for its...
Biden to oil industry: Don’t raise prices as hurricane nears
WASHINGTON — President Joe Biden on Wednesday warned oil and gas companies against increasing prices for consumers as Hurricane Ian neared landfall along Florida’s southwest coast. “Do not, let me repeat, do not use this as an excuse to raise gasoline prices or gouge the American people,” Biden said at...
Tiny Oregon town hosts 1st wind-solar-battery ‘hybrid’ plant
PORTLAND, Ore. — A renewable energy plant being commissioned in Oregon on Wednesday that combines solar power, wind power and massive batteries to store the energy generated there is the first utility-scale plant of its kind in North America. The project, which will generate enough electricity to power a small...
How to apply for a Pa. property tax or rent rebate
Spotlight PA is an independent, nonpartisan newsroom powered by The Philadelphia Inquirer in partnership with PennLive/The Patriot-News, TribLIVE/Pittsburgh Tribune-Review, and WITF Public Media. Sign up for our free newsletters. HARRISBURG — Pennsylvania’s rent and property tax rebate program — which helps older and disabled residents offset the rising cost of...
U.S. stocks lose ground a day after Dow entered a bear market
NEW YORK — Stocks gave up early gains and turned lower in afternoon trading on Wall Street on Tuesday as markets stagger amid recession worries. The volatile trading comes a day after a broad sell-off sent the Dow Jones Industrial Average into a bear market, joining other major U.S. indexes....
British pound stabilizes, but turmoil still roils U.K. economy
LONDON — The British pound stabilized Tuesday as U.K. authorities tried to ease investor concerns after the biggest tax cuts in 50 years sent the currency tumbling to a record low the previous day. The turmoil is already having real-world effects, with several British mortgage lenders pulling offers from the...
Dow slips into bear market as Wall Street sells on recession fearsVideo
The Dow Jones Industrial Average became the last of the major U.S. stock indexes to fall into what’s known as a bear market Monday as Wall Street deepened its slump amid growing fears of a global recession. The blue chip index fell 1.1%, while the S&P 500 closed 1% lower...
John Dorfman: My buy-sell ratings on 20 largest stocks
The largest stocks dominate the headlines — and investors’ wallets. So even though I’m fond of off-the-beaten-path stocks, once a year I give my buy-or-avoid ratings on the 20 largest stocks. Today’s the day. • Apple Inc. (AAPL, $2.4 trillion market value). Buy. The company’s iPhones and Mac computers have...
Ollie’s bargain-hunting shoppers push the Pa. retailer’s growth to 457 stores
Ollie’s Bargain Outlet president and CEO John Swygert described the last two-and-a-half years as “a total rollercoaster ride.” “It was a challenge from every aspect you could think of,” he said. In December 2019, co-founder and longtime Ollie’s CEO Mark Butler died unexpectedly at the age of 61. Butler was...
White House: New rule will show ‘true cost’ of plane tickets
WASHINGTON — President Joe Biden announced a new initiative Monday that would eventually allow consumers to see a more complete price on airline tickets — including baggage and change fees — before they buy, as the White House continues to search for ways to lower costs for Americans amid persistently...
The British pound has taken a tumble. What’s the impact?
LONDON — The pound is taking a pounding. The British currency has taken a plunge, sliding against the U.S. dollar to touch an all-time low. It’s a sign of the alarm in financial markets over new Prime Minister Liz Truss’ emergency budget measures unveiled last week aimed at jump-starting the...
Amazon to hold holiday shopping event in October
Amazon said Monday that next month it will hold a second Prime Day-like shopping event, making it the latest major retailer to offer holiday deals earlier this year to entice cautious consumers struggling with tighter budgets. During the Oct. 11-12 event, Amazon Prime members will get early access to discounted...
U.S. case against American Airlines, JetBlue heads to court
DALLAS — The government’s antitrust lawsuit against American Airlines and JetBlue begins Tuesday and the outcome could determine how closely the Biden administration examines other airline deals, including JetBlue’s pending attempt to buy Spirit Airlines. The Justice Department and six states are suing American and JetBlue to break up their...
Judge rejects Justice Dept.’s bid to stop sugar merger
WASHINGTON — A federal judge has rejected the Justice Department’s bid to block a major U.S. sugar manufacturer from acquiring its rival, clearing the way for the acquisition to proceed. The ruling, handed down Friday by a federal judge in Wilmington, Delaware, comes months after the Justice Department sued to...
Some cities are passing bans on natural gas appliances to help curb emissions, climate change
Cookin’ with gas? Maybe not for long. According to CBS News, “major cities across the U.S. are passing bans on gas stoves and other appliances that run on natural gas because of their planet-warming emissions.” About 80 local governments — mostly in California — have passed laws requiring or encouraging...
Airfares hit highest level in years despite falling fuel prices
LOS ANGELES — Jet fuel prices have been dropping dramatically since May, and the nation’s airlines now have more workers on staff than before the pandemic. So Americans preparing for Thanksgiving and Christmas travel should expect lower airfares and fewer delays and cancellations, right? Don’t get your hopes up. Ticket...
Global markets fall sharply on worries about rates, economy
Stocks tumbled worldwide Friday on more signs the global economy is weakening, just as central banks raise the pressure even more with additional interest rate hikes. The S&P 500 fell 2.3% in early afternoon trading, adding a dismal cap on what’s already been a rough week. It’s almost all the...
U.S. Sen. Warnock: Electric car tax credit needs ‘flexibility’
SAVANNAH, Ga. — U.S. Sen. Raphael Warnock urged the U.S. Treasury secretary Friday to use “maximum flexibility” in implementing a revised tax credit for Americans buying electric vehicles, a perk that Hyundai stands to lose as the automaker invests billions of dollars to open its first American EV plant in...
Wall Street ends lower as global central banks raise ratesVideo
Stocks fell again Thursday, deepening Wall Street’s losses for the week, as central banks around the world hiked interest rates to fight inflation. The S&P 500 fell 0.8%, its third straight drop. The benchmark index is down about 3% so far this week. The Dow Jones Industrial Average fell 0.4%...
Average long-term mortgage rates climb to 6.29% this week
WASHINGTON — Average long-term U.S. mortgage rates jumped by more than a quarter-point this week to their highest level since 2008 as the Federal Reserve intensified its effort to tamp down decades-high inflation and cool the economy. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate climbed to 6.29%,...
Walmart, Target begin holiday early to ease inflation sting
NEW YORK — Walmart and Target plan to begin offering deals and price matching offers earlier this year to keep up with Americans pressed by soaring inflation and looking for ways to ease the potential sting of holiday shopping. For two years now, shoppers have started preparing for the holidays...
Jerome Powell signals more pain to come with Fed sending rates higherVideo
Federal Reserve Chair Jerome Powell vowed officials would crush inflation after they raised interest rates by 75 basis points for a third straight time and signaled even more aggressive hikes ahead than investors had expected. “We have got to get inflation behind us. I wish there were a painless way...
