Business category, Page 202
Stocks pull mostly higher, shaking off some early wobblesVideo
Stocks regained their footing after an early slide and closed broadly higher Thursday, led by gains in financial and industrial companies. The S&P 500 rose 0.5% after having been down 0.9% in the early going. The gain is the benchmark index’s first in three days after a recent stretch of...
Gas driller to pay Pennsylvania $1.9M for damage to wetlands, waterways
HARRISBURG — One of the most active natural gas exploration firms in Pennsylvania has agreed to pay $1.9 million after it disclosed in 2014 that its construction work had damaged waterways and wetlands, without proper permits, according to paperwork filed in federal court on Wednesday. Officials from Chesapeake Energy Corp....
Treasury Secretary Yellen sees room for U.S. to borrow, opens door to tax hikeVideo
WASHINGTON — Treasury Secretary Janet Yellen believes the U.S. government has more room to borrow, but said higher taxes would likely be required in the long run to finance future spending increases. Yellen appeared Wednesday before the Senate Banking Committee with the Biden administration considering up to $3 trillion in...
A late slide, led by Big Tech, leaves stock indexes lowerVideo
A late-afternoon burst of selling on Wall Street erased an early gain for stocks Wednesday, pulling the market further below the all-time high it reached just a week ago. The S&P 500 dropped 0.5% after having been up 0.8% in the early going. Technology and communication services companies accounted for...
Stocks close broadly lower on Wall Street as banks stumble
Stocks closed broadly lower on Tuesday and gave back nearly all of their gains from a day earlier as technology, industrial and bank stocks fell. The S&P 500 fell 30.07 points, or 0.8%, to 3,910.52. Technology stocks were the biggest drag on the market and pushed the Nasdaq 149.85 points...
Overstimulated? Stocks soar 75% in historic 12-month run
NEW YORK — It was one year ago that the terrifying free fall for the stock market suddenly ended, ushering in one of its greatest runs. On March 23, 2020, the S&P 500 fell 2.9%. In all, the index dropped nearly 34% in about a month, wiping out three years’...
John Dorfman: Six stocks to play the value revival
It’s been a long time coming, but the great value comeback appears to be underway. The value school of investing, to which I adhere, seeks to find stocks selling for bargain prices compared to their intrinsic net worth. In the 30 years through 2009, value outperformed growth 19 times. That...
Jerome Powell says economy recovering but Fed support still neededVideo
WASHINGTON — Federal Reserve Chairman Jerome Powell says the economic recovery from the coronavirus pandemic has progressed more quickly than expected, but the central bank does not intend to let up in its support efforts. In congressional testimony released Monday, Powell said that even though the recovery appears to be...
Krispy Kreme offers free doughnuts for those who get vaccinated for covidVideo
It sounds like a sweet deal. Krispy Kreme is offering anyone who gets the covid-19 shot a free glazed doughnut for the remainder of the year. Starting on Monday, those who can show proof of a valid vaccination card are eligible for a doughnut at stores nationwide. The offer is...
Auto industry braces for more chip shortages after fire
NEW YORK — A fire at a plant owned by Japanese chipmaker Renesas could deepen the ongoing global semiconductor shortage that has especially hampered automobile production. The company, which makes chips for Toyota, Nissan and Honda, expects production at one of the buildings at its Naka Factory in Hitachinaka to...
Technology companies lead stocks higher on Wall Street
Technology companies led stocks higher Monday on Wall Street, reversing some of the market’s losses from last week, as investors welcomed some easing in long-term bond yields. The S&P 500 index rose 0.7%, as gains in technology, communication and other stocks outweighed a pullback in financial companies. The rally in...
New Small Business Administration head plans changes at agency; focus now is covid-19
NEW YORK — The new head of the Small Business Administration says she expects to make changes at the agency that she says will enable it to further help small companies devastated by the covid-19 pandemic. In an interview with The Associated Press on Friday, two days after she was...
Whiskey makers face worsening hangover from trade dispute
LOUISVILLE, Ky. — A hangover from Trump-era tariff disputes could become even more painful for American whiskey distillers unless their entanglement in a trans-Atlantic trade fight is resolved soon. Bourbon, Tennessee whiskey and rye whiskey were left out of recent breakthroughs to start rebuilding U.S. trade relations with the European...
Facebook working on Instagram for kids under 13
Facebook says it is working on a version of its Instagram app for kids under 13, who are technically not allowed to use the app in its current form due to federal privacy regulations. The company confirmed an earlier report by Buzzfeed News on Friday, saying it is “exploring a...
Russian man admits ransomware plot against Tesla in Nevada
A Russian man has pleaded guilty to offering a Tesla employee $1 million to get computer malware into the electric car company’s massive electric battery plant in Nevada for a ransomware attack that never happened, according to court records. Federal public defenders representing Egor Igorevich Kriuchkov did not immediately respond...
L.L. Bean sees sales boom amid pandemic’s push to outdoors
FREEPORT, Maine — With Americans hunkering down and hankering to get outdoors during the pandemic, L.L. Bean recorded its best annual sales growth in nearly a decade, the company said Friday. The Freeport-based retailer started its fiscal year with store closings and worries about survival but the company weathered the...
Wall Street closing lower; bank stocks fall
Stocks are closing mostly lower on Wall Street Friday. The S&P 500 lost 0.1% to end with its first weekly loss in the last three. Bank stocks fell after the Federal Reserve announced it would end some emergency measures put in place for the industry last year to help deal...
Wall Street closes lower, pulled down by IT and energy
Stocks fell broadly on Wall Street Thursday, as rising bond yields once again pulled down shares of technology companies and the energy sector sold off on a sharp drop in oil prices. The S&P 500 index fell 1.5%, on track for its first weekly loss in three weeks. Technology companies...
PNC closing 3 more Pittsburgh-area branches
PNC will close three more bank branches in the Pittsburgh area in June. The branches that will close June 11 are in McCandless, Oakdale and Ambridge. Each will be consolidated with another location, bank spokeswoman Marcey Zwiebel said. The closings are driven by changes in the way customers are doing...
AMC opening 98% of movie theaters
It’s showtime! AMC Theatres says it will have 98% of its U.S. movie theaters open on Friday, with more expected to open by March 26. Shares of AMC Entertainment Holdings Inc. are up more than 4% before the market open on Thursday. Movie theaters all over shuttered their doors a...
U.S. jobless claims rise to 770,000 with layoffs still high
WASHINGTON — The number of Americans seeking unemployment benefits rose last week to 770,000, a sign that layoffs remain high even as much of the U.S. economy is steadily recovering from the coronavirus recession. Thursday’s report from the Labor Department showed that jobless claims climbed from 725,000 the week before....
U.S. sends investigators to probe another Michigan Tesla crash
LANSING, Mich. — For the second time this week, the U.S. government’s road safety agency is sending a team to investigate a Tesla crash in Michigan. This time, the National Highway Traffic Safety Administration is sending a special crash investigation team because a Tesla using the company’s Autopilot partially automated...
IRS will delay tax filing due date until May
The Internal Revenue Service is delaying the traditional tax filing deadline from April 15 until May 17, according to the House Ways and Means Committee. The IRS and Treasury Department didn’t immediately comment Wednesday or provide further details. But the committee confirmed and applauded the move, which provides added time...
Fed expects to keep its key rate near zero through 2023
WASHINGTON — The Federal Reserve foresees the economy accelerating quickly this year but still expects to keep its benchmark interest rate pinned near zero through 2023, despite concerns in financial markets about potentially higher inflation. With its brightening outlook, the Fed on Wednesday significantly upgraded its forecasts for growth and...
Wall Street closes higher after Fed says will keep rates low
Stock closed higher Wednesday, reversing an early slide after the Federal Reserve reassured Wall Street that it expects to keep its key interest rate near zero through 2023. The central bank’s renewed commitment to keeping rates at rock bottom lows comes even as its latest economic forecast calls for growth...
