Wire stories category, Page 46
Wall Street surges, Dow up 1,200 points on cooling inflationVideo
NEW YORK — Wall Street blasted off Thursday to soar to its best day in more than two years as exhilaration swept through markets after a report showed inflation in the United States eased last month by even more than expected. The S&P 500 surged 5.5%, while the Dow Jones...
Wall Street washout as stocks tumble, crypto dives furtherVideo
NEW YORK — Stocks fell sharply Wednesday as unease flared in far-ranging corners of financial markets, and Wall Street gave back a big chunk of the gains it had built in a rally running up to Election Day. The S&P 500 lost 2.1%, or 79.54 points, to 3,748.57 and erased...
Cryptocurrencies plunge as Binance scraps deal for rival FTXVideo
NEW YORK — Cryptocurrency prices plunged for a second-straight day Wednesday after crypto exchange Binance announced it was pulling out of its deal to purchase its failing rival FTX Trading. Bitcoin and other cryptocurrencies were broadly lower on rumors and news reports that the Binance-FTX deal was in trouble. The...
Wall Street rises ahead of election results, inflation dataVideo
NEW YORK — Election Day brought another rise for Wall Street, with stocks climbing Tuesday for a third straight day. The S&P 500 rose 21.31, or 0.6%, to 3,828.11, though it flipped between an even bigger gain and a modest loss to get there. The Dow Jones Industrial Average climbed...
Wall Street climbs ahead of Election Day, inflation dataVideo
NEW YORK — Stocks rose Monday on the eve of Election Day as Wall Street looked ahead to the benefits of a possibly split government in Washington, though trading is likely to stay bumpy in a week full of events that could shake the market. The S&P 500 rose 1%,...
Stocks end lower as the Fed continues to fight inflation
NEW YORK — Stocks racked up more losses on Wall Street and Treasury yields again rose to multiyear highs Thursday as investors looked ahead to a closely watched job market report from the government that could influence the Federal Reserve’s next move in its fight to bring down inflation. Technology...
Elon Musk plans to eliminate half of Twitter jobs in cost-cut drive
Elon Musk plans to eliminate about 3,700 jobs at Twitter Inc., or half of the social media company’s workforce, in a bid to drive down costs following his $44 billion acquisition, according to people with knowledge of the matter. Twitter’s new owner aims to inform affected staffers Friday, said the...
CBS, Les Moonves must pay $30.5 million for insider trading
NEW YORK — CBS and its former president, Leslie Moonves, will pay $30.5 million as part of an agreement with the New York attorney general’s office, which says the network’s executives conspired with a Los Angeles police captain to conceal sexual assault allegations against Moonves. Under the deal announced Wednesday...
Elon Musk emerging as Twitter’s chief moderator ahead of midterms
NEW YORK — Days after taking over Twitter and a week before the U.S. midterm elections, billionaire Elon Musk has positioned himself as moderator-in-chief of one of the most important social media platforms in American politics. Musk has said he won’t make major decisions about content or restoring banned accounts...
Stocks end lower as hot jobs data signals aggressive Fed
Stocks on Wall Street gave up early gains and closed lower Tuesday after an unexpectedly strong report on the job market raised concerns that the Federal Reserve will need to keep the pressure on inflation with aggressive interest rate increases. The S&P 500 fell 0.4% after having been up as...
Victoria’s Secret to buy online startup Adore Me for $400M
NEW YORK — Victoria’s Secret & Co. said Tuesday it has signed a definitive agreement to acquire Adore Me Inc., a lingerie startup known for its wide array of sizes, for $400 million in cash. The move comes as Victoria’s Secret aims to become more inclusive and diversify beyond its...
Musk floats paid Twitter verification, fires board
Billionaire Elon Musk is already floating major changes for Twitter — and faces major hurdles as he begins his first week as owner of the social-media platform. Twitter’s new owner fired the company’s board of directors and made himself the board’s sole member, according to a company filing Monday with...
AP source: Biden to float windfall tax on energy producers
WASHINGTON — President Joe Biden on Monday will raise the possibility of imposing a “windfall tax” on energy companies, as his administration aims to combat high gas prices just days before the midterm elections. The White House said Biden will deliver remarks to respond “to reports over recent days of...
IRS: Growing gap between U.S. income taxes owed and paid
WASHINGTON — The amount of income tax money owed but not paid to the IRS is projected to grow, the agency said Friday. For tax years 2014 through 2016, the estimated gross “tax gap” rose to $496 billion a year, an increase of more than $58 billion from prior estimates....
Stock indexes end mixed as Facebook parent company slumpsVideo
Wall Street delivered another mixed finish for stocks Thursday, as disappointing quarterly results from several big tech companies offset gains elsewhere in the market. The S&P 500 fell 0.6%, with about 44% of stocks within the benchmark index losing ground. The tech-heavy Nasdaq fell 1.6%, while the Dow Jones Industrial...
Economy returned to growth last quarter, expanding 2.6%Video
WASHINGTON — The economy grew at a 2.6% annual rate from July through September, snapping two straight quarters of contraction and overcoming high inflation and interest rates just as voting begins in midterm elections in which the economy’s health has emerged as a paramount issue. Thursday’s better-than-expected estimate from the...
Elon Musk takes control of Twitter, ousts top executives
Elon Musk has taken control of Twitter and ousted the CEO, chief financial officer and the company’s general counsel, two people familiar with the deal said Thursday night. The people wouldn’t say if all the paperwork for the deal, originally valued at $44 billion, had been signed or if the...
With Americans feeling pinched, Biden targets ‘junk fees’
NEW YORK — With time running out before the election, President Joe Biden highlighted his administration’s push to crack down on so-called junk fees that banks and other companies charge their customers. The announcement comes after months of high inflation have eaten away at Americans’ savings and made the economy...
Stocks end higher on Wall Street as earnings roll inVideo
Wall Street notched more gains Tuesday, as major stock indexes rallied for the third day and Treasury yields fell again. The S&P 500 rose 1.6%, with roughly 90% of stocks in the index notching gains. The benchmark index hadn’t been able to string together more than two gains in a...
Stocks march higher ahead of tech-heavy earnings week
Stocks shook off a shaky start and closed higher Monday, extending their gains from last week, as investors geared up for a heavy week of earnings from big technology companies. The S&P 500 rose 1.2%, with technology, health care and financial stocks accounting for a big share of the gains....
USDA announces $1 billion debt relief for 36,000 farmers
DES MOINES, Iowa — The federal government announced Tuesday a program that will provide $1.3 billion in debt relief for about 36,000 farmers who have fallen behind on loan payments or face foreclosure. The Department of Agriculture announced the farm loan relief program funded from $3.1 billion set aside in...
‘Bad situation’: Soaring U.S. dollar spreads pain worldwide
The cost of living in Cairo has soared so much that security guard Mustafa Gamal had to send his wife and year-old daughter to live with his parents in a village 70 miles south of the Egyptian capital to save money. Gamal, 28, stayed behind, working two jobs, sharing an...
Stocks rally on Wall Street in latest volatile move
Wall Street kicked off a busy week of corporate earnings with a broad rally Monday, the latest about-face for a market that has been unsteadily lurching between gains and losses in recent weeks. The S&P 500 climbed 2.6%, more than recovering the ground it lost in a sell-off Friday. The...
Fighting food poisoning: Sweeping poultry changes proposed
DES MOINES, Iowa — The U.S. Department of Agriculture on Friday proposed sweeping changes in the way chicken and turkey meat is processed that are intended to reduce illnesses from food contamination but could require meat companies to make extensive changes to their operations. Despite decades of efforts to try...
Stocks mount biggest comeback in years; S&P 500 jumps 2.6%
NEW YORK — Wall Street staged its biggest comeback in years Thursday, as stocks roared back from steep morning losses caused by a worse-than-expected report on inflation. The S&P 500 jumped to a gain of 2.6%, a stunning reversal after earlier being down as much as 2.4% and touching its...
