Wire stories category, Page 52
Red-hot summer job market awaits U.S. teens as employers sweat
WASHINGTON — Mary Jane Riva, CEO of the Pizza Factory, has a cautionary message for her customers this summer: Prepare to wait longer for your Hawaiian pie or calzone. The Pizza Factory’s 100 West Coast locations are desperately short of workers. With about 12 employees per store, they’re barely half-staffed...
Stocks slide as strong economic data raises rate worriesVideo
NEW YORK — A swift jump in Treasury yields rattled Wall Street on Wednesday, pulling stocks broadly lower at the start of another month in what’s been a turbulent year for the market. The S&P 500 ended 0.7% lower after an early morning gain quickly gave way to choppy trading....
Sheryl Sandberg, longtime No. 2 executive at Facebook, steps down
SAN FRANCISCO — Sheryl Sandberg, the No. 2 executive at Facebook owner Meta, is stepping down, according to a post Wednesday on her Facebook page. Sandberg has served as chief operating officer at the social media giant for 14 years. She joined from Google in 2008, four years before Facebook...
Wall Street breaks 7-week losing streak, longest since 2001
Technology companies led a broad rally for stocks Friday as Wall Street notched its best week in 18 months. The gain broke a seven-week losing streak for the market, the longest such stretch since 2001. The S&P 500 rose 2.5% and finished 6.6% higher for the week, its best weekly...
CEO pay rose 17% in 2021, leaving workers’ record gains in the dust
NEW YORK — Even when regular workers win their biggest raises in decades, they look minuscule compared with what CEOs are getting. The typical compensation package for chief executives who run S&P 500 companies soared 17.1% last year, to a median $14.5 million, according to data analyzed for The Associated...
Better results from retailers help send stock market higherVideo
NEW YORK — Stocks closed broadly higher Thursday on Wall Street as investors cheered a strong set of quarterly results from Macy’s and other retailers. The S&P 500 rose 2% and is on pace for its first weekly gain after seven straight losses, its longest such stretch since 2001. The...
Broadcom to buy VMware for $61 billion in record chip deal
Broadcom Inc. agreed to buy cloud-computing company VMware Inc. for about $61 billion, sealing one of the largest technology deals in history and advancing the chipmaker’s quest to become a force in corporate software. VMware shareholders can choose to receive either $142.50 in cash or 0.2520 shares of Broadcom stock...
Housing supply squeeze finally begins to ease
During the record-breaking housing boom of the past two years, a drastic under-supply of homes for sale has bedeviled buyers and delighted sellers. Now, the squeeze is slowly easing — a shift that could mark the start of a much-anticipated cooling of the white-hot housing market. The abnormal conditions of...
Fed officials signal rates may head to ‘restrictive’ levels
WASHINGTON — Federal Reserve officials agreed when they met earlier this month that they might have to raise interest rates to levels that would weaken the economy as part of their drive to curb inflation, which has reached a four-decade high. At the same time, many of the policymakers also...
Student loan forgiveness unlikely to boost the economy
The Biden administration has been considering a plan to cancel at least $10,000 of federal student-loan debt. President Biden promised something of the sort during the 2020 presidential campaign. And with about 45 million current and former students carrying $1.76 trillion in debt, some sort of debt forgiveness is appealing...
Wall Street ends higher following 7 straight weeks of losses
NEW YORK — Stocks closed broadly higher Monday, an upbeat start to the week on Wall Street after seven weeks of declines that nearly ended the bull market that began in March 2020. The S&P 500 rose 1.9%, with technology and financial sector stocks doing much of the heavy lifting...
Starbucks leaving Russian market, shutting 130 stores
Starbucks is pulling out of the Russian market. In a memo to employees Monday, the Seattle coffee giant said it decided to close its 130 stores and no longer have a brand presence in Russia. Starbucks said it will continue to pay its nearly 2,000 Russian employees for six months...
Wall Street nears bear market at the end of a bruising week
Another drop for stocks on Friday has pushed the S&P 500 index 20% below its peak set early this year. The benchmark index was down 2% for the day in early afternoon trading and on pace for its seventh straight losing week. Rising interest rates, high inflation, the war in...
Home sales tumble again as mortgage rates surge
Sales of previously occupied U.S. homes slowed for the third consecutive month in April as mortgage rates surged, driving up borrowing costs for would-be buyers as home prices soared to new highs. Existing home sales fell 2.4% last month from March to a seasonally adjusted annual rate of 5.61 million,...
Abbott says agreement reached to reopen baby formula plant
WASHINGTON — Baby formula maker Abbott said Monday it has reached an agreement with U.S. health regulators to restart production at its largest domestic factory, though it will be well over a month before any new products ship from the site to help alleviate the national shortage facing parents. Abbott...
Stocks rally on Wall Street but still face 6th weekly loss
Stocks rallied on Wall Street Friday, but not enough to claw back all the losses the market has taken in this volatile week of trading. The S&P 500 rose 2.4% as of 12:01 p.m. Eastern. The benchmark index is still on track for its 6th straight losing week, something that...
Parents swap, sell baby formula amid nationwide shortage
WASHINGTON — A baby formula shortage in the United States is driving parents to swap, sell and offer leftover supplies to each other, while President Joe Biden plans to speak with manufacturers and retailers Thursday about the plight facing families. The problem is the result of supply chain disruptions and...
Coinbase loses half its value in a week as crypto slumps
SILVER SPRING, Md. — Cryptocurrency trading platform Coinbase has lost half its value in the past week, including its biggest one-day drop 5o date on Wednesday as the famously volatile crypto market weathers yet another slump. Coinbase reported a $430 million net loss in the first quarter, or $1.98 per...
How to avoid ‘rug pulls,’ the latest cryptocurrency scam
A new type of scam has emerged in the hype-filled world of cryptocurrency: the “rug pull.” The scam, which gets its name from the expression “pulling the rug out,” involves a developer attracting investors to a new cryptocurrency project, then pulling out before the project is built, leaving investors with...
Parents hunting for baby formula as shortage spans the countryVideo
WASHINGTON — Parents across the United States are scrambling to find baby formula because supply disruptions and a massive safety recall have swept many leading brands off store shelves. Months of spot shortages at pharmacies and supermarkets have been exacerbated by the recall at Abbott, which was forced to shutter...
Pfizer to spend $11.6B on migraine treatment maker Biohaven
Pfizer is spending $11.6 billion to buy the remaining portion of migraine treatment maker Biohaven Pharmaceuticals it does not already own. The New York drugmaker said Tuesday it will pay $148.50 in cash for each share of Biohaven, which makes Nurtec ODT for treating and preventing migraines and has another...
West Virginia’s Tudor’s Biscuit World faces labor complaint from feds
CHARLESTON, W.Va. — A well-known West Virginia restaurant chain is facing a complaint from the National Labor Relations Board after an investigation found evidence the company unlawfully disciplined and threatened employees who tried to form a union. Tudor’s Biscuit World managers are accused of violating federal labor laws when they...
Wall Street’s losses worsen as markets tumble worldwide
NEW YORK — Stocks racked up more losses Monday on Wall Street, leaving the S&P 500 at its lowest point in more than a year. The sell-off came as renewed worries about China’s economy piled on top of global financial markets already battered by rising interest rates. The S&P 500...
Tourism, economic agencies join forces to market Orlando
ORLANDO, Fla. — It’s an idea that almost seems as compatible as Mickey and Minnie. Take the tens of millions of tourists who are thinking about visiting central Florida’s theme parks each year and sell them on the virtues of moving their companies or businesses to the region. In the...
Less immigrant labor in U.S. contributing to price hikes
Just 10 miles from the Rio Grande, Mike Helle’s farm is so short of immigrant workers that he’s replaced 450 acres of labor-intensive leafy greens with crops that can be harvested by machinery. In Houston, Al Flores increased the price of his BBQ restaurant’s brisket plate because the cost of...
