Wire stories category, Page 59
Technology, bank stocks drag Wall Street to new low for 2022
Technology companies led a broad sell-off Tuesday on Wall Street as bond yields surged amid renewed jitters that the Federal Reserve will act more aggressively than expected to tackle rising inflation. The S&P 500 fell 1.8%, with about 90% of the stocks in the benchmark index closing in the red....
Cracker Barrel ordered to pay man $9.4 million; served him cleaning chemical instead of water
Cracker Barrel has to cough up a pretty penny after a Tennessee jury ordered the “Old Country Store” to pay a man $9.4 million after serving him a cleaning chemical instead of water, CNN reports. Though, the amount might be capped because of Tennessee’s law on civil damages. William Cronnon’s...
AT&T, Verizon pause some new 5G after airlines raise alarmVideo
AT&T and Verizon will delay launching new wireless service near key airports after the nation’s largest airlines said the service would interfere with aircraft technology and cause massive flight disruptions. The decision from the telecommunication companies arrived Tuesday as the Biden administration tried to broker a settlement between the telecom...
Monster Energy buys Oskar Blues, other CANarchy brands for $330M
Corona-based Monster Beverage Corp., maker of Monster Energy drink, is acquiring Colorado’s Oskar Blues Brewery and several other brewing brands, as it makes its first foray into the alcoholic beverage space. According to an announcement Thursday, Monster has agreed to buy CANarchy Brewery Collective, which includes Oskar Blues, Florida’s Cigar...
Navient settles predatory student loan claims for $1.85B
BOSTON — Navient, a major student loan collecting company, agreed to cancel $1.7 billion in debt owed by more than 66,000 borrowers across the U.S. and pay over $140 million in other penalties to settle allegations of abusive lending practices. The $1.85 billion deal with 39 state attorneys general was...
Tax refunds could be delayed this year because of pandemic and budget issues, treasury officials say
Officials from the Treasury Department announced the Internal Revenue Service would face major challenges, leading to frustrations from both taxpayers and tax preparers. Tax refunds might be delayed as a result of budget cuts to the IRS, the ongoing coronavirus pandemic, and ongoing stimulus-related workload issues, The Washington Post reports....
Steelmaker Nucor to build $2.7B plant in West Virginia
CHARLESTON, W.Va. — A North Carolina steelmaker will build a $2.7 billion mill in West Virginia, creating an estimated 800 manufacturing jobs, Gov. Jim Justice announced Wednesday. The Republican governor called the location of Nucor Corp.’s plant in Mason County the largest investment in the state’s history. “Nucor’s brand new...
Stocks rise as inflation report keeps Fed on track for hikes
Wall Street capped a day of wobbly trading with modest gains for stocks Wednesday, as investors weighed the implications of the latest economic snapshot showing rising inflation. The S&P 500 rose 0.3% after veering between a loss of 0.1% and a gain of 0.8% over the course of the day....
Inflation at 40-year high pressures consumers, Fed and BidenVideo
WASHINGTON — Inflation jumped at its fastest pace in nearly 40 years last month, a 7% spike from a year earlier that is increasing household expenses, eating into wage gains and heaping pressure on President Joe Biden and the Federal Reserve to address what has become the biggest threat to...
U.S. Steel to build $3 billion mill in northeast Arkansas
LITTLE ROCK, Ark. — United States Steel Corp. on Tuesday announced it’s building a $3 billion mill in northeast Arkansas that’s expected to employ at least 900 people. The Pittsburgh-based company announced it has chosen Osceola for the site of its new mill, with construction expected to begin early this...
Stocks shake off an early loss, end higher as tech rebounds
Stocks shook off an early slide and closed higher Tuesday as Wall Street welcomed more modest moves in the bond market after a recent surge in Treasury yields weighed on the market. The S&P 500 rose 0.9% after having been down 0.7% in the early going. The selling eased by...
Ford Maverick, Bronco win truck, utility of the year awardsVideo
DETROIT — For the second year in a row, vehicles from Ford Motor Co. took two of the three North American Car, Truck and Utility of the Year awards. The company’s Maverick compact pickup won truck of the year, while its Bronco off-road SUV earned the utility of the year....
Bank of America slashes fees for account overdrafts
NEW YORK — Bank of America is slashing the amount it charges customers when they spend more than they have in their accounts and plans to eliminate entirely its fees for bounced checks. It’s the latest move by the nation’s biggest banks to roll back the overdraft fees they long...
U.S. Mint begins shipping quarters honoring Maya Angelou
WASHINGTON — The United States Mint said Monday it has begun shipping quarters featuring the image of poet Maya Angelou, the first coins in its American Women Quarters Program. Angelou, an American author, poet and Civil Rights activist, rose to prominence with the publication of “I Know Why the Caged...
Stocks end modestly lower after recouping most of early loss
Stocks on Wall Street fell again Monday, though the market ended up bouncing nearly all the way back from an early slide led by technology companies. A broad wave of selling pulled had the S&P 500 down by 2% in the early going, but a late-afternoon burst of buying left...
Report: U.S. carbon emissions grew in 2021
In the face of presidential orders and a flurry of legislation to curb carbon emissions, the volume of climate-warming gases pumped into the atmosphere in the U.S. grew by more than 6 percent in 2021 after a pandemic-driven decline in 2020, according to widely watched data released Monday. Domestic greenhouse...
New York Times buys sports site The Athletic for $550M
The New York Times Co. is buying sports news site The Athletic for $550 million, the latest move in its strategy to expand its audience of paying subscribers as the newspaper print ads business fades. The Times, unlike many local news outlets, has thrived in the past several years. It...
More weakness in technology stocks leaves indexes lower
Technology and health care companies helped pull stocks lower Thursday on Wall Street, driving the market indexes deeper into the red for the first week of the year. The S&P 500 slipped 0.1% after wobbling between gains and losses for much of the day. The Dow Jones Industrial Average also...
U.S. stocks slump after minutes from Fed meeting rattle market
Stocks fell broadly on Wall Street in afternoon trading Thursday after the minutes from the Federal Reserve’s last meeting of policymakers signaled increasing concerns about inflation. The S&P 500 was down 1.3% as of 3:03 p.m. Eastern. Technology companies accounted for much of the decline in the benchmark index, which...
Fed officials now seeing U.S. job market near full recovery
Federal Reserve policymakers at a meeting last month said the U.S. job market was nearly at levels healthy enough that the central bank’s low-interest rate policies were no longer needed, according to minutes of the meeting released Wednesday. Fed officials also expressed concerns that surging inflation was spreading into more...
Toyota tops GM in U.S. sales for 1st time ever — but there’s a catch
In a historic turn, Toyota Motor North America has taken the U.S. sales crown from General Motors for 2021 after the shortage of semiconductor chips severely hampered GM’s ability to build enough new vehicles to meet demand. On Tuesday, GM and Toyota both reported fourth-quarter and full-year new car sales...
Slumping tech stocks weigh on S&P 500 even as Dow gains
A slide in technology stocks left the S&P 500 slightly lower Tuesday on Wall Street, even as the Dow Jones Industrial Average marked another all-time high. The S&P 500 slipped 0.1%, while the tech-heavy Nasdaq composite fell 1.3% after a day of choppy trading. The Dow rose 0.6%, thanks partly...
New York jury holds drugmaker Teva liable in opioid crisis
Drugmaker Teva Pharmaceuticals is responsible for contributing to the opioid crisis, a suburban New York jury ruled Thursday in one of few verdicts so far among thousands of lawsuits nationwide over the painkillers. A separate trial will follow to determine what Teva will have to pay in the case, part...
A late slide pulls major US indexes just below record highs
A late slide pulled major indexes into the red on Wall Street Thursday, leaving the S&P 500 and the Dow Jones Industrial Average slightly below the record highs they set a day earlier. The benchmark S&P 500 gave up 0.3%. The Dow and the Nasdaq each fell 0.2%. Trading was...
Tesla Model 3 recall over rear camera connection
Tesla is recalling certain Model 3s because a coaxial cable for its backup camera can become worn and fail to transmit images to the dashboard console. All Model 3s from model years 2017 to 2020 are included in the recall, with as many as 356,309 cars affected, according to the...
