Wire stories category, Page 64
Stocks fall as tech retreats; price of oil hits 7-year high
Technology companies led a broad slide for stocks Monday on Wall Street, as rising bond yields and energy prices stoked investors’ concerns about higher inflation. The S&P 500 fell 1.3%, the Dow Jones Industrial Average dropped 0.9% and the tech-heavy Nasdaq lost 2.1%. The price of oil hit a seven-year...
U.S. auto sales slump, stalled by car computer chip shortage
DETROIT — In a normal month before the pandemic, Con Paulos’ Chevy dealership in Jerome, Idaho, sold around 40 new vehicles. In September, it was only six. Now he’s got nothing new in stock, and every car, truck or SUV on order has been sold. Last month, what happened at...
Taiwan’s Foxconn has deal to buy former GM plant in Ohio
Foxconn Technology Group, the world’s largest electronics maker, has a deal to buy a huge auto assembly plant in Ohio from startup electric truck maker Lordstown Motors, the companies announced Thursday. The agreement stands to give Taiwan-based Foxconn, best known for making Apple iPhones, an entry into the growing electric...
S&P 500 fell 4.8% in September, worst month since March 2020
Stocks on Wall Street fell broadly Thursday, closing out September with their worst monthly loss since the beginning of the pandemic. The S&P 500 ended the month 4.8% lower, its first monthly drop since January and the biggest since March 2020, when the viral outbreak rattled markets as it wreaked...
Consumers see red, meatpackers see green as beef prices surge
Beef prices have climbed as much as 30% since the pandemic began, and that has Lorry Denis seeing red. “It’s an outrage,” Denis said after a recent run for groceries. The Atlanta retiree said she likes a nice cut of beef on the table, “but not enough to warrant paying...
Biden signs bill to avert partial government shutdown
WASHINGTON — With only hours to spare, President Joe Biden on Thursday evening signed legislation that would avoid a partial federal shutdown and keep the government funded through Dec. 3. Congress had passed the bill earlier Thursday. The back-to-back votes by the Senate and then the House averted one crisis,...
Dollar Tree breaks the $1 barrier as costs take a bite
CHESAPEAKE, Va. — Dollar Tree embedded in its very name what it stands for: Behind these doors, everything can be had for just $1. The mantra to which the Chesapeake, Va., company has held true for decades will now be only mostly true. After expanding nationwide from only a handful...
S&P 500 clings to a modest gain as other indexes end mixedVideo
Wall Street capped a wobbly day of trading Wednesday with a mixed finish for the major stock indexes, as technology and communication companies weighed on the market for a second straight day. The S&P 500 rose 0.2% after shedding most of a 0.8% gain. The modest gain came a day...
Fighting wave of misinfo, YouTube bans false vaccine claims
YouTube announced a wide crackdown of vaccine misinformation Wednesday that booted popular anti-vaccine influencers from its site and deleted false claims that have been made about a range of immunizations. The video-sharing platform said it will no longer allow users to baselessly speculate that approved vaccines, like the ones given...
Spike in bond yields spooks investors, deflates tech stocks
Technology companies led a broad slide in stocks Tuesday on Wall Street, deepening the market’s September swoon. The S&P 500 fell 2%, its worst drop since May. The tech-heavy Nasdaq dropped 2.8%, its biggest drop since March. Decliners outnumbered advancers on the New York Stock Exchange 4 to 1. The...
Sen. Warren says she opposes ‘dangerous man’ Jerome Powell for 2nd term as Fed chairVideo
Sen. Elizabeth Warren, pressing Federal Reserve Chair Jerome Powell on his record on financial regulation, said she wouldn’t support him for a second term as head of the U.S. central bank. “Your record gives me grave concern,” the Massachusetts Democrat said Tuesday during a Senate Banking Committee hearing. “You have...
Ford to add 10,800 jobs making electric vehicles, batteriesVideo
GLENDALE, Ky. — Ford and a partner company say they plan to build three major electric-vehicle battery factories and an auto assembly plant by 2025 — a dramatic investment in the future of EV technology that will create an estimated 10,800 jobs and shift the automaker’s future manufacturing footprint toward...
PennEast says planned natural gas pipeline won’t go forward
TRENTON, N.J. — Construction of a nearly 120-mile-long proposed natural gas pipeline from northeastern Pennsylvania to central New Jersey will not go forward, the group behind the project said Monday. PennEast Pipeline Company, which won a recent legal battle against New Jersey at the Supreme Court, nonetheless said the state...
Stocks end mixed as losses for Big Tech weigh on market
Wall Street’s major stock indexes ended mixed Monday as losses by technology and health care companies outweighed gains elsewhere in the market. The S&P 500 fell 0.3% after spending much of the day essentially flat. The pullback ended a three-day winning streak for the benchmark index, which last week notched...
United Airlines fined $1.9 million for long ground delays
United Airlines has been fined $1.9 million over 25 flights in which the plane sat on the ground for several hours, the largest fine imposed by the government for such long delays. The Transportation Department said Friday that the incidents occurred between December 2015 and February of this year. More...
New homes sales rise for 2nd straight month in August
Sales of new homes in the U.S. rose modestly in August as rising prices continue to sideline potential buyers. Sales of new homes last month rose 1.5%, the Commerce Department reported Friday, reaching a seasonally adjusted annual rate of 740,000. That’s more than economists had expected and follows an increase...
China says all crypto transactions illegal; Bitcoin tumbles
China’s central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. Friday’s notice complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes. “Virtual currency derivative...
Stocks on Wall Street waver, clinging to gains for the week
Stocks are wavering between small gains and losses on Wall Street Friday, and are still barely higher for the week. The weak showing follows a two-day rally that helped erase a slump earlier in the week. Investors have been facing similar choppiness throughout September as they try to gauge how...
GM invests $300M in China’s self-driving car company Momenta
General Motors is investing $300 million in China’s self-driving car company Momenta. GM said Thursday that the investment will speed up the development of next-generation self-driving technologies in China. The move is also part of a plan GM announced three months ago to invest $35 billion in engineering and capital...
Port of Houston target of suspected nation-state hack
A major U.S. port was the target last month of suspected nation-state hackers, according to officials. The Port of Houston, a critical piece of infrastructure along the Gulf Coast, issued a statement Thursday saying it had successfully defended against an attempted hack in August and “no operational data or systems...
Another rally on Wall Street erases losses for the week
Stocks rose broadly for a second day in a row on Wall Street Thursday, reversing the market’s losses for the week just three days after the S&P 500 had its biggest skid since May. The S&P 500 added 1.2% and the Dow Jones Industrial Average rose 1.5%. Investors were pleased...
Inflation forces homebuilders to take it slow, raise prices
LOS ANGELES — Even in the hottest U.S. housing market in more than a decade, new home construction has turned into a frustratingly uncertain and costly proposition for many homebuilders. Rising costs and shortages of building materials and labor are rippling across the homebuilding industry, which accounted for nearly 12%...
Stocks hold their gains on Wall Street after Fed statementVideo
Stocks on Wall Street closed broadly higher Wednesday after the Federal Reserve signaled it may begin easing its extraordinary support measures for the economy later this year. The central bank said it may start raising its benchmark interest rate sometime next year, earlier than it envisioned three months ago. It...
Biden administration files antitrust lawsuit over American Airlines-JetBlue partnership
The Biden administration’s Justice Department has filed an antitrust lawsuit to challenge the partnership between American Airlines and JetBlue that links the two carrier’s operations tightly at four of the busiest airports in the Northeast, saying the tie-up will reduce competition and drive fares higher. The deal between American Airlines...
Stocks drop the most since May on worries over China, Fed
Stocks on Wall Street closed sharply lower Monday, mirroring losses overseas and handing the S&P 500 index its biggest drop in four months. Worries about debt-engorged Chinese property developers — and the damage they could do to investors worldwide if they default — rippled across markets. Investors are also concerned...
