Wire stories category, Page 69
Stock indexes notch more records ahead of earnings reports
Banks led stocks to modest gains Monday on Wall Street, nudging the major stock indexes to more record highs ahead of a busy week of corporate earnings reports from big U.S. companies. The S&P 500 gained 0.3% after bouncing back from an early stumble. The benchmark index, which has notched...
Report: Drugmakers’ spending on stock, dividends and executive pay exceeds research
The largest drug companies are far more interested in enriching themselves and investors than in developing new drugs, according to a House committee report that argues the industry can afford to charge Medicare less for prescriptions. The report, released Thursday by the House Oversight and Reform Committee, says that contrary...
Stocks solidly higher as investors turn to company earnings
Stocks were solidly higher Friday, putting the market on track to end this holiday-shortened week with a slight gain and more record highs. Investors will turn their attention toward company earnings, which kick off next week. The S&P 500 index was up 1% as of 2:31 p.m. Eastern. The Dow...
Biden tells Putin that Russia must crack down on cybercriminals
WASHINGTON — President Joe Biden told Russian President Vladimir Putin in a Friday phone call that he must “take action” against cybercriminals acting in his country and that the U.S. reserves the right to “defend its people and its critical infrastructure,” the White House said. The conversation came less than...
Amtrak plan to replace dozens of aging trains: cost $7.3B
DETROIT — Amtrak plans to spend $7.3 billion to replace 83 passenger trains, some nearly a half-century old, though much of the funding must still be approved by Congress. Amtrak said Wednesday that under the contract with German manufacturer Siemens AG, some of the trains will be hybrids, able to...
Chinese social media giant WeChat shuts LGBT accounts
China’s most popular social media service has deleted accounts on LGBT topics run by university students and nongovernment groups, prompting concern the ruling Communist Party is tightening control over gay and lesbian content. WeChat sent account holders a notice they violated rules but gave no details, according to the founder...
Patio furniture shortage tells U.S. economic tale
COCKEYSVILLE, Maryland — People used to go to Valley View Farms to buy five tomato plants and end up with $5,000 in patio furniture. This year is different. After a record burst of sales in March, the showroom floor is almost empty of outdoor chairs, tables and chaises for people...
Trump files suit against Facebook, Twitter and YouTube
WASHINGTON — Former President Donald Trump has filed suit against three of the country’s biggest tech companies, claiming he and other conservatives have been wrongfully censored. Trump announced the action against Facebook, Twitter and Google’s YouTube, along with the companies’ CEOs, at a press conference Wednesday in New Jersey. He...
S&P 500 sees 1st decline after 7 straight gains; oil falls
Banks and energy companies helped pull stocks mostly lower Tuesday on Wall Street, ending the S&P 500’s seven-day run of record high closes. The benchmark index fell 0.2% after having been down 0.9%. The Dow Jones Industrial Average fell 0.6%. Tech stocks rose, helping the Nasdaq to a modest gain...
New U.S. rules to protect animal farmers expected soon
OMAHA, Neb. — The Biden administration plans to issue a new rule to protect the rights of farmers who raise cows, chickens and hogs against the country’s largest meat processors as part of a plan to encourage more competition in the agriculture sector. The new rule that will make it...
Pentagon cancels disputed JEDI cloud contract with Microsoft
WASHINGTON — The Pentagon said Tuesday it is canceling a cloud-computing contract with Microsoft that could eventually have been worth $10 billion and will instead pursue a deal with both Microsoft and Amazon. “With the shifting technology environment, it has become clear that the JEDI Cloud contract, which has long...
Amazon begins new chapter as Jeff Bezos hands over CEO role
NEW YORK — Amazon founder Jeff Bezos stepped down as CEO on Monday, handing over the reins as the company navigates the challenges of a world fighting to emerge from the coronavirus pandemic. Andy Jassy, who ran Amazon’s cloud-computing business, replaced Bezos, a change the company announced in February. Bezos,...
Richard Branson plans 1st space trip days before Jeff Bezos blasts off
Richard Branson plans to fly to space on July 11, days before a similar journey by fellow billionaire Jeff Bezos. The shares of Branson’s Virgin Galactic Holdings Inc. surged. The VSS Unity spacecraft will also carry three Virgin Galactic employees and two pilots from the launch site in New Mexico,...
Stocks climb on Wall Street following encouraging jobs data
NEW YORK — Stock indexes are ticking higher on Wall Street Friday after a report showed the nation’s job market was even stronger last month than expected. The S&P 500 was up 0.3% in morning trading and on pace for its seventh straight gain, though slightly more stocks were falling...
Wall Street hits another record; energy stocks, banks gain
Stocks finished broadly higher Thursday on Wall Street, adding to the gains that helped the market close out its best first half of a year since the dotcom bubble. The S&P 500 rose 0.5%, marking its sixth straight gain and fourth consecutive record high. The price of U.S. crude oil...
CBO projects federal deficit will hit $3 trillion this year
The Congressional Budget Office says that the federal budget deficit will again hit $3 trillion this year, $745 billion more than its estimate five months ago, as it takes into account the cost of President Joe Biden’s $1.9 trillion coronavirus rescue plan. In an updated forecast Thursday, the CBO said...
Construction spending fell 0.3% in May, housing slowing
WASHINGTON — Construction spending fell 0.3% in May. Growth in housing, the economy’s standout performer, slowed while activity in areas most directly impacted by the pandemic showed further weakness. The Commerce Department reported Thursday that the May decline followed a slight 0.1% rise in April and left overall construction spending...
Judge dismisses government antitrust lawsuits against Facebook
WASHINGTON — A federal judge on Monday dismissed antitrust lawsuits brought against Facebook by the Federal Trade Commission and a coalition of state attorneys general, dealing a significant blow to attempts by regulators to rein in tech giants. U.S. District Judge James Boasberg ruled Monday that the lawsuits were “legally...
Juul to pay $40 million in North Carolina teen vaping suit settlement
DURHAM N.C. — Electronic cigarette giant Juul Labs Inc. will pay $40 million to North Carolina and take more action to prevent underage use and sales, according to a landmark legal settlement announced on Monday after years of accusations that the company had fueled an explosion in teen vaping. A...
Widow says antivirus software pioneer John McAfee was not suicidal
SANT ESTEVE SESROVIRES, Spain — The widow of John McAfee, the British-American tycoon who died in a Spanish prison this week while awaiting extradition to the United States, said Friday that her husband was not suicidal when she last spoke to him hours before he was found dead. Authorities in...
Stocks add to weekly gains, helped by infrastructure dealVideo
Stocks closed higher Thursday on Wall Street as traders were encouraged to see a bipartisan deal on infrastructure spending as well as some positive reports on the economy. The S&P 500 marked another record high, beating the peak it set early last week. Stocks added to their gains in the...
Boom in Native American oil complicates Biden climate push
NEW TOWN, N.D. — On oil well pads carved from the wheat fields around Lake Sakakawea, hundreds of pump jacks slowly bob to extract 100 million barrels of crude annually from a reservation shared by three Native American tribes. About half their 16,000 members live on the Fort Berthold Indian...
BuzzFeed to become a publicly traded company
NEW YORK — Digital media company BuzzFeed is setting its sights on growth. It plans to become a publicly traded company with an implied value of $1.5 billion through a merger with a special purpose acquisition company. BuzzFeed hopes the move will put it in a better position to capture...
Stocks end listless day on Wall Street mixed as calm returns
A listless day on Wall Street ended with indexes mixed on Wednesday, as nervousness continues to wash out of the market following last week’s jolt by the Federal Reserve. The S&P 500 slipped 4.60 points, or 0.1%, to 4,241.84 after earlier meandering between very modest gains and losses. It’s 0.3%...
As passengers return to air travel, bad behavior skyrockets
Air travel can be difficult in the best of times, with cramped planes, screaming babies, flight delays and short tempers. Throw in a pandemic, and the anxiety level can rise quickly. That has led to confrontations with flight attendants and other unruly behavior, including occasional fights that get captured and...
