Wire stories category, Page 70
Wall Street rises, pushing S&P 500 back near record high
Stocks rose Tuesday on Wall Street, nudging the S&P 500 toward its record high, as the head of the Federal Reserve said again that inflation looks to be only a temporary problem for the economy and markets. The S&P 500 climbed 21.65, or 0.5%, to 4,246.44 after Fed Chair Jerome...
Wall Street snaps back following worst week since February
NEW YORK — Stocks rebounded Monday on Wall Street, clawing back most of their sharp loss from last week, as the initial jolt passes from the Federal Reserve’s reminder that it will eventually offer less help for markets. The S&P 500 snapped 58.34 points higher, or 1.4%, to 4,224.79 and...
American Airlines flight cancellations set to continue Monday
The series of flight cancellations from American Airlines this weekend will continue to plague travelers on Monday. Almost 100 flights from the airline have already been canceled for June 21, according to a representative from American Airlines Group Inc. That’s following 123 flights canceled on Saturday and at least 178...
Hit by a ransomware attack? Your payment may be deductible
As ransomware attacks surge, the FBI is doubling down on its guidance to affected businesses: Don’t pay the cybercriminals. But the U.S. government also offers a little-noticed incentive for those who do pay: The ransoms may be tax deductible. The IRS offers no formal guidance on ransomware payments, but multiple...
Appeals court upholds FCC subsidy ban for Huawei purchases
NEW ORLEANS — A federal appeals court refused Friday to hear Chinese tech giant Huawei’s request to throw out a rule used to bar rural phone carriers on national security grounds from using government funds to purchase its equipment. The 5th Circuit Court of Appeals ruled that the Federal Communications...
Tight U.S. housing market uncoils with sellers ready to cash out
Prospective home sellers who sat tight as U.S. prices climbed higher and faster than ever during the pandemic are finally emerging to cash out, a step toward easing a dire shortage in the frenzied housing market. The number of U.S. homes for sale climbed 6.7% in early June from the...
U.S. stocks lower after Fed official sees rate hikes in 2022
Stocks were broadly lower Friday after a Federal Reserve official said that the nation’s central bank might need to raise interest rates as early as next year, sooner than the Fed’s latest estimate of possible rate increases in 2023. The S&P 500 index fell 0.9% as of 9:50 a.m. Eastern....
Most stocks fall, tech holds up as markets digest Fed moves
NEW YORK — The S&P 500 ended Thursday barely changed after stocks sloshed around in mixed trading, as investors make preparations for a future where the Federal Reserve is no longer doing everything it can to keep interest rates super low. Markets around the world were mixed but mostly calm...
Scotch whisky makers welcome suspension of costly U.S. tariffs
LONDON — Scotch single malt whisky makers breathed a sigh of relief Thursday after the United States agreed to suspend tariffs on one of Scotland’s main exports following the resolution of a long-standing trade row between the U.S. and the EU over subsidies to aircraft companies Boeing and Airbus. President...
U.S. jobless claims tick up to 412,000 from a pandemic low
WASHINGTON — The number of Americans applying for unemployment benefits rose last week for the first time since April despite widespread evidence that the economy and the job market are rebounding steadily from the pandemic recession. The Labor Department said Thursday that jobless claims rose 37,000 from the week before...
Fed sees faster time frame for rate hikes as inflation risesVideo
WASHINGTON — The Federal Reserve signaled Wednesday that it may act sooner than previously planned to start dialing back the low-interest rate policies that have helped fuel a swift rebound from the pandemic recession but have also coincided with rising inflation. The Fed’s policymakers forecast that they would raise their...
Stocks down, yields up as Fed discusses dialing back supportVideo
Stocks fell and bond yields climbed Wednesday after the Federal Reserve signaled it may start easing off the accelerator on its massive support for the economy earlier than previously thought. The S&P 500 fell 22.89, or 0.5%, to 4,223.70 after the Fed unveiled a highly anticipated set of projections by...
Southwest suffers technology problem for second straight day
DALLAS — Southwest Airlines said it was working Tuesday to restore normal operations after a technology-related issue interfered with flights for the second straight day. By midafternoon, the nation’s fourth-largest airline had canceled about 500 flights and delayed nearly 1,300 others, according to tracking service FlightAware. The combination of cancellations...
Stocks dip from records ahead of Fed decision on rates
NEW YORK — Stocks slipped from their record heights Tuesday as investors wait to hear whether the Federal Reserve will give any clue about when it may let up on its massive support for markets. The S&P 500 dipped 8.56, or 0.2%, to 4,246.59, as the Federal Reserve began a...
Neiman Marcus to spend $500M on new investments amid rebound
NEW YORK — Neiman Marcus is hoping to capitalize on rebounding luxury sales by investing more than $500 million over the next three years in refreshing stores, speeding up deliveries and acquiring new technology. The plan, unveiled Tuesday, includes a pact to purchase Stylyze Inc., a tech startup that recommends...
Lordstown Motors’ rough road continues; CEO and CFO are out
The top two executives at Lordstown Motors have resigned as problems at the Ohio electric truck startup mount. CEO Steve Burns and Chief Financial Officer Julio Rodriguez stepped down, the company said Monday, sending shares already down 40% this year tumbling more than 17%. The departures were announced on the...
Your 401(k) plan: 5 smart moves to make in 2021
More than half of Americans feel they just aren’t saving enough for retirement, according to a 2019 Bankrate survey. But for those who have fallen behind, it’s always a great time to take stock of your 401(k) plan and get moving on ways to set you up for greater wealth...
Pennsylvania’s gas-well revenue down as price, drilling drop
HARRISBURG — Pennsylvania’s counties and municipal governments will see the lowest level of annual fee revenue they get from Marcellus Shale gas wells, as drilling slowed and prices sank during the pandemic, the Pennsylvania Public Utility Commission said Monday. Impact fee revenue from Marcellus Shale wells sank to $146 million...
GM executive: Company to announce more battery plants this week
DETROIT — The president of General Motors says his company plans to announce more U.S. battery factories later this week. Mark Reuss gave no details of where the factories would be located or exactly what they would manufacture. He spoke in a weekend interview with The Associated Press at an...
Gains for some tech giants nudge S&P to another record high
Technology companies helped lift stocks higher Monday on Wall Street, nudging the S&P 500 to its third straight all-time high, even as other parts of the market faltered. A burst of buying in the final 10 minutes of trading sent the benchmark index 0.2% higher. The S&P 500 had been...
Stocks move higher, erasing weekly loss for the S&P 500
Stocks moved broadly higher Thursday, bringing the S&P 500 index out of the red for the week. Health care and technology companies were among the biggest gainers. The S&P 500 was up 0.6% as of 1:03 p.m. Eastern. The benchmark index is on track to close above its last all-time...
Meat company JBS confirms it paid $11M ransom in cyberattack
The world’s largest meat processing company says it paid the equivalent of $11 million to hackers who broke into its computer system late last month. Brazil-based JBS SA said on May 31 that it was the victim of a ransomware attack, but Wednesday was the first time the company’s U.S....
Own an Echo? Amazon may be helping itself to your bandwidth
Do you own an Amazon smart device? If so, odds are good that the company is already sharing your internet connection with your neighbors unless you’ve specifically told it not to. On Tuesday, the company launched a program that forces users of many Echo smart speakers and Ring security cameras...
Chipotle raises menu prices to cover higher employee wages
Employees at Chipotle Mexican Grill are making more money, and the consumer is covering the cost through increased menu prices. According to a report by CNBC, menu prices at Chipotle have risen by around 4% to cover the cost of increased hourly pay for the chain’s employees. Chipotle is one...
U.S. indexes end lower; more volatility for online favorites
A slide in banks and industrial companies nudged stocks on Wall Street to modest losses Wednesday after an early gain faded in the last half-hour of trading. Stocks championed by hordes of online retail investors, the “meme” stocks as they have become known, were volatile once again. The S&P 500...
