Wire stories category, Page 85
Stocks rally again worldwide as Election Day finally arrives
Stocks are rallying Tuesday as Election Day finally arrives following a punishing campaign that created enough uncertainty to help send markets spinning. The S&P 500 was 2.2% higher in midday trading and on pace for its best day in nearly five months. The Dow Jones Industrial Average was up 647...
Another restaurant chain, Friendly’s, hits wall in pandemic
WILBRAHAM, Mass. — Friendly’s Restaurants, the 85-year-old East Coast dining chain known for its Fribble milkshakes and ice cream sundaes, is filing for bankruptcy protection. It joins a growing list of well-established restaurant chains that are failing due to an unchecked pandemic in the United States. George Michel, CEO of...
Wall Street rallies ahead of a potentially turbulent weekVideo
NEW YORK — Stocks notched broad gains on Wall Street Monday as investors looked ahead to Election Day and the potential for a turbulent stretch for markets. The S&P 500 climbed 1.2%, recouping some of its losses from a sharp sell-off last week, as more companies reported stronger profits for...
U.S. construction spending up again, rises 0.3% in September
U.S. construction spending rose 0.3% in September, the fourth straight monthly gain after a coronavirus-caused spring swoon. The Commerce Department reported Monday that the September gain followed followed a revised gain of 1.3% in August. Spending on residential construction was strong yet again, with single-family home projects jumping 5.7%. Demand...
Tech losses drive Wall Street down again, ending grim week
Street closed out another punishing week Friday with the S&P 500 posting its first back-to-back monthly loss since the pandemic first gripped the economy in March. The S&P 500 dropped 1.2% and ended the week with a 5.6% loss, its worst in seven months. Sharp drops in big technology stocks...
Coronavirus surge threatens to reverse global economic rebounds
WASHINGTON — The resurgence of coronavirus cases engulfing the United States and Europe is imperiling economic recoveries on both sides of the Atlantic as millions of individuals and businesses face the prospect of having to hunker down once again. Growing fear of an economic reversal coincided with a report Thursday...
Walmart removes guns, ammunition on display at U.S. stores
NEW YORK — Walmart says it has removed ammunition and firearms from displays at its U.S. stores, citing “civil unrest” in some areas. The nation’s largest retailer, based in Bentonville, Ark., sells firearms in about half of its 4,700 stores. “We have seen some isolated civil unrest and as we...
Netflix raises prices on U.S. subscriptions as content spending grows
Netflix on Thursday said it is raising the price of its U.S. standard and premium subscription plans, as the streamer continues to invest in content to differentiate itself from rivals. The cost of its standard plan that allows for streaming on two screens will go up $1 to $13.99 a...
Exxon, Chevron to cut U.S. jobs as oil industry struggles
NEW YORK — Exxon Mobil is slashing 1,900 jobs from its U.S. workforce, and Chevron plans to cut a quarter of the employees at its recently-acquired Noble Energy as the pandemic saps demand for fuel. Exxon said Thursday the reductions will be both voluntary and involuntary and will largely come...
Wall Street ends higher after shaking off a wobbly startVideo
Stocks shook off an early slide and closed broadly higher Thursday as the market steadied after its worst drop in more than four months. The S&P 500 rose 1.2%, bouncing back from a drop of 0.3% in the early going. Traders welcomed encouraging data on the pace of layoffs and...
FanDuel to open sports book in Bally’s Atlantic City
ATLANTIC CITY, N.J. — The online sports betting company FanDuel will open an in-person sports book at Bally’s casino in Atlantic City once the casino’s sale to a Rhode Island company is finalized. When that happens, all nine Atlantic City casinos will have on-location sports books as New Jersey vies...
S&P 500 sinks 3.5% as surging coronavirus cases threaten shutdownsVideo
The Dow Jones Industrial Average sank 943 points Wednesday as surging coronavirus cases forced more shutdown measures in Europe and raised fears of more restrictions in the United States. The S&P 500 slid 3.5%, its third straight loss and its biggest drop since June. The benchmark index is already down...
Stocks end another wobbly day lower as coronavirus cases riseVideo
Wall Street’s losses mounted for the second straight day Tuesday as momentum slows on worries about rising virus counts and Washington’s inability to deliver more aid to the economy. The S&P 500 fell 0.3% after spending much of the day swinging between small gains and losses. Most of the stocks...
Video app TikTok leans into e-commerce with Shopify deal
The popular short-form video app TikTok, still under U.S. government scrutiny for its Chinese ownership, is moving closer to becoming a marketplace for buying stuff. Canadian e-commerce platform Shopify said Tuesday it’s made a deal with TikTok enabling merchants to create “shoppable” video ads that drive customers to online stores....
Consumer confidence dips to 100.9 as virus spreads in US
U.S. consumer confidence dipped slightly in October as a new wave of coronavirus cases appeared across the country. The Conference Board reported Tuesday that its consumer confidence index fell to a reading of 100.9, from 101.8 in September, but still remains well below pre-pandemic levels. This month’s moderate decline follows...
Stocks have their worst day in a month as coronavirus cases surge
NEW YORK — Stocks fell sharply Monday, deepening last week’s losses, as a troubling increase in coronavirus counts put investors in a selling mood. The skid came as doubts mount on Wall Street that Washington will come through with more stimulus for the economy before Election Day. The S&P 500...
U.S. stocks shake off a wobbly start and end mostly higher
Stocks shrugged off a sluggish start and ended mostly higher on Wall Street on Friday. The S&P 500 managed a gain of 0.3%, but still posted its first weekly loss in four weeks. Facebook led gains in communications stocks. Intel fell sharply after reporting weakness in its data center business....
Gap to move away from the mall
Gap is moving away from the nation’s malls. The retailer, which was for decades a fixture at shopping malls around the country, said that it will be closing 220 stores — or one-third of its store base — by early 2024. That will result in 80% of its remaining Gap...
Here’s how hydrogen fuel could revolutionize airlines
Environmentally conscious travelers are in a quandary. Global airline travel has grown over the decades, and so have the industry’s carbon emissions. Not everyone has the time to use more eco-friendly travel methods, such as Swedish climate activist Greta Thunberg’s famous two-week voyage last year across the Atlantic Ocean on...
Google antitrust lawsuit: 5 key takeaways
WASHINGTON — The lawsuit filed by the Justice Department against Google on Tuesday marks the first major antitrust enforcement case against a technology company since a case against Microsoft began in 1998 and ended in a settlement with the government in 2002. The Justice Department is accusing Google of using...
After explosive growth at Square, Chase launches own version
NEW YORK — After watching the explosive growth at electronic payment start-ups like Jack Dorsey’s Square, JPMorgan Chase has launched its own version to lure small business owners increasingly relying on technology during the pandemic. Chase Business Complete Banking with QuickAccept will allow businesses to process card payments almost instantly...
Stocks slip on Wall Street as virus aid deal remains elusive
Stocks are closing lower on Wall Street as negotiations continue to drag on in Washington over delivering more aid for the economy. The S&P 500 lost 0.2% Wednesday after spending much of the day wobbling between gains and losses. House Speaker Nancy Pelosi said she’s made progress with the White...
An electric Hummer? Battery-powered trucks head to showrooms
DETROIT — Seven auto companies have plans to roll out new battery-powered pickup trucks over the next two years, aiming to cash in on a popular and lucrative market for expensive vehicles. General Motors is among them, and on Tuesday its GMC brand introduced a new electric Hummer pickup, with...
Tennessee factory to become GM’s 3rd electric vehicle plant
General Motors plans to spend $2 billion to convert its Spring Hill, Tennessee, assembly plant into a third U.S. site to build future electric vehicles. The Detroit automaker also says it will spend another $153 million to upgrade five Michigan factories for future vehicles. The company will build the Cadillac...
U.S. stocks head higher at the end of another bumpy week
Stocks are broadly higher in afternoon trading Friday, placing the market on track to close out a choppy week on Wall Street with modest gains. The S&P 500 was up 0.6%, clawing back all its losses from a day earlier. If the gains hold, the benchmark index would mark its...
