Wire stories category, Page 88
Tech sell-off resumes; Nasdaq down more than 8% in 3 days
NEW YORK — Big tech stocks are continuing their Icarus-like flight path, and more sharp declines for them are pulling Wall Street lower in early Tuesday trading. The S&P 500 was down 1.9%, highlighted by the 2.7% tumble for tech stocks within the index. Apple sank 2.9% and Microsoft fell...
Analysis: Trump made a promise to save coal in 2016. He couldn’t keep it
President Donald Trump spent more than $1 billion in taxpayer funds, rolled back environmental rules and tried to stop power plant closings to fulfill a vow he made to West Virginia coal miners in the 2016 campaign. But nothing he’s done is rescuing the coal industry. Since Trump’s inauguration, U.S....
Unions threaten work stoppages amid calls for racial justice
NEW YORK — Ahead of Labor Day, unions representing millions across several working-class sectors are threatening to authorize work stoppages in support of the Black Lives Matter movement amid calls for concrete measures that address racial injustice. In a statement first shared with The Associated Press, labor leaders who represent...
Hyundai now says recalled vehicles should be parked outside
DETROIT — Hyundai has reversed itself on a recall to fix a defect that could cause engine fires and is now telling owners of more than 200,000 vehicles to park them outdoors until repairs are made. The company, along with affiliated South Korean automaker Kia, on Thursday said they were...
Tech rout sends stock market to its biggest loss since JuneVideo
NEW YORK — Wall Street’s euphoria took a break Thursday, as steep losses in technology stocks dragged the rest of the market down with them. It was the biggest decline for the U.S. stock market since early June, when investors were dealing with a surge of coronavirus infections in places...
Budget deficit to hit record $3.3 trillion because of coronavirus, recession
WASHINGTON — The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said Wednesday. The spike in the deficit means...
Wall Street has biggest gain since July, sets more recordsVideo
The Dow Jones Industrial Average surged more than 450 points Wednesday as the stock market notched its best day in nearly two months. The S&P 500 rose 1.5%, it’s best day since July 6. The benchmark index and the Nasdaq composite each hit new highs, extending Wall Street’s milestone-setting run...
Black former franchisees sue McDonald’s for discriminationVideo
More than 50 Black former McDonald’s franchise owners are suing the burger chain, saying the company steered them to less-profitable restaurants and didn’t give them the same support and opportunities given white franchisees. The 52 plaintiffs, who owned around 200 U.S. stores before being forced to sell them over the...
Stocks start September off with more gains, led by techVideo
Wall Street kicked off September with another set of milestones Tuesday, as an afternoon rally carried the S&P 500 and Nasdaq composite to all-time highs. The S&P 500 bounced back from a modest loss in the early going to finish 0.8% higher a day after the benchmark index wrapped up...
Trump administration finalizes coal plant pollution rollback
BILLINGS, Mont. — The Trump administration on Monday finalized its weakening of an Obama-era rule aimed at reducing polluted wastewater from coal-burning power plants that has contaminated streams, lakes and underground aquifers The change will allow utilities to use cheaper technologies and take longer to comply with pollution reduction guidelines...
Amazon wins FAA approval to deliver packages by drone
NEW YORK — Getting an Amazon package delivered from the sky is closer to becoming a reality. The Federal Aviation Administration said Monday it had granted Amazon approval to deliver packages by drones. Amazon said that the approval is an “important step,” but added that it is still testing and...
S&P 500 notches this year’s longest weekly winning streakVideo
NEW YORK — The gains keep piling up on Wall Street, and the S&P 500 rallied again on Friday to close out its fifth straight winning week. The benchmark index rose 23.46, or 0.7%, to 3,508.01, setting another record high and several more superlatives. It was the seventh straight day...
Stocks climb after Fed says rates may stay low for longer
NEW YORK — Stocks edged further into record heights on Wall Street Thursday after the Federal Reserve made a major overhaul to its strategy, one that could keep interest rates low for longer. The S&P 500 rose 0.2% after earlier veering through a jumbled day of trading. Prices for stocks,...
More blowout profit from tech companies push S&P 500 higher
More blowout profit reports from big tech companies are pushing the S&P 500 toward another record Wednesday. The benchmark index was up 0.8% in afternoon trading, even though most of the stocks within it were falling. Technology stocks accounted for the lion’s share of the gains, outweighing losses in health...
Orders for big-ticket US manufactured goods jumped 11.2%
WASHINGTON — Orders to U.S. factories for big-ticket manufactured goods jumped 11.2% in July, the third consecutive monthly gain. The Commerce Department reported Wednesday that the July advance followed a 7.7% increase in June. The July increase was led by a strong advance in the volatile transportation sector, which was...
How will office life be different in a pandemic?
How will office life be different in a pandemic? The office you once knew is likely to look vastly different. Companies are taking a variety of steps to keep people a safe distance apart, such as using staggered shifts or asking people to come in on alternating days. Cubicles may...
Fed officials worried about withdrawal of government support
WASHINGTON — U.S. consumers lifted their spending in May and June but businesses remained cautious because of the tremendous uncertainty surrounding the economic outlook, Federal Reserve officials said at a policy meeting last month. The nascent economic recovery faces several risks, Fed officials said in discussions during their most recent...
As Trump threatens ban, TikTok launches U.S. ad campaignVideo
TikTok on Tuesday announced a nationwide ad campaign that features people who create content for the viral social video app. The move comes as the company, owned by China-based ByteDance, faces growing pressure from President Trump, who believes the app is a national security threat because of its ties to...
Stocks drift on Wall Street following latest run at record
NEW YORK — After a day of drifting between small gains and losses, major stock indexes ended more or less where they started on Friday, but still notched gains for the week. The S&P 500 ended down less than 1 point, even though more stocks rose than fell within the...
U.S. retail sales regain pre-virus pace but slowdown is likely
WASHINGTON — Americans increased their retail purchases by 1.2% in July, with solid gains in appliances and clothing, restoring sales to their level before the viral pandemic erupted in March. Sales at retail stores and restaurants have now risen for three straight months, after enormous plunges in March and April,...
TikTok and its employees prepare to fight Trump over app ban
TikTok and its U.S. employees are planning to take President Donald Trump’s administration to court over his sweeping order to ban the popular video app, according to a lawyer preparing one of the lawsuits. The employees’ legal challenge to Trump’s executive order will be separate from a pending lawsuit from...
Mazda-Toyota boosts investment in Alabama plant by $830M
HUNTSVILLE, Ala. — Mazda Toyota Manufacturing, the new joint-venture between the two auto companies, on Thursday announced an additional $830 million investment in its new Alabama plant. Gov. Kay Ivey said in a news release that the investment in the new auto facility is now $2.3 billion, up from the...
S&P 500 briefly rises above record close as stocks drift
NEW YORK — Wall Street is drifting on Thursday, and the S&P 500 is again on the verge of erasing the very last of its pandemic losses. The S&P 500 was 0.1% higher in afternoon trading at 3,383.64. Earlier in the afternoon, it briefly rose above 3,386.15, which was the...
United plans more Florida flights, but coronavirus gets final say
DALLAS — United Airlines said Wednesday it plans to add up to 28 daily flights to Florida this winter, but the airline is prepared to reverse course if the rate of coronavirus cases in the state remains high. United said that it will increase flights from New York, Boston and...
Tribune Publishing closing 5 newsrooms including New York Daily News
Tribune Publishing Company, which owns some of the most storied newspapers in American journalism, said Wednesday that it is closing the newsrooms at five of them, including New York’s Daily News and The Capital Gazette in Annapolis, Md. The company said the newspapers — including the Orlando Sentinel in Florida,...
