Wire stories category, Page 39
Stocks hit summer highs as Fed sees progress on inflationVideo
NEW YORK — Wall Street climbed Wednesday to its best level since the summer following the latest hike to interest rates by the Federal Reserve, which said it’s finally seeing improvements in inflation. The S&P 500 rallied back from an early 1% loss to rise 1% after Fed Chair Jerome...
Fed lifts rate by quarter-point and signals more hikes aheadVideo
WASHINGTON — The Federal Reserve extended its fight against high inflation Wednesday by raising its key interest rate by a quarter-point, its eighth hike since March. And the Fed signaled that even though inflation is easing, it remains high enough to require further rate hikes. At the same time, Chair...
U.S. consumer confidence lags as 2023 gets underway
American consumers are kicking off 2023 a bit less confident than they were at the end of last year as inflation and the possibility of a recession loom. The Conference Board reported Tuesday that its consumer confidence index slipped to a still-optimistic 107.1 in January, down from 109 in December....
U.S. probes complaints of parts flying off of Ford Explorers
DETROIT — The U.S. government’s road safety agency is investigating complaints that windshield trim panels can fly off of Ford Explorers while they’re traveling at highway speeds. The National Highway Traffic Safety Administration says it has 164 complaints about the trim pieces detaching on 2011 through 2019 Explorer SUVs. The...
Wall Street climbs to add more to its strong JanuaryVideo
NEW YORK — Wall Street closed out a strong January with more gains on Tuesday, ahead of what many investors hope will be one of the Federal Reserve’s last hikes to interest rates for a while. Markets got a boost after a report showed that that growth for workers’ pay...
Justice Department seeks Tesla automated driving documents
The U.S. Justice Department has requested documents from Tesla Inc. related to its Autopilot and “Full Self-Driving” features, according to a regulatory filing. “To our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred,” Tesla said in the filing Tuesday with the Securities and Exchange...
Millennial Money: 6 ways to move out of your parents’ house
Nearly a quarter of millennials (22%) are living with their parents, and more than half of those living with them (55%) made the move in 2022, according to a December survey from PropertyManagement.com. Many said they’re back home due to high rent, money concerns or job losses — and 9...
IMF upgrades its outlook for the global economy in 2023
WASHINGTON — The outlook for the global economy is growing slightly brighter as China eases its zero-covid policies and the world shows surprising resilience in the face of high inflation, elevated interest rates and Russia’s ongoing war against Ukraine. That’s the view of the International Monetary Fund, which now expects...
FAA adds safeguards to U.S. flight system to prevent new outages
The U.S. government has added new protections to the aviation notice system that led to thousands of disruptions earlier this month in an attempt to prevent such failures in the future, the Federal Aviation Administration told lawmakers. A federal manager must now be present anytime a contractor works with the...
Ex-Twitter execs to testify on block of Hunter Biden story
WASHINGTON — Former Twitter employees are expected to testify next week before the House Oversight Committee about the social media platform’s handling of reporting on President Joe Biden’s son, Hunter Biden. The scheduled testimony, confirmed by the committee Monday, will be the first time the three former executives will appear...
Ford cuts price on Mustang Mach-E after Tesla trims pricesVideo
DETROIT — Ford is cutting prices on its Mustang Mach-E electric SUV by as much as $6,000 just weeks after market leader Tesla took similar steps. The Detroit automaker is increasing production of the Mach-E this year and is taking advantage of streamlined costs to reduce prices across the board,...
Stocks sink as markets brace for big week with Fed, earnings
NEW YORK — Stocks sank Monday as Wall Street prepped for a week full of potentially market-moving events, from decisions on interest rates around the world to earnings reports from the biggest U.S. companies. The S&P 500 dropped 1.3%, giving back some of the gains that had carried it last...
Elon Musk’s mysterious ways on display in Tesla tweet trial
SAN FRANCISCO — Elon Musk’s enigmatic personality and unconventional tactics are emerging as key exhibits in a trial revolving around one of his most polarizing pursuits — tweeting. The trial, centered on a pair of tweets announcing Musk had obtained the money to take Tesla private in 2018, reeled the...
Lots of sound and fury on U.S. debt, but not a crisis — yet
WASHINGTON — For all the sound and fury about raising the nation’s debt limit, most economists say federal borrowing is not at a crisis point … at least not yet. The national debt is at the core of a dispute about how to raise the government’s legal borrowing authority, a...
House GOP seeks new restrictions on use of U.S. oil stockpile
WASHINGTON — For the second time this month, House Republicans have advanced a measure to restrict presidential use of the nation’s emergency oil stockpile — a proposal that has already drawn a White House veto threat. A GOP bill approved Friday would require the government to offset any non-emergency withdrawals...
Chipotle looks to hire 15,000 amid continuing labor shortage
Restaurants are beginning the new year with a recurring problem: labor shortages. Chipotle said Thursday it’s looking to hire 15,000 people in North America to ensure its stores are staffed up ahead of its busy spring season. Other chains are also looking for workers: Taco Bell has more than 25,000...
Wall Street climbs to hit best level in nearly eight weeksVideo
NEW YORK — Stocks rose Thursday to send Wall Street to its highest level in nearly eight weeks following reports suggesting the economy and corporate profits may be doing better than feared. The S&P 500 climbed 1.1% to clinch its highest finish since Dec. 2. The Dow Jones Industrial Average...
How will we know if the U.S. economy is in a recession?
WASHINGTON — The second consecutive quarter of economic growth that the government reported Thursday underscored that the nation isn’t in a recession despite high inflation and the Federal Reserve’s fastest pace of interest rate hikes in four decades. Yet the U.S. economy is hardly in the clear. The solid growth...
Wall Street opens higher; Tesla jumps after strong results
NEW YORK — Stocks are opening higher on Wall Street as traders were able to find encouraging signs in some of the earnings reports that big U.S. companies are putting out. Tesla jumped 10% in the early going Thursday after reporting results that were better than analysts were expecting and...
Economy slowed but still grew at 2.9% rate last quarterVideo
WASHINGTON — The economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession. The estimate Thursday from the Commerce Department showed that the nation’s gross domestic product — the broadest gauge...
Goldman Sachs signals partial retreat from consumer banking
NEW YORK — Goldman Sachs no longer wants to be the bank for everyone. The storied investment bank spent eight years attempting to expand its business beyond corporations and the wealthy. But in recent months, Goldman has signaled a partial retreat from those efforts by scrapping plans for a checking...
AmazonSmile’s end is alarming, say nonprofits that benefited
Amazon’s surprise decision to shut down its AmazonSmile donation program has left thousands of its nonprofit beneficiaries disappointed and concerned about finding ways to replace the funding. The e-commerce giant had launched AmazonSmile in 2013, contributing 0.5% of every purchase made by participating customers to the charity of their choosing....
Why do so many older adults choose Medicare Advantage?
In 2022, 48% of Medicare beneficiaries were enrolled in Medicare Advantage plans instead of original Medicare, and experts predict that number will be higher in 2023. Medicare Advantage plans are offered by private insurers and bundle Medicare benefits in a way many people find appealing — but they also limit...
Murdoch pulls plug on possible merger of News Corp., Fox
NEW YORK — Rupert Murdoch has pulled the plug on a proposal to bring back together his News Corp. and Fox Corp., saying the merger isn’t coming at the right time for shareholders. In similar statements Tuesday, the companies said their boards received letters from Murdoch withdrawing the plan. “Mr....
Justice Department sues Google over digital advertising dominance
WASHINGTON — The Justice Department and several states sued Google on Tuesday, alleging that its dominance in digital advertising harms competition. The government alleges that Google’s plan to assert dominance has been to “neutralize or eliminate” rivals through acquisitions and to force advertisers to use its products by making it...
