Wire stories category, Page 76
Wall Street closes higher after Fed says will keep rates low
Stock closed higher Wednesday, reversing an early slide after the Federal Reserve reassured Wall Street that it expects to keep its key interest rate near zero through 2023. The central bank’s renewed commitment to keeping rates at rock bottom lows comes even as its latest economic forecast calls for growth...
Report: Smoking headed for extinction in many countries by 2050
Cigarette use in a number of developing countries may fall to zero in the next three decades as smokers quit or switch to alternative products, according to a new report. Smoking will disappear by 2050 from the United States, parts of Europe, Australia and large chunks of Latin America if...
Texas company behind huge electricity bills seeks bankruptcy
The company that drew attention after sending huge electricity bills to customers after last month’s blackout-causing winter storm in Texas has filed for bankruptcy protection. Griddy Energy sold power to consumers at wholesale prices plus a $9.99 monthly fee. Its rates skyrocketed during the February deep freeze, when state grid...
Ford partners with University of Michigan on robotics research, new building
Digit marches on two legs across the floor of the University of Michigan’s Ford Motor Co. Robotics Building, while Mini-Cheetah — staccato-like — does the same on four and the yellow-legged Cassie steps deliberately side-to-side. A grand opening was held Tuesday for the four-story, $75 million, 134,000-square-foot complex. Three floors...
Stocks step back from all-time highs in choppy trading
Wall Street capped a choppy day of trading Tuesday with stock indexes closing mostly lower after coming within striking distance of matching the market’s longest winning streak of the year. The S&P 500 fell 0.2% after wobbling between small gains and losses most of the day. The modest pullback snapped...
Google gets into sleep surveillance with new Nest Hub screen
Google’s next internet-connected home device will test whether consumers trust the company enough to let it snoop on their sleep. New sleep-sensing technology will be a key feature on Google’s latest version of its Nest Hub, a 7-inch smart screen unveiled Tuesday. Like the previous generation, the $100 Nest Hub...
Brand firm takes controlling stake in Toys R Us parentVideo
NEW YORK — A New York-based brand management firm that already owns Anne Klein and Joseph Abboud is taking a controlling stake in the parent company of the iconic Toys R Us and Babies R Us brands. Yehuda Shmidman, co-founder, chairman and CEO at WHP Global, declined to offer the...
Stocks extend gains for fifth day, led by technology shares
Stocks shook off an early stumble and closed broadly higher Monday, nudging some of the major U.S. indexes to more all-time highs as the market added to its recent string of gains. The S&P 500 rose 0.7% after having been down 0.5% in the early going, extending its winning streak...
What to do if you are a victim of unemployment fraud
Unemployment fraud in the U.S. has reached dramatic levels during the pandemic — the Labor Department inspector general’s office estimates that more than $63 billion has been paid out improperly through fraud or errors since March 2020. Criminals are seizing on the opportunity created by the pandemic. Using data stolen...
Tech stocks pulls market lower as bond yields climb again
Stocks were mostly lower in afternoon trading Friday as technology stocks, which had spent most of the week holding steady or climbing, fell broadly. The move was once again caused by a rise in bond yields. The S&P 500 index was down 0.2% as of 2:20 p.m. Eastern, on track...
More records for stock indexes as stimulus bill becomes law
Broad gains in stocks pushed several major indexes to all-time highs on Wall Street. The S&P 500, the Dow Jones Industrial Average and a measure of small-company stocks all closed at record levels on Thursday. The S&P 500 added 1%. The tech-heavy Nasdaq rose 2.5%, but remains below the record...
Stability in bond market helps lift most U.S. stock indexes
Major U.S. indexes are moving mostly higher Wednesday as stability in the bond market translates into gains for stocks. A key measure of inflation was lower than expected last month, helping to calm investors who had worried that prices could rise too quickly as the economy recovers. The S&P 500...
New owner Buzzfeed lays off 45 from HuffPost newsroom
NEW YORK — Buzzfeed announced Tuesday that it has laid off 45 reporters, editors and producers from the newly acquired HuffPost. HuffPost Executive Editor Hillary Frey, the website’s executive editor, and Executive Editor Louise Roug also resigned over the layoffs, Buzzfeed said. The dismissals come just three weeks after Buzzfeed...
Nasdaq jumps 3.7%, most in nearly a year, as Big Tech surgesVideo
Technology companies powered stocks higher Tuesday on Wall Street, driving the Nasdaq to its biggest gain in nearly a year and more than making up for a sharp skid a day earlier. The Nasdaq surged 3.7%, led by gains in Big Tech companies such as Apple, Amazon and Facebook. Despite...
GM workers still unsettled 2 years after Lordstown plant closed
When General Motors ended a half-century of building cars in Ohio’s blue collar corner, 1,600 workers had to decide whether to accept the automaker’s offer to move to another factory. Those with enough seniority retired. A few started new careers. Everyone else from GM’s shuttered assembly plant in Lordstown went...
Wall Street finishes mixed as tech slump offsets other gainsVideo
Major stock indexes closed mostly lower Monday as another rise in bond yields helped set off more heavy selling in technology companies. The S&P 500 fell 0.5% after having been up 1% earlier. Because of their huge size, drops by Apple, Google’s parent company and other major technology stocks helped...
Antivirus software creator McAfee charged with cheating investors
NEW YORK — Antivirus software entrepreneur John McAfee was indicted on fraud and money laundering conspiracy charges alleging that he and cohorts made over $13 million by fooling investors zealous over the emerging cryptocurrency market, authorities said Friday. McAfee, 75, was charged in a newly unsealed indictment in Manhattan federal...
Minimum wage hike falls short as Senate debates virus bill
WASHINGTON — The Senate seemingly killed progressives’ last-ditch effort to include a minimum wage hike in the Democrats’ $1.9 trillion covid-19 relief bill Friday, as the chamber began climactic votes on the huge package embodying President Joe Biden’s top legislative priority. Senators voted 58-42 against the increase, though the vote...
California would ban boys and girls sections at big retailers under proposed law
SACRAMENTO, Calif. — California’s large retailers would have to do away with boy and girl signage for toys and child care aisles, under a bill being considered by state lawmakers. Assembly Bill 1084 would require retailers with 500 or more employees “to maintain undivided areas of its sales floor where...
Stocks climb, erasing earlier losses, as economy heats up
Stocks shook off an early slide and turned solidly higher in afternoon trading Friday, placing the market on track to snap a three-day losing streak. The S&P 500 was 1.9% higher as of 3:43 p.m. Eastern time, after spinning more than 360 degrees earlier. The benchmark index had jumped to...
Tech pulls stocks lower as bond yields continue upward march
Technology companies led another broad sell-off Thursday on Wall Street as a spike in bond yields put more pressure on the market’s high-flying stocks. The S&P 500 was fell 1.3%, its third straight loss. The benchmark index, which briefly dipped into the red for the year, is on track for...
Fed survey finds modest gains in the U.S. economy in February
WASHINGTON — A Federal Reserve survey of business conditions across the United States has found that economic activity was expanding at a modest pace in February. The Fed survey released Wednesday shows that the central bank’s business contacts were expressing optimism last month about a stronger rebound as more covid-19...
Bed Bath & Beyond goes with something new to revive brand
NEW YORK — Bed Bath & Beyond will launch a slew of new store brands to lure younger customers in a bid to energize sales at the home retail chain. The chain will begin selling eight new store brands this year, six of them in the first half of 2021....
Technology stocks lead indexes lower as yields resume climb
Technology companies led stocks lower on Wall Street as another rise in bond yields rattled investors. The S&P 500 fell 1.3% Wednesday, and the tech-heavy Nasdaq dropped 2.7%. Higher bond yields can signal that inflation could be on the way as the economy picks up. They can also make stocks...
Intel told to pay $2.18 billion after losing Texas patent trial
Intel Corp. was told to pay VLSI Technology LLC $2.18 billion by a federal jury in Texas after losing a patent-infringement trial over technology related to chip-making, one of the largest patent-damages award in U.S. history. Intel pledged to appeal. Intel infringed two patents owned by closely held VLSI, the...
