Business category, Page 141
Stocks mount biggest comeback in years; S&P 500 jumps 2.6%
NEW YORK — Wall Street staged its biggest comeback in years Thursday, as stocks roared back from steep morning losses caused by a worse-than-expected report on inflation. The S&P 500 jumped to a gain of 2.6%, a stunning reversal after earlier being down as much as 2.4% and touching its...
Social Security recipients to receive historic hike next year
WASHINGTON — Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023. That’s a historic increase and welcome news for American retirees and others — but it’s tempered by the fact that it’s fueled by record high inflation that’s raised the cost of everyday living....
Cranberry-based nuclear power company Westinghouse acquired by 2 Canadian companies
Westinghouse Electric Company, one of the largest nuclear power companies in the world, will be acquired by a Canadian consortium. Cameco Corp. and Brookfield Renewable Partners formed a partnership to acquire the Cranberry Township-headquartered company, which is valued at $7.8 billion. Westinghouse President and CEO Patrick Fragman said the acquisition...
Rough times ahead: Hurricane Ian batters SW Florida economy
FORT MYERS, Fla. — Hurricane Ian might have come and gone but it could deliver prolonged blows to the local economy, walloping small businesses heavily dependent on tourists and seasonal residents. The scenes of destruction in southwestern Florida will keep many winter tourists and snowbirds away as well as tasking...
Explainer: U.S. set to announce huge jump in Social Security payments
NEW YORK — Tens of millions of older Americans are about to get what may be the biggest raise of their lifetimes. On Thursday, the U.S. government is set to announce how big a percentage increase Social Security beneficiaries will see in monthly payments this upcoming year. It’s virtually certain...
TikTok going big on U.S. e-commerce? Job listings offer clues
NEW YORK — TikTok appears to be deepening its foray into e-commerce with plans to operate its own U.S. warehouses, the kind of packing and shipping facilities more associated with Amazon or Walmart than the social media platform best known for addictive short videos. In the past two weeks, TikTok...
Honda, LG to build $3.5B battery plant, hire 2,200 in Ohio
COLUMBUS — Honda says it will build a $3.5 billion joint-venture battery factory in rural southern Ohio and hire 2,200 people to staff it as the company starts to turn the state into its North American electric vehicle hub. Honda, which announced its first Ohio factory 45 years ago, also...
Wall Street ends mostly lower after another volatile dayVideo
Another volatile run on Wall Street left stocks lower Tuesday, extending the market’s recent losses as traders brace for updates on inflation and corporate earnings. The S&P 500 fell 0.7%, marking its fifth straight loss. The benchmark index had been down as much as 1.2% in the early going after...
Labor proposal could upend rules for gig workers, companies
The Biden administration published a new proposal Tuesday regarding how workers should be classified, saying that thousands of people have been incorrectly labeled as contractors rather than employees, potentially curtailing access to benefits and protections they rightfully deserve. The new U.S. Department of Labor regulations would replace a Trump-era rule...
Stocks close lower on Wall Street ahead of earnings reportsVideo
Wall Street added to its recent string of losses Monday, as stocks fell ahead of a busy week of inflation updates and the start of corporate earnings reporting season. The S&P 500 fell 0.7%, extending its losing streak to a fourth day. The Dow Jones Industrial Average lost 0.3% after...
John Dorfman: Pioneer Natural and Alico boast dividend appeal
A time-honored investing method is to buy stocks that have rising dividends. In my opinion, it’s a sensible method. A dividend increase acts as a sincerity barometer, showing that management believes earnings progress is sustainable. Right now, with a bear market raging, I think it is especially sensible, since dividend-paying...
Former Fed Chair Bernanke shares Nobel for research on banks
STOCKHOLM — Former U.S. Federal Reserve Chair Ben Bernanke, who put his academic expertise on the Great Depression to work reviving the American economy after the 2007-2008 financial crisis, won the Nobel Prize in economic sciences along with two other U.S.-based economists for their research into the fallout from bank...
Stocks extend their losses on fears recession may be looming
NEW YORK — Good news on the economy remains bad news for Wall Street, and stocks are falling sharply Friday on worries a still-strong U.S jobs market may actually make a recession more likely. The S&P 500 was 3.1% lower in afternoon trading after the government said employers hired more...
U.S. hiring stayed solid in September as employers add 263,000
WASHINGTON — America’s employers slowed their hiring in September but still added a solid 263,000 jobs — potentially hopeful news that may mean the Federal Reserve’s drive to cool the job market and ease inflation is starting to make progress. Friday’s government report showed that last month’s job growth was...
Peloton to cut 500 jobs as turnaround efforts continueVideo
Peloton is looking to trim hundreds of jobs as the company continues to reorganize its business which has stalled as the coronavirus-related surge fades. The maker of high-end exercise equipment plans to cut approximately 500 jobs, or about 12% of its workforce. “A key aspect of Peloton’s transformation journey is...
Average long-term U.S. mortgage rates dip to 6.66% this week
WASHINGTON — Average long-term U.S. mortgage rates ticked down modestly this week after six straight weeks of gains pushed rates to heights not seen in more than a decade, before a crash in the housing market triggered the Great Recession in 2008. Mortgage buyer Freddie Mac reported Thursday that the...
11 Pa. turkey farm workers charged with cruelty caught on video
Eleven people working for one of the nation’s leading turkey producers have been charged with animal cruelty in Pennsylvania after state police said they were caught on video kicking, stomping and beating turkeys at several farms. The workers were responsible for capturing and crating turkeys destined for slaughter, Pennsylvania State...
Amazon to hire 150,000 workers for holidays, similar to 2021
NEW YORK — Amazon will hire 150,000 full-time, part-time and seasonal employees across its warehouses ahead of the holiday season. The announcement, made Thursday, shows the e-commerce behemoth is taking a less conservative approach to its holiday planning than Walmart, which said last month it would hire 40,000 U.S. workers...
Amazon suspends at least 50 workers after fire protest
NEW YORK — Amazon has suspended at least 50 warehouse employees who refused to work their shifts as a result of a trash compactor fire at one of its New York facilities, according to union organizers. The company suspended the workers, with pay, on Tuesday, a day after the fire...
Wall Street’s rally runs out of gas, leaving indexes lower
NEW YORK — A wobbly day of trading on Wall Street ended with stocks slightly lower Wednesday as a gangbuster two-day rally ran out of gas. Stock indexes had been in the red much of the day before briefly shifting into the green following a late-afternoon burst of buying. The...
Musk Twitter turnaround reflects legal challenges
WASHINGTON — Elon Musk’s sudden about face on a $44 billion agreement to acquire Twitter, reversing an earlier attempt to rescind that offer, came as a surprise even from the mercurial billionaire who loves to shock. It sent shares of the social media platform soaring Tuesday and stoked alarm among...
OPEC+ makes big oil cut to boost prices; pump costs may rise
FRANKFURT, Germany — The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections. Energy ministers cut production...
Employers have jobs to offer, yet struggle to fill vacancies
Gemma Koury of Greensburg was looking for a job Sept. 26, checking the various employers who lined the halls of the PA CareerLink office at the Westmoreland County Community College near Youngwood. “I was looking for something in elder care,” said Koury, 32, who had been working in a restaurant...
Stocks rise in extended rally, clawing back more groundVideo
The Dow Jones Industrial Average climbed more than 800 points and the S&P 500 had its best day in more than two years Tuesday as the market clawed back more of the ground it lost in a miserable several weeks on Wall Street. The S&P 500 rose 3.1%, its best...
Iconic Goodwill gets serious with online for thrifters
NEW YORK — Thrifters who flock to Goodwill stores will now be able to do more of their treasure hunting online. The 120-year-old nonprofit organization on Tuesday launched GoodwillFinds, a newly incorporated shopping venture that is making roughly 100,000 donated items available for purchase online and expanding Goodwill’s internet presence...
