Business category, Page 190
Wall Street snaps back following worst week since February
NEW YORK — Stocks rebounded Monday on Wall Street, clawing back most of their sharp loss from last week, as the initial jolt passes from the Federal Reserve’s reminder that it will eventually offer less help for markets. The S&P 500 snapped 58.34 points higher, or 1.4%, to 4,224.79 and...
American Airlines flight cancellations set to continue Monday
The series of flight cancellations from American Airlines this weekend will continue to plague travelers on Monday. Almost 100 flights from the airline have already been canceled for June 21, according to a representative from American Airlines Group Inc. That’s following 123 flights canceled on Saturday and at least 178...
Hit by a ransomware attack? Your payment may be deductible
As ransomware attacks surge, the FBI is doubling down on its guidance to affected businesses: Don’t pay the cybercriminals. But the U.S. government also offers a little-noticed incentive for those who do pay: The ransoms may be tax deductible. The IRS offers no formal guidance on ransomware payments, but multiple...
Appeals court upholds FCC subsidy ban for Huawei purchases
NEW ORLEANS — A federal appeals court refused Friday to hear Chinese tech giant Huawei’s request to throw out a rule used to bar rural phone carriers on national security grounds from using government funds to purchase its equipment. The 5th Circuit Court of Appeals ruled that the Federal Communications...
Tight U.S. housing market uncoils with sellers ready to cash out
Prospective home sellers who sat tight as U.S. prices climbed higher and faster than ever during the pandemic are finally emerging to cash out, a step toward easing a dire shortage in the frenzied housing market. The number of U.S. homes for sale climbed 6.7% in early June from the...
U.S. stocks lower after Fed official sees rate hikes in 2022
Stocks were broadly lower Friday after a Federal Reserve official said that the nation’s central bank might need to raise interest rates as early as next year, sooner than the Fed’s latest estimate of possible rate increases in 2023. The S&P 500 index fell 0.9% as of 9:50 a.m. Eastern....
Most stocks fall, tech holds up as markets digest Fed moves
NEW YORK — The S&P 500 ended Thursday barely changed after stocks sloshed around in mixed trading, as investors make preparations for a future where the Federal Reserve is no longer doing everything it can to keep interest rates super low. Markets around the world were mixed but mostly calm...
Fayette undersea warfare systems company will expand in North Union, add 36 new jobs
A Fayette County manufacturer of undersea warfare systems will add more than 30,000 square feet to its North Union facility and add nearly 40 jobs, state officials announced Thursday. Advanced Acoustic Concepts, which provides undersea warfare, or USW, solutions for USW systems, sensors, weapons and trainers including the U.S. Navy,...
Report: Pennsylvania casino revenues top $413 million in May
Pennsylvania casinos saw a more than $9 million revenue increase in May compared to the previous month, recently released figures show. Combined gambling revenues last month exceeded $413 million compared to $404 million reported in April, according to data from the Pennsylvania Gaming Control Board. A comparison was not provided...
U.S. jobless claims tick up to 412,000 from a pandemic low
WASHINGTON — The number of Americans applying for unemployment benefits rose last week for the first time since April despite widespread evidence that the economy and the job market are rebounding steadily from the pandemic recession. The Labor Department said Thursday that jobless claims rose 37,000 from the week before...
Fed sees faster time frame for rate hikes as inflation risesVideo
WASHINGTON — The Federal Reserve signaled Wednesday that it may act sooner than previously planned to start dialing back the low-interest rate policies that have helped fuel a swift rebound from the pandemic recession but have also coincided with rising inflation. The Fed’s policymakers forecast that they would raise their...
Stocks down, yields up as Fed discusses dialing back supportVideo
Stocks fell and bond yields climbed Wednesday after the Federal Reserve signaled it may start easing off the accelerator on its massive support for the economy earlier than previously thought. The S&P 500 fell 22.89, or 0.5%, to 4,223.70 after the Fed unveiled a highly anticipated set of projections by...
Southwest suffers technology problem for second straight day
DALLAS — Southwest Airlines said it was working Tuesday to restore normal operations after a technology-related issue interfered with flights for the second straight day. By midafternoon, the nation’s fourth-largest airline had canceled about 500 flights and delayed nearly 1,300 others, according to tracking service FlightAware. The combination of cancellations...
Stocks dip from records ahead of Fed decision on rates
NEW YORK — Stocks slipped from their record heights Tuesday as investors wait to hear whether the Federal Reserve will give any clue about when it may let up on its massive support for markets. The S&P 500 dipped 8.56, or 0.2%, to 4,246.59, as the Federal Reserve began a...
Neiman Marcus to spend $500M on new investments amid rebound
NEW YORK — Neiman Marcus is hoping to capitalize on rebounding luxury sales by investing more than $500 million over the next three years in refreshing stores, speeding up deliveries and acquiring new technology. The plan, unveiled Tuesday, includes a pact to purchase Stylyze Inc., a tech startup that recommends...
Philips issues voluntary recall for CPAP machines, ventilators
Medical equipment company Philips has issued a recall on some products to address possible health risks associated with a foam component meant to help reduce noise. The polyester-based polyurethane foam in its Bi-Level Positive Airway Pressure (Bi-Level PAP), Continuous Positive Airway Pressure (CPAP), and mechanical ventilator devices could “degrade into...
May retail sales fell 1.3% as Americans spend less on goods
NEW YORK — Retail sales fell in May, dragged down by a decline in auto sales and a shift by Americans to spend more on vacations and other services instead of goods. Total sales dropped a seasonally adjusted 1.3% in May from the month before, the U.S. Commerce Department said...
Ikea fined $1.3 million over spying campaign in France
VERSAILLES, France — A French court ordered home furnishings giant Ikea to pay about $1.3 million in fines and damages Tuesday over a campaign to spy on union representatives, employees and some unhappy customers in France. Two former Ikea France executives were convicted and fined over the scheme and given...
U.S. sees record rise in wholesale prices over the past year
WASHINGTON — Wholesale prices, boosted by rising food costs, increased 0.8% in May, and are up by a record amount over the past year, another indication that inflation pressures are rising since the economy has begun to re-open following the pandemic lockdowns. The Labor Department reported Tuesday that the monthly...
Lordstown Motors’ rough road continues; CEO and CFO are out
The top two executives at Lordstown Motors have resigned as problems at the Ohio electric truck startup mount. CEO Steve Burns and Chief Financial Officer Julio Rodriguez stepped down, the company said Monday, sending shares already down 40% this year tumbling more than 17%. The departures were announced on the...
Your 401(k) plan: 5 smart moves to make in 2021
More than half of Americans feel they just aren’t saving enough for retirement, according to a 2019 Bankrate survey. But for those who have fallen behind, it’s always a great time to take stock of your 401(k) plan and get moving on ways to set you up for greater wealth...
John Dorfman: These are the stocks I own for my clients
Once a year, I devote this column to a rundown on the stocks I own. Here are the stocks in the model portfolio of Dorfman Value Investments. I own each of them personally and for the majority of my clients. Infrastructure Bipartisan cooperation sometimes seems no more real than the...
Pennsylvania’s gas-well revenue down as price, drilling drop
HARRISBURG — Pennsylvania’s counties and municipal governments will see the lowest level of annual fee revenue they get from Marcellus Shale gas wells, as drilling slowed and prices sank during the pandemic, the Pennsylvania Public Utility Commission said Monday. Impact fee revenue from Marcellus Shale wells sank to $146 million...
GM executive: Company to announce more battery plants this week
DETROIT — The president of General Motors says his company plans to announce more U.S. battery factories later this week. Mark Reuss gave no details of where the factories would be located or exactly what they would manufacture. He spoke in a weekend interview with The Associated Press at an...
Gains for some tech giants nudge S&P to another record high
Technology companies helped lift stocks higher Monday on Wall Street, nudging the S&P 500 to its third straight all-time high, even as other parts of the market faltered. A burst of buying in the final 10 minutes of trading sent the benchmark index 0.2% higher. The S&P 500 had been...
