Business category, Page 201
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...
U.S. jobless claims fall to 712,000 as pace of layoffs eases
WASHINGTON — The number of Americans seeking unemployment benefits fell last week to 712,000, the lowest total since early November, evidence that fewer employers are cutting jobs amid a decline in confirmed coronavirus cases and signs of an improving economy. The Labor Department said Thursday that applications for unemployment aid...
Jeannette, New Kensington among towns that could benefit from new $20M investment fund
A new partnership between the Richard K. Mellon Foundation and Arctaris Impact Investors, a Boston-based impact investment group, is launching a $20 million investment fund to underwrite economic development projects in distressed communities in Allegheny and Westmoreland counties. The fund, unveiled Wednesday, will target projects that support economic development, workforce...
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...
Kia recalls nearly 308K vehicles for fire risk
DETROIT — Kia is telling owners of nearly 380,000 vehicles in the U.S. to park them outdoors because of the risk of an engine compartment fire. The Korean automaker is recalling certain 2017 through 2021 Sportage SUVs and 2017 through 2019 Cadenza sedans to fix the problem. The company says...
Nissan recalling 854K Sentra cars to fix brake light problem
DETROIT — Nissan is recalling more than 854,000 cars in the U.S. and Canada because the brake lights might not come on when the driver presses on the pedal. The recall covers certain Sentra compacts from the 2016 through 2019 model years, including more than 807,000 in the U.S. Nissan...
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...
John Dorfman: 2 Intel executives bought shares in February
The chief executive and chief financial officer of Intel Corp. (INTC) both bought Intel shares last month. Robert Swan, chief executive officer, bought more than 27,000 shares, shelling out $1.5 million. His total shareholdings now amount to almost $30 million. George Davis, the CFO, bought a little more than 9,000...
‘We’ve had enough’: 95% of United Steelworkers support striking against ATI
A whopping 95% of 1,300 United Steelworkers agreed to authorize a possible strike against Allegheny Technologies Inc. after more than a year of stalled contract negotiations, union officials said. The vote included more than 420 members who cast their ballots at the union hall on Brackenridge Avenue by 5 p.m....
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...
Amazon opens first U.K. checkout-free grocery store in London
LONDON — Amazon has opened a cashier-free supermarket in London, its first bricks and mortar expansion outside the U.S. as the company bets on strong demand for its contactless shops. The online retailing giant opened the doors to its Amazon Fresh shop in West London’s Ealing neighborhood on Thursday, in...
SpaceX Starship lands upright, then explodes in latest test
CAPE CANAVERAL, Fla. — SpaceX’s futuristic Starship looked like it aced a touchdown Wednesday, but then exploded on the landing pad with so much force that it was hurled into the air. The failure occurred just minutes after SpaceX declared success. Two previous test flights crash-landed in fireballs. The full-scale...
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....
Art and crafts store Michaels signs a deal to go private
NEW YORK — Arts and crafts retailer Michaels is going private. The retail chain, based in Irving, Texas, said Wednesday that it has agreed to be acquired by Apollo Global Management Inc. for a transaction valued at $5 billion. Under the terms of the agreement, approved by Michaels’ board, Apollo...
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...
Amazon changes the logo on its app after customers say it looks like Hitler
Amazon has tweaked its iPhone app after customers said the design looked like Adolf Hitler and his mustache. The app featured the Amazon smile with a blue piece of packing tape with a jagged edge overhead. Although it was supposed to look like a cardboard Amazon package, it drew comparisons...
