Business category, Page 219
S&P 500 rises again, on pace for its best week since July
NEW YORK — Stocks are rising on Wall Street Friday as talks appear to be continuing in the start-and-stop drive on Capitol Hill to deliver more aid to the ailing economy. The S&P 500 was 0.9% higher in afternoon trading, on track for its third straight gain. It’s also on...
Stocks climb again on Wall Street with hopes for stimulus
NEW YORK — Stocks rose for the second day in a row Thursday, reflecting hope on Wall Street that Washington can approve more aid for the economy and encouragement from a report that suggests the pace of layoffs is slowing a bit, even though it remains incredibly high. The S&P...
U.S. layoffs remain elevated as 840,000 seek jobless aid
WASHINGTON — The number of Americans seeking unemployment benefits fell slightly last week to a still-high 840,000, evidence that job cuts remain elevated seven months into the pandemic recession. The latest sign of a flagging recovery comes two days after President Donald Trump cut off talks over a new rescue...
Murrysville FlexScreen owner enters equity partnership with ‘Shark Tank’ investorVideo
When Joe Altieri was in his Plum garage working on a prototype for a flexible window screen, his vision was to build a successful business. Getting that business, FlexScreen, to the point where he could garner rapid interest from multiple investors on ABC’s “Shark Tank” turned out to be icing...
Ruby Tuesday restaurant chain files for bankruptcy
The owners of a well-known classic restaurant chain announced Wednesday that they have filed for bankruptcy. Ruby Tuesday announced the company has filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code, according to Businesswire. There are two remaining Ruby Tuesday restaurants in western Pennsylvania: New Castle...
Airline shares get a boost from Trump’s late tweets
SILVER SPRING, Md. — Shares in major U.S. airlines were poised for gains Wednesday after President Donald Trump tweeted his support for a relief package for the struggling industry and prodded Congress to take action. “The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support,” Trump...
5 questions as Mike Pence, Kamala Harris prepare for debate faceoff
NEW YORK — Vice President Mike Pence and Democrat Kamala Harris meet on the debate stage for the first and only time Wednesday night in Utah. Some key questions heading into the debate: How much does this debate matter? Vice presidential debates rarely move the needle in significant ways during...
5 things to know about the Big Tech antitrust report
After years of calling Big Tech too big, Democratic lawmakers are calling for Congress to rein in Facebook, Google, Amazon and Apple by breaking them up, limiting future mergers and blocking self-dealing that could hurt competitors. Those proposals are in a 450-page report issued Tuesday by a House antitrust panel,...
Facebook broadens measures against QAnon, will remove groups
OAKLAND, Calif. — Facebook is tightening its policy against QAnon, the baseless conspiracy theory that paints President Donald Trump as a secret warrior against a supposed child-trafficking ring run by celebrities and “deep state’ government officials. The company said Tuesday that it will remove Facebook pages, groups and Instagram accounts...
Stocks drop after President Trump calls off stimulus talksVideo
Stocks dropped Tuesday on Wall Street when President Donald Trump ordered a stop to negotiations with Democrats on a coronavirus economic stimulus bill until after the election. The S&P 500 index slid 1.4% after having been up 0.7% prior to the president’s announcement, which he made on twitter about an...
Trump halts covid-19 relief talks until after electionVideo
WASHINGTON — President Donald Trump on Tuesday called an abrupt end to negotiations with Democrats over additional covid-19 relief, delaying action until after the election despite ominous warnings from his own Federal Reserve chairman about the deteriorating conditions in the economy. Trump tweeted that House Speaker Nancy Pelosi was “not...
U.S. trade deficit up to $67.1 billion in August, 14-year high
The U.S. trade deficit rose in August to the highest level in 14 years. The Commerce Department reported Tuesday that the gap between the goods and services the United States sells and what it buys abroad climbed 5.9% in August to $67.1 billion, highest since August 2006. Exports rose 2.2%...
Boeing says pandemic will cut demand for planes for a decade
Boeing is lowering its expectations around demand for new planes over the next decade as the coronavirus pandemic continues to undercut air travel. The company on Tuesday predicted that the world will need 18,350 new commercial airplanes in the next decade, a drop of 11% from its 2019 forecast. The...
Southwest Airlines wants workers to take 10% pay cuts or face furloughs in 2021
Southwest Airlines CEO Gary Kelly said all employees will need to take 10% pay cuts in 2021 to avoid furloughs amid a financial crisis that is expected to drag into next year. Kelly, whose Dallas-based airline hasn’t furloughed any employees during the covid-19 pandemic, said non-union employees will take 10%...
D&L Industrial Supply sold to Oklahoma company
An Irwin company that supplies cutting tools for the metalworking industry was sold to an Oklahoma firm, the companies said. D&L Industrial Supply Inc., at 117 Main St., was purchased Monday by BlackHawk Industrial of Broken Arrow, Okla., which distributes carbide cutting tools, abrasives, saw blades and lubricants, said Brad...
Cigna and Bank of Hawaii are on the Casualty List
A few stocks continued to take it on the chin in the third quarter, even as many other stocks recovered from the previous quarter’s pandemic-induced slide. At the end of every quarter, I go hunting for stocks that have been smashed, and that I think have better things in store....
Pandemic pushes start of holiday shopping earlier than ever
NEW YORK — Add last-minute holiday shopping to the list of time-honored traditions being upended by the coronavirus pandemic. Retailers are kicking off the holiday season earlier than ever this year in hopes of avoiding big in-store crowds and shipping bottlenecks in November and December. Stores like Best Buy, Macy’s,...
Regional economic report: Consumer confidence inching up; young people most pessimistic
Consumer confidence in Southwestern Pennsylvania is still down but continues to rise from its lowest point during the pandemic in July. The most pessimistic group is young people, according to an analysis released Friday by the Allegheny Conference on Community Development. The report gauges sentiments toward the overall economy and...
Congress takes another run at airline bailout; fate unclear
House Democrats on Friday proposed a new $28.8 billion bailout for the airline industry after the carriers began furloughs of more than 32,000 workers to cut costs during a pandemic that has devastated air travel. Speaker Nancy Pelosi urged the airlines to delay those furloughs while Congress tries to approve...
Unemployment drops, but U.S. hiring slows for 3rd month in sign of struggling economy
WASHINGTON — America’s employers added 661,000 jobs in September, the third straight month of slower hiring and evidence from the final jobs report before the presidential election that the economic recovery has weakened. With September’s hiring gain, the economy has recovered only slightly more than half the 22 million jobs...
Airbnb blocking some rentals over Halloween to halt parties
Airbnb will prohibit one-night rentals over Halloween weekend as part of its ongoing effort to crack down on party houses. The action, announced Friday, comes nearly a year after a deadly shooting at an Airbnb in Orinda, California. Five people were killed in the shooting, which happened during an unauthorized...
Wall Street turn mixed after Trump’s positive virus test
NEW YORK — Wall Street is easing off its knee-jerk reaction to sell after President Donald Trump tested positive for the coronavirus, and stocks are clawing back much of their sharp losses from earlier in the morning on Friday. After slumping as much as 1.7% after trading began, the S&P...
Tesla sales surge as global demand picks up speed
Tesla’s third-quarter sales jumped 44% as global demand for its electric vehicles outpaced that of most other automakers. The company reported Friday that it had delivered 139,000 SUVs and sedans from July through September, compared with 97,000 deliveries during the same period a year ago. The sales topped even some...
Wall Street turn mixed after Trump’s positive virus test
NEW YORK — Wall Street is easing off its knee-jerk reaction to sell after President Donald Trump tested positive for the coronavirus, and stocks are clawing back much of their sharp losses from earlier in the morning on Friday. After slumping as much as 1.7% after trading began, the S&P...
Consumer spending gains slow to 1% in August
WASHINGTON — U.S. consumer spending slowed in August and personal income fell as a $600 weekly benefit for Americans who are unemployed during the pandemic expired. The Commerce Department reported Thursday that spending grew by just 1%, the weakest growth since spending fell 12.7% in April when rapidly spreading COVID-19...
