By Lewis Krauskopf, Shreyashi Sanyal and Bansari Mayur Kamdar (Reuters) – Wall Street’s main indexes fell on Wednesday, with the tech-heavy Nasdaq confirming a correction, after a diverse set of corporate earnings and as investors continued to worry about higher U.S. Treasury yields and the Federal Reserve tightening monetary policy. The Nasdaq ended down over…
(Reuters) – The story headlined, “Wall Street selloff deepens, Nasdaq confirms correction,” was issued inadvertently ahead of the market closing. A replacement story will be issued shortly after the market closes at 4 pm ET (2100 GMT).
GENEVA (AP) — New German Chancellor Olaf Scholz called Wednesday for a “paradigm shift” in the way the world approaches climate policy, saying his country would leverage its presidency of the Group of Seven industrial nations this year to push for standards to fight global warming. Climate discussions have been a key theme this week…
SILVER SPRING, Md. (AP) — Construction of new homes in the U.S. rose for the third consecutive month in December and data released Wednesday suggests that the frantic pace of building will continue this year. The December increase puts home construction at a seasonally adjusted annual rate of 1.7 million units, the Commerce Department reported…
LONDON (AP) — Unilever, the maker of Vaseline skin care products and Dove soap, says it won’t increase a 50 billion-pound ($68.2 billion) offer for GlaxoSmithKline’s consumer healthcare unit that was rejected last week. London-based GSK said Saturday that the bid “fundamentally undervalued” the unit. The offer, which included 41.7 billion pounds in cash and…
ANKARA, Turkey (AP) — Turkey’s government and central bank have taken unconventional steps in recent weeks to prop up a beleaguered economy crippled by skyrocketing consumer prices, instead of ending a much-criticized plan to cut interest rates. President Recep Tayyip Erdogan’s insistence on cutting rates — the opposite of what economists say to do to…
LONDON (AP) — Consumer prices in the United Kingdom have risen at the fastest pace in almost 30 years as higher costs for energy, transportation, food and furniture squeezed household incomes. Inflation accelerated to 5.4% in the 12 months through December, up from November’s 5.1%, the Office for National Statistics said Wednesday. Last month’s annual…
By Abhijith Ganapavaram and Nathan Gomes (Reuters) – North American railroad operators are expected to reveal a dour picture when they report fourth-quarter results as lower freight volumes due to port congestion, labor shortages and adverse weather dampen gains from higher shipment prices. The COVID-19 pandemic knocked volumes shipped, but the companies were able to…
By Lewis Krauskopf, Shreyashi Sanyal and Bansari Mayur Kamdar (Reuters) – The S&P 500 and Nasdaq edged higher in a choppy trading session on Wednesday after quarterly results from a diverse set of companies, while tech stocks stabilized and U.S. Treasury yields pulled back from milestones. The tech-heavy Nasdaq recovered after earlier in the session…
By Jonathan Stempel NEW YORK (Reuters) – A U.S. appeals court on Wednesday revived a racketeering lawsuit accusing the consulting firm McKinsey & Co of concealing potential conflicts when seeking permission from bankruptcy courts to perform lucrative work on corporate restructurings. The 3-0 decision by the 2nd U.S. Circuit Court of Appeals in Manhattan was…
