NEW YORK (AP) — Wall Street closed out another volatile week of trading with a broad rally Friday, though it wasn’t nearly enough to keep the market from its sixth straight weekly drop, the longest such streak since 2011. The S&P 500 climbed 2.4%. More than 90% of the companies in the benchmark index closed…
NEW YORK (AP) — The CEO of cryptocurrency exchange FTX has bought a 7.6% stake in Robinhood Markets, according to a filing with U.S. regulators on Thursday. Samuel Bankman-Fried said in the filing that he bought the shares thinking they were an attractive investment and that he doesn’t currently have any plans to change or…
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell, fresh off winning Senate confirmation for a second term earlier in the day, acknowledged for the first time Thursday that high inflation and economic weakness overseas could thwart his efforts to avoid causing a recession. For weeks, Powell has portrayed the Fed’s drive to raise interest rates…
SACRAMENTO, Calif. (AP) — The California Legislature on Thursday agreed to increase how much money people can win in medical malpractice lawsuits, resolving one of the thorniest disputes in state politics by raising a cap on damages for the first time in 47 years. California is one of 33 states that limits how much money…
WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp…
WASHINGTON (AP) — Average long-term U.S. mortgage rates edged up again this week, with interest on the key 30-year loan at its highest level since 2009. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate ticked up to 5.3% from 5.27% last week. By contrast, the average rate stood at 2.94% a year ago….
WASHINGTON (AP) — The number of Americans applying for jobless aid ticked up slightly last week but the total number of Americans collecting benefits remained at its lowest level in more than five decades. Applications for unemployment benefits rose by 1,000 to 203,000 for the week ending May 7, the Labor Department reported Thursday. First-time…
LONDON (AP) — Britain’s foreign secretary warned the European Union on Thursday that the U.K. will have “no choice but to act” to revoke parts of a Brexit agreement on Northern Ireland if the EU does not show flexibility. Post-Brexit arrangements for border and customs checks in Northern Ireland have become “the greatest obstacle” to…
WASHINGTON (AP) — U.S. producer prices soared 11% in April from a year earlier, a hefty gain that indicates high inflation will remain a burden for consumers and businesses in the months ahead. The Labor Department said Thursday that its producer price index — which measures inflation before it reaches consumers — climbed 0.5% in…
BERLIN (AP) — Top diplomats from the Group of Seven wealthy nations are gathering in northern Germany to discuss the war in Ukraine, energy and food security, relations with China and climate change during a three-day meeting starting Thursday. The foreign ministers of Ukraine and neighboring Moldova, which fears becoming Russia’s next target of aggression,…
