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Wire stories category, Page 80

Pope Francis, first Latin American pontiff, dies at 88
Stocks give up part of an early gain but still end higher
NEW YORK — Stocks gave up part of their gains from earlier in the day but still closed higher on Wall Street Tuesday. Gains for big technology companies outweighed losses in banks and elsewhere in the market. The S&P 500 rose 0.5% after being up more than 1% earlier. It’s...
Daimler AG to pay $1.5B to settle emissions cheating probes
WASHINGTON — Automaker Daimler AG and subsidiary Mercedes-Benz USA have agreed to pay $1.5 billion to the U.S. government and California state regulators to resolve emissions cheating allegations, officials said Monday. The Department of Justice, Environmental Protection Agency and the California attorney general’s office say Daimler violated environmental laws by...
Microsoft says its bid to buy TikTok has been rejected
The owner of TikTok has chosen Oracle over Microsoft as its preferred suitor to buy the popular video-sharing app, according to a source familiar with the deal who was not authorized to speak publicly about it. Microsoft announced Sunday that its bid for TikTok was rejected, removing the tech giant...
U.S. budget deficit hits record $3 trillion through 11 months
WASHINGTON — The U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year, the Treasury Department said Friday. The ocean of red ink is a product of the government’s massive spending to try to cushion the impact of a coronavirus-fueled recession...
Wall Street still shaky as tumultuous week comes to a close
NEW YORK — Stocks are trying for another comeback on Wall Street Friday, as a tumultuous week of big swings comes to a close. The S&P 500 was up 0.2% in morning trading, but only after an earlier gain of 0.8% vanished completely. Momentum has been lightning-quick to shift on...
Citi names Jane Fraser as first female CEO of Wall Street bank 
Citigroup Inc. picked Jane Fraser as its next chief executive officer, placing the first woman atop a major Wall Street bank. Fraser will succeed Mike Corbat, who is retiring in February after more than eight years in the top job. Fraser, who was named the company’s president last year in...
Mall owners Simon and Brookfield close to buying J.C. Penney out of bankruptcy
NEW YORK — Mall owners Simon Property Group and Brookfield Property Partners are close to a deal to buy department store chain J.C. Penney out of bankruptcy and keep the chain running. Penney’s lawyer Josh Sussberg announced the tentative pact, which will save roughly 70,000 jobs and avoid liquidation, during...
U.S. job postings rise to 6.6 million in July
WASHINGTON — U.S. employers advertised more jobs but hired fewer workers in July, sending mixed signals about the job market in the wake of the coronavirus outbreak. The Labor Department said Wednesday that the number of U.S. job postings on the last day of July rose to 6.6 million from...
Luxury goods giant LVMH cancels $14.5B deal for Tiffany
NEW YORK — Luxury goods giant LVMH is ending its takeover deal of jewelry retailer Tiffany & Co., saying the French government had requested a delay to assess the threat of proposed U.S. tariffs and amid wider industry troubles caused by the pandemic. The Paris-based conglomerate said that both the...
Hobby Lobby faces calls for boycott over pro-Trump store display
Calls for a consumer boycott are being heard after a Hobby Lobby store was photographed with a pro-Trump display in one of its buildings. The image, originally posted to Twitter of the undetermined location arts-and-crafts store, showed “USA vote Trump” in decorative letters at the end of an aisle. Twitter...
Tech sell-off resumes; Nasdaq down more than 8% in 3 days
NEW YORK — Big tech stocks are continuing their Icarus-like flight path, and more sharp declines for them are pulling Wall Street lower in early Tuesday trading. The S&P 500 was down 1.9%, highlighted by the 2.7% tumble for tech stocks within the index. Apple sank 2.9% and Microsoft fell...
Analysis: Trump made a promise to save coal in 2016. He couldn’t keep it
President Donald Trump spent more than $1 billion in taxpayer funds, rolled back environmental rules and tried to stop power plant closings to fulfill a vow he made to West Virginia coal miners in the 2016 campaign. But nothing he’s done is rescuing the coal industry. Since Trump’s inauguration, U.S....
Unions threaten work stoppages amid calls for racial justice
NEW YORK — Ahead of Labor Day, unions representing millions across several working-class sectors are threatening to authorize work stoppages in support of the Black Lives Matter movement amid calls for concrete measures that address racial injustice. In a statement first shared with The Associated Press, labor leaders who represent...
Hyundai now says recalled vehicles should be parked outside
DETROIT — Hyundai has reversed itself on a recall to fix a defect that could cause engine fires and is now telling owners of more than 200,000 vehicles to park them outdoors until repairs are made. The company, along with affiliated South Korean automaker Kia, on Thursday said they were...
Tech rout sends stock market to its biggest loss since June 
NEW YORK — Wall Street’s euphoria took a break Thursday, as steep losses in technology stocks dragged the rest of the market down with them. It was the biggest decline for the U.S. stock market since early June, when investors were dealing with a surge of coronavirus infections in places...
Budget deficit to hit record $3.3 trillion because of coronavirus, recession
WASHINGTON — The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said Wednesday. The spike in the deficit means...
Wall Street has biggest gain since July, sets more records 
The Dow Jones Industrial Average surged more than 450 points Wednesday as the stock market notched its best day in nearly two months. The S&P 500 rose 1.5%, it’s best day since July 6. The benchmark index and the Nasdaq composite each hit new highs, extending Wall Street’s milestone-setting run...
Black former franchisees sue McDonald’s for discrimination 
More than 50 Black former McDonald’s franchise owners are suing the burger chain, saying the company steered them to less-profitable restaurants and didn’t give them the same support and opportunities given white franchisees. The 52 plaintiffs, who owned around 200 U.S. stores before being forced to sell them over the...
Stocks start September off with more gains, led by tech 
Wall Street kicked off September with another set of milestones Tuesday, as an afternoon rally carried the S&P 500 and Nasdaq composite to all-time highs. The S&P 500 bounced back from a modest loss in the early going to finish 0.8% higher a day after the benchmark index wrapped up...
Trump administration finalizes coal plant pollution rollback
BILLINGS, Mont. — The Trump administration on Monday finalized its weakening of an Obama-era rule aimed at reducing polluted wastewater from coal-burning power plants that has contaminated streams, lakes and underground aquifers The change will allow utilities to use cheaper technologies and take longer to comply with pollution reduction guidelines...
Amazon wins FAA approval to deliver packages by drone
NEW YORK — Getting an Amazon package delivered from the sky is closer to becoming a reality. The Federal Aviation Administration said Monday it had granted Amazon approval to deliver packages by drones. Amazon said that the approval is an “important step,” but added that it is still testing and...
S&P 500 notches this year’s longest weekly winning streak 
NEW YORK — The gains keep piling up on Wall Street, and the S&P 500 rallied again on Friday to close out its fifth straight winning week. The benchmark index rose 23.46, or 0.7%, to 3,508.01, setting another record high and several more superlatives. It was the seventh straight day...
Stocks climb after Fed says rates may stay low for longer
NEW YORK — Stocks edged further into record heights on Wall Street Thursday after the Federal Reserve made a major overhaul to its strategy, one that could keep interest rates low for longer. The S&P 500 rose 0.2% after earlier veering through a jumbled day of trading. Prices for stocks,...
More blowout profit from tech companies push S&P 500 higher
More blowout profit reports from big tech companies are pushing the S&P 500 toward another record Wednesday. The benchmark index was up 0.8% in afternoon trading, even though most of the stocks within it were falling. Technology stocks accounted for the lion’s share of the gains, outweighing losses in health...
Orders for big-ticket US manufactured goods jumped 11.2%
WASHINGTON — Orders to U.S. factories for big-ticket manufactured goods jumped 11.2% in July, the third consecutive monthly gain. The Commerce Department reported Wednesday that the July advance followed a 7.7% increase in June. The July increase was led by a strong advance in the volatile transportation sector, which was...


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