• IMF: Global Economy Has Entered Recession, Worse Than 2008 Downturn
    2020-03-27 23:26:50 UTC

    WASHINGTON (AP) — The head of the International Monetary Fund said Friday it is clear that the global economy has now entered a recession that could be as bad or worse than the 2009 downturn. IMF Managing Director Kristalina Georgieva said the 189-nation lending agency was forecasting a recovery in 2021, saying it could be a “sizabl...
  • 3.3 Million Americans Filed for Unemployment Aid in A Single Week
    2020-03-27 00:45:33 UTC

    WASHINGTON (AP) — Nearly 3.3 million Americans applied for unemployment benefits last week — almost five times the previous record set in 1982 — amid a widespread economic shutdown caused by the coronavirus. The surge in weekly applications was a stunning reflection of the damage the viral outbreak is inflicting on the economy. Fili...
  • U.S. Auto Sales Plummet 80 Percent
    2020-03-26 04:24:17 UTC

    (Reuters) - Vehicle sales in U.S. states that implemented lockdown orders to curb the spread of the coronavirus will drop 80% or more, analysts said on Wednesday. Auto retail sales through the week of March 22 declined 22% nationwide on a yearly basis and as much as 40% in some cities on the U.S. West Coast, according to an analysi...
  • Asian Markets Opened Sharply Higher
    2020-03-25 03:14:56 UTC

    NEW YORK (AP) — Shares opened sharply higher in Asia on Wednesday after the Dow Jones Industrial Average surged to its best day since 1933 with Congress and the White House nearing a deal on injecting nearly $2 trillion of aid into an economy ravaged by the coronavirus. Japan’s Nikkei 225 index jumped 5.3%, while Hong Kong added 3% ...
  • Dow Ends Week With a 17.3% Loss
    2020-03-21 00:53:35 UTC

    <p>Wall Street ended the week the same way it began: in full retreat from the coronavirus.</p><p>Stocks fell sharply and the price of oil sank Friday as federal and state governments moved to shut down bigger and bigger swaths of the nation&rsquo;s economy in the hope of limiting the spread of the outbreak.</p><p>The Dow Jones Industri...
  • Dow Erases All Its Gains Since Trump’s Inauguration
    2020-03-18 23:34:43 UTC

    NEW YORK (AP) — Stocks tumbled more than 5% on Wall Street Wednesday, and the Dow erased virtually all its gains since President Donald Trump’s 2017 inauguration. Even prices for investments seen as safe during downturns fell as the coronavirus outbreak chokes the economy and investors rush to raise cash. Markets have been incredib...
  • Global Stocks Fall Sharply as Virus Cases Spread Around the World
    2020-03-16 20:33:23 UTC

    NEW YORK (AP) — Stocks fell sharply around the world Monday as the coronavirus forced huge swaths of the economy to the edge of a standstill, from parked airplanes to the nearly empty restaurant around the corner. The Dow industrials took a 2,999-point nosedive on Monday as fears deepen that the coronavirus outbreak will throw glob...
  • Warm Winter: Germany’s Vineyards Will Produce No Ice Wine
    2020-03-13 19:45:47 UTC

    <p>FRANKFURT, Germany (AP) &mdash; A warm winter means that, for apparently the first time in the history of German winemaking, the country&rsquo;s fabled vineyards will produce no ice wine &mdash; a pricey, golden nectar made from grapes that have been left to freeze on the vine.&nbsp;</p><p>The German Wine Institute said Sunday that ...
  • Global Shares Plunge: Worst Day Since '87
    2020-03-13 02:06:33 UTC

    <p>NEW YORK (AP) &mdash; Shares have plunged in Asia, with Japan&rsquo;s benchmark sinking 10% after Wall Street suffered its biggest drop since the Black Monday crash of 1987.&nbsp;</p><p>Markets worldwide have retreated as fears of economic fallout from the coronavirus crisis deepen and the meltdown in the U.S., the world&rsquo;s big...
  • Bear Market: Dow dives more than 1,400 points
    2020-03-11 20:19:29 UTC

    <p>NEW YORK (AP) &mdash; Stocks are closing sharply lower on Wall Street, erasing more than 1,400 points from the Dow industrials, as investors wait for a more aggressive response from the U.S. government to economic fallout from the coronavirus. The Dow has now fallen 20% from its recent high, and the broader S&amp;P 500 nearly as muc...
  • Twitter Strikes Deal with Silver Lake, Elliott to keep Jack Dorsey as CEO
    2020-03-10 20:02:41 UTC

    San Francisco — Twitter says it’s reached an investment deal with Silver Lake and Elliott Management that will keep Jack Dorsey as the social media company’s CEO. Twitter Inc. said Monday that Silver Lake will make a $1 billion investment in the company. That money, along with cash on hand, is expected to be put toward a $2 billion ...
  • Stocks Rise in Turbulent Trading a Day After Selloff
    2020-03-10 19:47:33 UTC

    NEW YORK (AP) — Wall Street endured another day of dizzying trading Tuesday, whipping up and down with hopes that the U.S. and other governments will cushion the economy from the pain of the coronavirus. The S&P 500 surged as much as 3.7% in the morning and recouped nearly half its historic drop from the prior day, but all of those ...
  • You Don't Need a 20% Down Payment to Buy a Home in US
    2020-03-10 19:48:35 UTC

    Many Americans may be unnecessarily talking themselves out of homeownership. Thirty-seven percent of non-homeowners say not having enough saved for a down payment is holding them back from homeownership, but 62% of Americans incorrectly believe you have to have at least 20% of a home’s purchase price to buy, according to NerdWallet’s 2...
  • Black Monday: Shock To Oil Also Rattled Stock Markets
    2020-03-09 14:09:42 UTC

    NEW YORK (AP) — Fear gripped financial markets around the world Monday as stock prices and bond yields plunge on worries about the effects of a new coronavirus. The most violent drops came from the oil markets, where prices cratered more than 20%. But moves in stocks and bond yields were nearly as breathtaking. In the United States...
  • Coronavirus Fuels Dramatic Fall in Oil Price
    2020-03-09 01:49:08 UTC

    <p>NEW YORK (AP) &mdash; Oil prices are plunging as a dispute among producers could lead a global economy weakened by COVID-19 to be awash in an oversupply of crude.</p><p>Brent crude, the international standard, lost $9.50, or 20.1%, to $35.77 per barrel, as of 7:58 p.m. Eastern time on Sunday after earlier touching its lowest price s...
  • Publisher Cancels Woody Allen's Memoir After Staff Stage Walkout
    2020-03-06 22:45:58 UTC

    <p>NEW YORK (AP) &mdash; Woody Allen&rsquo;s publisher has decided to cancel the planned release of his memoir &ldquo;Apropos of Nothing.&rdquo;</p><p>The announcement Friday by Hachette Book Group followed days of criticism focused on allegations that Allen sexually abused his daughter Dylan Farrow. On Thursday, dozens of Hachette emp...
  • Nothing Can Pull Markets Out From Undertow
    2020-03-06 20:41:47 UTC

    <p>NEW YORK (AP) &mdash; Stocks kept falling Friday, and bond yields took more breathtaking drops as a brutal, dizzying couple weeks of trading showed no sign of letting up.&nbsp;</p><p>Even a better-than-expected <a href="">report on U.S. jobs</a> wasn&rsquo;t enough to pull markets f...
  • Dow Jones Falls Nearly 1,200 Points
    2020-02-27 21:12:47 UTC

    The Dow Jones Industrial Average sank nearly 1,200 points Thursday, deepening a weeklong global market rout caused by worries that the coronavirus outbreak will wreak havov on the global economy. Bond prices soared again as investors sought safe places to park money, sending the yield on the 10-year Treasury to another record low. More...
  • Data: US Economy Losing Momentum
    2020-01-31 21:01:40 UTC

    WASHINGTON Reuters - U.S. consumer spending rose steadily in December, but tepid income gains pointed to moderate consumption growth this year, which together with slumping business investment likely set the economy on a slower growth path this year. While the report on Friday from the Commerce Department also showed inflation picki...
  • Weak US Economic Data Weighs on Global Market
    2019-10-03 16:56:45 UTC

    NEW YORK (Reuters) - Weaker-than-expected U.S. economic data weighed on global financial markets on Thursday, leaving world equity benchmarks bouncing in choppy trading and sending investors into safe-haven assets on expectations of further Federal Reserve interest rate cuts. The drop in the closely watched Institute for Supply Mana...
  • Attacks on Saudi Oil Field Knock Out Half of Its Output
    2019-09-15 07:21:05 UTC

    RIYADH/DUBAI/LONDON (Reuters) - Yemen’s Iran-aligned Houthi group said it attacked two plants at the heart of Saudi Arabia’s oil industry on Saturday, knocking out more than half the Kingdom’s output, in a move expected to send oil prices soaring and increase tensions in the Middle East. The attacks will cut the kingdom’s output by ...
  • Recession Fears Escalate
    2019-08-14 19:02:04 UTC

    NEW YORK (Reuters) - Wall Street stumbled on Wednesday as investors fled equities for safe-haven assets, seeking shelter amid gathering signs that a recession could be on the horizon. All three major U.S. indexes were sharply lower as short- and long-dated Treasury yields inverted for the first time in 12 years, a potential signal o...
  • Russia Asks Google to Stop Advertising “Illegal Mass Events”
    2019-08-11 16:07:42 UTC

    MOSCOW (Reuters) - Russia’s state communications watchdog said on Sunday it had asked Google to stop advertising “illegal mass events” on its YouTube video platform. Tens of thousands of Russians staged what observers called the country’s biggest political protest for eight years on Saturday, defying a crackdown to demand free elect...
  • No-Deal Brexit Would Cause Severe Damage to UK
    2019-07-29 03:42:16 UTC

    A no-deal Brexit would cause “severe” damage to UK businesses, according to the Confederation of British Industry (CBI). Carolyn Fairbairn, director general of the lobby group, told BBC that quitting the EU without an agreement should be an option “that is not even considered”. Claims that firms are ready for a no-deal scenario are ...
  • Steve Jobs Design Chief to Start Own Firm
    2019-06-28 00:58:11 UTC

    (Reuters) - Jony Ive, a close creative collaborator with Apple Inc co-founder Steve Jobs whose iPhone and other designs fueled Apple’s rise to become a $1 trillion company, will leave later this year to form an independent design company. Apple said Ive will continue work on its products at his new venture, but shares fell as much a...