Latest Economy News
Wall Street ends higher, marking 2nd winning week in a row
A late-afternoon turnaround on Wall Street left stocks higher Friday as the market shook off a weak start amid worries about banks on both sides of the Atlantic. The S&P 500 rose 0.6% after slipping for most of the morning. The benchmark index marked its second straight weekly...
Fed's unwanted ally in bid to tame inflation: Credit crunch
WASHINGTON (AP) — The Federal Reserve is getting some unwanted help in its drive to slow the U.S. economy and defeat the worst bout of inflation in four decades: a cutback in bank lending. The upheaval in the financial system that's followed the collapse of two major U.S. banks is...
UK central bank hikes rates like Fed amid financial turmoil
LONDON (AP) — The Bank of England extended its battle against inflation Thursday, announcing an 11th consecutive interest rate increase despite concerns about the economic fallout from troubles in the global financial system. Britain’s central bank boosted its key rate by a...
Biden approval dips near lowest point: AP-NORC poll
WASHINGTON (AP) — Approval of President Joe Biden has dipped slightly since a month ago, nearing the lowest point of his presidency as his administration tries to project a sense of stability while confronting a pair of bank failures and inflation that remains stubbornly high. ...
US jobless claims inch down as labor market remains tight
The labor market continues to defy Federal Reserve attempts at loosening it, with U.S. applications for unemployment benefits down again last week and remaining at historically low levels. Jobless claims in the U.S. for the week ending March 18 fell by 1,000 to 191,000 from the...
Asian shares decline after Fed hints rate hikes may end soon
TOKYO (AP) — Asian shares were mostly lower Thursday after the Federal Reserve raised a key interest rate, while noting the end may be near for its economy-crunching hikes to interest rates. The Fed raised its key overnight rate by a quarter of a percentage point, the same size as...
Americans' faith in banks low after failures: AP-NORC poll
WASHINGTON (AP) — Only 10% of U.S. adults say they have high confidence in the nation’s banks and other financial institutions, a new poll finds. That's down from the 22% who said they had high confidence in 2020. Following the collapse of Silicon Valley Bank this month, the poll...
World Bank approves $7 billion loan to support Egypt reforms
CAIRO (AP) — The World Bank said Wednesday it approved a $7 billion loan to support Egypt’s push to empower the private sector and enhance its efforts to combat the impacts of climate change. The loan, approved Tuesday by the World Bank’s board of executive directors, is...
US home sales surged in February as mortgage rates dipped
LOS ANGELES (AP) — Sales of previously occupied U.S. homes surged in February to the fastest pace in six months as homebuyers seized on a modest drop in mortgage rates. The nation’s median price also edged lower, its first annual drop since 2012. Existing home sales jumped 14.5%...
Stocks fall to cap chaotic week driven by fears about banks
NEW YORK (AP) — Stocks fell Friday to end a whipsaw week on Wall Street amid rising fear among investors that turmoil in the banking industry could drag the economy into a recession. The S&P 500 sank 1.1%, cutting into its gain for the week. The Dow Jones Industrial Average...
