Latest Economy News

How major US stock indexes fared Tuesday

Jan. 28, 2020 5:53 PM EST

U.S. stocks closed broadly higher Tuesday, reversing a big portion of their losses from a sharp sell-off the day before. The gains snapped a two-day skid in the bechmark S&P 500 index driven by fears that the spread of a new virus in China could hamper global ecomomic growth. Technology stocks rose the most....

Trader Michael Milano works on the floor of the New York Stock Exchange, Tuesday, Jan. 28, 2020. Stocks are opening broadly higher on Wall Street a day after the S&P 500 had its biggest drop since early October. Technology companies were putting up some of the biggest gains early Tuesday. (AP Photo/Richard Drew)

Stocks indexes gain on Wall Street a day after a big drop

Jan. 28, 2020 5:16 PM EST

Stocks closed broadly higher on Wall Street Tuesday, reversing a big slice of the market’s losses from a sharp sell-off the day before. The rebound ended a five-day losing streak for the Dow Jones Industrial Average fueled largely by fears that the spread of a new virus in China could hamper global...

A worker wearing a face mask sprays disinfectant along a path in Wuhan in central China's Hubei Province, Tuesday, Jan. 28, 2020. China's death toll from a new viral disease that is causing global concern rose by 25 to at least 106 on Tuesday as the United States and other governments prepared to fly their citizens out of the locked-down city at center of the outbreak. (AP Photo/Arek Rataj)

Bad timing: New virus poses threat to fragile world economy

Jan. 28, 2020 4:54 PM EST

This should be peak season for a 12-room hotel near the train station in the Chinese industrial hub of Wuhan. The Chinese New Year usually brings in plenty of travelers and delivers profits of around $3,000 a month. But the place is empty. Wuhan, the center of a deadly viral outbreak, is on lockdown....

FILE- In this Oct. 24, 2017, file photo, the logo for 3M appears on a screen above the trading floor of the New York Stock Exchange. A profound slump in manufacturing and a trade war that has slowed economic growth in China has led to a second round of layoffs at 3M, the Minnesota company that, in addition to Post-it notes, makes industrial coatings and ceramics. (AP Photo/Richard Drew, File)

In grinding manufacturing slump, 3M cuts another 1,500 jobs

Jan. 28, 2020 4:39 PM EST

A profound slump in manufacturing and a trade war that has slowed economic growth in China has led to a second round of layoffs at 3M, the Minnesota company that makes Post-it notes as well as industrial coatings and ceramics. The 1,500 job cuts come on top of the 2,000 jobs the company trimmed less than a year...

FILE - In this Nov. 23, 2015, file photo, the Pfizer logo is displayed at world headquarters in New York.  Pfizer is reporting a $306 million loss for the fourth quarter after it shifted its consumer health business into a joint venture last year. It narrowly Wall Street expectations for net income when nonrecurring events are removed. The biggest US drugmaker on Tuesday, Jan. 28, 2020 reported a net loss of  6 cents per share.   (AP Photo/Mark Lennihan, File)

Pfizer posts 4Q loss, misses Street views, on lower revenue

Jan. 28, 2020 4:32 PM EST

Pfizer's ongoing restructuring is significantly reducing revenue, resulting in a $337 million loss in its fourth quarter and a miss of Wall Street's profit expectations. The results and Pfizer's 2020 financial forecasts didn't please investors, who drove Pfizer shares down more than 4%, an unusually large drop...

The Capitol is seen as defense arguments by the Republicans resume in the impeachment trial of President Donald Trump on charges of abuse of power and obstruction of Congress, in Washington, Monday, Jan. 27, 2020. (AP Photo/J. Scott Applewhite)

Budget deficit to break $1 trillion despite strong economy

Jan. 28, 2020 2:34 PM EST

WASHINGTON (AP) — An annual congressional report says the U.S. budget deficit is likely to burst through the symbolic $1 trillion barrier this year despite a healthy economy. Tuesday's Congressional Budget Office report follows a burst of new spending last year and the repeal in December of several taxes...

A general view of the city of Athens with the ancient Acropolis hill on the background, Tuesday Jan. 28, 2020. Greece has launched an auction for a 15-year bond, aimed at taking advantage of low interest rates and a recent sovereign credit rating upgrade. (AP Photo/Petros Giannakouris)

Greece says landmark 15-year bond auction successful

Jan. 28, 2020 2:03 PM EST

ATHENS, Greece (AP) — Greece raised 2.5 billion euros ($2.75 billion) in a 15-year bond auction on Tuesday at a low interest rate, as the country borrowed beyond the scope of a bailout-repayment relief plan for the first time. The Public Debt Management Agency said the yield was 1.88% — below a...

Congressional Budget Office: Budget deficit to reach $1 trillion this year despite strong economy

Jan. 28, 2020 2:02 PM EST
WASHINGTON (AP) — Congressional Budget Office: Budget deficit to reach $1 trillion this year despite strong economy.
Mobile network phone masts are visible in front of St Paul's Cathedral in the City of London, Tuesday, Jan. 28, 2020.The Chinese tech firm Huawei has been designated a

In snub to US, Britain will allow Huawei in 5G networks

Jan. 28, 2020 1:45 PM EST

LONDON (AP) — Britain decided Tuesday to let Chinese tech giant Huawei have a limited role supplying new high-speed network equipment to wireless carriers, ignoring the U.S. government's warnings that it would sever intelligence sharing if the company was not banned. Britain's decision is the first by a...

In this Jan. 9, 2020 photo a passer-by is reflected in the glass of a storefront in the Harvard Square neighborhood, of Cambridge, Mass. Recessions, and their severity, are out of your control, but as Luke Delorme, director of financial planning at American Investment Services and others point out, your own financial situation doesn’t have to be. You can take steps to insulate yourself from an economic downturn. (AP Photo/Steven Senne)

Millennial Money: Recession jitters and your finances

Jan. 28, 2020 12:14 PM EST

Even just talk of a possible recession can trigger anxiety for anyone who associates it with the major economic downturn of a dozen years ago. But history doesn’t always repeat itself. “The financial crisis in 2008 was basically the second-worst recession ever after the Great Depression in the last...