Latest Business News

How major US stock indexes fared Wednesday

Oct. 28, 2020 5:16 PM EDT

The S&P 500 had its worst day since June and the Dow Jones Industrial Average sank more than 900 points Wednesday as surging coronavirus cases in the U.S. and Europe threatened more pain for the economy. The selling was widespread, with 96% of stocks in the S&P 500 closing lower. The declines followed a...

Visa 4Q profits plunge, as pandemic slows payments worldwide

Oct. 28, 2020 5:16 PM EDT

CHARLOTTE, N.C. (AP) — Visa Inc. said Wednesday that its fiscal fourth quarter profits dropped 29% due to fewer dollars crossing on its namesake payment network while the world was in the grips of a pandemic-caused recession. The San Francisco-based company posted a profit of $2.14 billion, or 97 cents...

In this July 27, 2020 file photo, the tails of three UPS aircraft are shown parked at Miami International Airport in Miami. UPS, whose brown delivery trucks have become omnipresent on neighborhood streets during the pandemic, is reporting strong profits and revenue in its most recent quarter.  (AP Photo/Wilfredo Lee, File)

Demand for delivery boosts UPS revenue, but costs rise too

Oct. 28, 2020 4:56 PM EDT

Profit and revenue are rising at UPS, whose brown delivery trucks have become omnipresent on neighborhood streets during the pandemic, but so are costs. The company reported Wednesday that third-quarter profit rose 12% to $1.96 billion. With higher volume of packages to deliver, revenue climbed 16% to $21.24...

A pedestrian pass the New York Stock Exchange, Friday, Oct. 2, 2020, in New York.  Stocks around the world are falling sharply Wednesday, Oct. 28,  on worries the worsening pandemic will push governments to bring back restrictions on businesses.    (AP Photo/John Minchillo)

S&P 500 sinks 3.5% as surging virus cases lead to shutdowns

Oct. 28, 2020 4:48 PM EDT

The Dow Jones Industrial Average sank 943 points Wednesday as surging coronavirus cases forced more shutdown measures in Europe and raised fears of more restrictions in the U.S. The S&P 500 slid 3.5%, its third straight loss and its biggest drop since June. The benchmark index is already down 5.6% this week,...

A woman holds a poster reading:'The culture dies' as she attends a protest of people working in the entertainment and event industry against the German government's economic policies to combat the spread of the coronavirus and COVID-19 disease and demand more support for their business, in Berlin, Germany, Wednesday, Oct. 28, 2020. (Photo/Markus Schreiber)

France, Germany impose new lockdowns to curb virus spread

Oct. 28, 2020 4:44 PM EDT

BERLIN (AP) — France announced a full nationwide lockdown for the second time this year and German officials imposed a partial four-week lockdown Wednesday, as governments across Europe sought to stop a fast-rising tide of coronavirus cases. The World Health Organization says the European region —...

FILE - In this Jan. 29, 2020, file photo, a gambler makes bets on the upcoming Super Bowl at Bally's casino in Atlantic City N.J. The online sports betting company FanDuel will open an in-person sports book at Bally's casino in Atlantic City once the casino's sale to a Rhode Island company is finalized. FanDuel told The Associated Press on Wednesday, Oct. 28, 2020, that it has plans for a temporary sports betting facility in the casino before the end of the year, and will build a permanent sports book on the center of the casino floor next spring. (AP Photo/Wayne Parry, File)

FanDuel to open sports book in Bally's Atlantic City

Oct. 28, 2020 4:35 PM EDT

ATLANTIC CITY, N.J. (AP) — The online sports betting company FanDuel will open an in-person sports book at Bally's casino in Atlantic City once the casino's sale to a Rhode Island company is finalized. When that happens, all nine Atlantic City casinos will have on-location sports books as New Jersey vies...

Ford posts better than expected 3Q profit as sales recover

Oct. 28, 2020 4:34 PM EDT

DETROIT (AP) — Ford Motor Co. posted a stronger-than-expected third-quarter net profit as demand for cars and trucks recovered from coronavirus shutdowns and the company sold more high-margin trucks. The automaker says it made $2.39 billion, or 60 cents per share, as factories edged back to normal after...

S&P 500 falls 3.5% and Dow industrials drop more than 900 points as rising virus cases threaten more business shutdowns

Oct. 28, 2020 4:03 PM EDT
NEW YORK (AP) — S&P 500 falls 3.5% and Dow industrials drop more than 900 points as rising virus cases threaten more business shutdowns.
FILE - In this March 12, 2020 file photo, Venezuelan President Nicolas Maduro speaks at the Miraflores presidential palace in Caracas, Venezuela. The Trump administration pushed back Tuesday, Sept. 2, 2020 on Maduro, saying he deserves no praise for releasing a few political prisoners ahead of a congressional election when many more remain unjustly jailed. (AP Photo/Matias Delacroix, File)

Venezuela president: Key Venezuelan oil refinery attacked

Oct. 28, 2020 3:57 PM EDT

CARACAS, Venezuela (AP) — Venezuela’s President Nicolás Maduro said Wednesday that a large oil refinery suffered a “terrorist attack” as his government struggles to provide domestic fuel to the crisis-stricken nation. Maduro also said two foreigners were detained prior to the...

FILE - In this Jan. 25, 2020, file photo a Boeing 777X airplane takes off on its first flight with the Olympic Mountains in the background at Paine Field in Everett, Wash.  Boeing will cut more jobs as it continues to lose money and revenue during a pandemic that has smothered demand for new airline planes. The company said Wednesday, Oct. 28,  that it expects to cut its workforce to about 130,000 employees by the end of next year, down 30,000 from the start of this year.  (AP Photo/Ted S. Warren, File)

Deeper job cuts at Boeing as pandemic throttles air travel

Oct. 28, 2020 3:46 PM EDT

Boeing said Wednesday that it will cut 7,000 more jobs as it continues to bleed money during a pandemic that has smothered demand for new airline planes. The company said that when retirements and other employee departures are included, its workforce will shrink to about 130,000 by the end of next year, or 30,000...