Latest Economy News

Wall Street climbs to hit best level in nearly eight weeks

Jan. 26, 2023 16:23 PM EST

NEW YORK (AP) — Stocks rose Thursday to send Wall Street to its highest level in nearly eight weeks following reports suggesting the economy and corporate profits may be doing better than feared. The S&P 500 climbed 1.1% to clinch its highest finish since Dec. 2. The Dow Jones...

US economy slowed but still grew at 2.9% rate last quarter

Jan. 26, 2023 16:11 PM EST

WASHINGTON (AP) — The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession. Thursday’s estimate from the Commerce Department showed that the...

Yellen says Africa to shape world economy as US reengages

Jan. 26, 2023 13:33 PM EST

PRETORIA, South Africa (AP) — U.S. Treasury Secretary Janet Yellen watched Ford cars and pickup trucks being assembled at a plant in South Africa on Thursday, citing it as an example of cooperation between Washington and Africa as she begins the Biden administration's big push to reengage with a...

How will we know if the US economy is in a recession?

Jan. 26, 2023 09:49 AM EST

WASHINGTON (AP) — The second consecutive quarter of economic growth that the government reported Thursday underscored that the nation isn't in a recession despite high inflation and the Federal Reserve's fastest pace of interest rate hikes in four decades. Yet the U.S. economy is...

UN forecasts fall in global economic growth to 1.9% in 2023

Jan. 25, 2023 23:13 PM EST

UNITED NATIONS (AP) — The United Nations forecast Wednesday that global economic growth will fall significantly to 1.9% this year as a result of the food and energy crisis sparked by the war in Ukraine, the impact of the COVID-19 pandemic, persistently high inflation and the climate emergency. ...

Wall Street ends mixed after erasing a big morning loss

Jan. 25, 2023 16:32 PM EST

NEW YORK (AP) — Another roller-coaster day left Wall Street essentially where it began on Wednesday, after stocks veered on worries about how badly a slowing economy will hit corporate profits. The S&P 500 finished virtually unchanged, but only after it tumbled to a morning...

Norfolk Southern profit up 4% but expenses jump higher

Jan. 25, 2023 13:25 PM EST

OMAHA, Neb. (AP) — Norfolk Southern delivered 4% more fourth-quarter profit but higher expenses driven by soaring fuel costs hurt the bottom line even as service improved across the railroad. The Atlanta-based railroad reported fourth-quarter profit of $790 million, or $3.42 per...

Germany sees brighter outlook for Europe's largest economy

Jan. 25, 2023 09:59 AM EST

FRANKFURT, Germany (AP) — The German government on Wednesday said it expects to eke out economic growth this year instead of a decline as Europe's largest economy manages its energy divorce from Russia and shells out support for consumers and businesses hit by higher energy costs. ...

India's Adani Group shares plunge, hit by short-seller

Jan. 25, 2023 07:07 AM EST

NEW DELHI (AP) — India’s Adani Group vehemently objected Wednesday to allegations by short-selling firm Hindenburg Research that caused shares in its companies to plunge by as much as 8.1%. Hindenburg issued a report late Tuesday saying it was betting against shares in companies...

India, Egypt to promote trade, investment, fight terrorism

Jan. 25, 2023 05:42 AM EST

NEW DELHI (AP) — India and Egypt agreed Wednesday to boost trade between their countries during a visit by the Egyptian president that underscores Prime Minister Narendra Modi’s efforts to fortify ties with other emerging economies. Modi and President Abdel Fattah El-Sissi...