Latest Economy News

US long-term mortgage rates up for 4th week; 30-year 4.20%

Apr. 25, 2019 12:21 PM EDT

WASHINGTON (AP) — U.S. long-term mortgage rates rose this week for the fourth straight week, though they remain historically low as a spur to home sales in the spring buying season. Mortgage buyer Freddie Mac said Thursday the average rate on the 30-year, fixed-rate mortgage increased to 4.20% from 4.17%...

Japan's Abe talks trade with EU chiefs ahead of US visit

Apr. 25, 2019 12:13 PM EDT

BRUSSELS (AP) — Japanese Prime Minister Shinzo Abe and top European Union officials are discussing trade, bilateral ties and North Korea, on the latest leg of Abe's international tour to prepare for the G-20 summit in June. The Japanese premier, EU Council President Donald Tusk and EU Commission President...

It's not just record-high stocks feeling the Fed effect

Apr. 25, 2019 12:06 PM EDT

NEW YORK (AP) — It's not just the stock market at a record high that's feeling the Fed effect. Jewelry shoppers, home buyers, retirees and many others are feeling the ramifications of the Federal Reserve's decision earlier this year to halt raising interest rates, at least temporarily. For some...

Big gains for Facebook, Microsoft keep stocks near records

Apr. 25, 2019 12:00 PM EDT

NEW YORK (AP) — U.S. stock indexes held close to their record highs Thursday as blowout results from Facebook and Microsoft offset a sharp slump for industrial companies following earnings reports that fell short of Wall Street's expectations. Communications and technology sectors helped lead the market...

Markets Right Now: Stocks hold near record highs

Apr. 25, 2019 11:51 AM EDT

NEW YORK (AP) — The latest on developments in financial markets (all times local): 11:45 a.m. Stock indexes held close to their record highs as blowout results from big-name tech companies offset slumps in industrial companies that reported disappointing results. Facebook and Microsoft both reported strong...

Alibaba marketplace stays on US government piracy blacklist

Apr. 25, 2019 11:23 AM EDT

WASHINGTON (AP) — Chinese e-commerce giant Alibaba Group remains on the U.S. government's annual list of "notorious markets" that peddle counterfeit products. The Office of the U.S. Trade Representative said Thursday that Alibaba's on-line marketplace Taobao.com continues sell "high volumes" of pirated...

Solar energy threatened in state known for eco-friendly fuel

Apr. 25, 2019 10:34 AM EDT

ANKENY, Iowa (AP) — When Todd Miller began his two-person solar installation business in a suburb of Des Moines, one of the challenges he faced was keeping up with customer orders, as tax incentives and plunging prices for the boxy roof panels created a booming demand for this form of clean energy. Four...

US durable goods orders up solid 2.7% in March

Apr. 25, 2019 9:00 AM EDT

WASHINGTON (AP) — Orders to U.S. factories for big-ticket manufactured goods rose 2.7% in March with a key category that tracks business investment decisions rising at the strongest pace in eight months. The increase in orders for durable goods followed a 1.1% drop in orders in February, the Commerce...

UK blocks Sainsbury's merger with Walmart unit Asda

Apr. 25, 2019 8:59 AM EDT

LONDON (AP) — British regulators blocked Sainsbury's 7.3 billion-pound ($9.4 billion) purchase of Walmart's Asda unit on Thursday amid concerns the deal would have increased prices and reduced the quality and range of products available. For Walmart, it's another setback as it tries to refocus its...

Disappointing 3M earnings weigh on Wall Street ahead of bell

Apr. 25, 2019 8:45 AM EDT

LONDON (AP) — Disappointing earnings from 3M, the maker of Post-it notes, industrial coatings and ceramics, is weighing on stocks ahead of Wall Street's open Thursday. The failure of two projected mergers in Europe dented market sentiment, too. St. Paul Minnesota-based 3M said it plans to cut 2,000 jobs...