Latest Business 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....

An iPad Pro and a Macbook Pro are displayed an Apple store Tuesday, Jan. 28, 2020, in suburban Boston. Apple reports financial earns on Tuesday. (AP Photo/Steven Senne)

Apple holiday season tops projections as iPhone bounces back

Jan. 28, 2020 5:41 PM EST

SAN FRANCISCO (AP) — Apple is still reaping huge profits from the iPhone while mining more moneymaking opportunities from the growing popularity of its smartwatch, digital services and wireless earbuds. That combination produced a banner season for a company whose fortunes appeared to be sliding just a...

J. Crew hires former Victoria's Secret exec to take helm

Jan. 28, 2020 5:19 PM EST

NEW YORK (AP) — J. Crew has named a former Victoria's Secret executive to take over its helm. The clothing chain said Tuesday that Jan Singer will become CEO starting Sunday. Singer will join J. Crew's board and assume all aspects of the J. Crew and J. Crew Factory brands and businesses. J. Crew has been...

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...

FILE - In this Jan. 16, 2020, file photo customers come and go at a Starbucks on South Claiborne Ave. in New Orleans. Starbucks Corp. reports financial earns on Tuesday, Jan. 28. (AP Photo/Gerald Herbert, File)

Starbucks' results top estimates but coronavirus slows sales

Jan. 28, 2020 5:00 PM EST

It was a happy holiday at Starbucks, but the company's sales momentum could start to slow due to the coronavirus outbreak in China. New drinks like the Pumpkin Cream Cold Brew were a hit with customers, helping the Seattle-based coffee giant beat Wall Street's forecasts in the October-December period. Starbucks...

Ratings: CBS, NBC have two dominant nights of drama

Jan. 28, 2020 5:00 PM EST

NEW YORK (AP) — Now that football season is almost finished, the dominant nights in broadcast television are coming into focus. As illustrated in the Nielsen company's ratings for last week, that would be CBS' night of drama on Tuesday and Dick Wolf's trilogy of “Chicago” series Wednesday on...

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...

Nucor, Whirlpool rise; Harley-Davidson, Pfizer fall

Jan. 28, 2020 4:23 PM EST

NEW YORK (AP) — Stocks that moved heavily or traded substantially on Tuesday: 3M Co. down $10.05 to $165.58 The maker of Post-it notes and industrial coatings reported weak fourth-quarter profit and will cut 1,500 jobs. Xerox Holdings Corp., up $1.73 to $36.78 The printer and copier company's...