Latest Economic outlook News

In this photo provided by the New York Stock Exchange, traders work on the floor during the United Wholesale Mortgage IPO, Friday, Jan. 22, 2021. Wall Street is tapping the brakes on its record-setting rally this week, as markets worldwide take a pause on Friday. (Courtney Crow/New York Stock Exchange via AP)

Mixed finish on Wall Street as worldwide rally takes a pause

Jan. 22, 2021 4:51 PM EST

Wall Street tapped the brakes on its recent record-setting rally Friday with a mixed finish for the major stock indexes, though the S&P 500 still ended the week with its third weekly gain in four. The benchmark index fell 0.3%, snapping a three-day winning streak, but notched a 1.9% gain for the week. The...

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Existing home sales rise in 2020 to highest in 14 years

Jan. 22, 2021 12:05 PM EST

WASHINGTON (AP) — Sales of existing homes rose 0.7% in December, pushing the entirety of 2020 to a pace not seen in 14 years and providing one of the few bright spots for a U.S. economy mired in a global pandemic. Rising sales in the final month of the year lifted activity to a seasonally adjusted annual...

A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Friday, Jan. 22, 2021. Asian stock markets retreated Friday after a resurgence of coronavirus infections in China and a rise in cases in Southeast Asia. (AP Photo/Lee Jin-man)

Asian stocks sink after China coronavirus resurgence

Jan. 21, 2021 11:28 PM EST

BEIJING (AP) — Asian stock markets retreated Friday after a resurgence of coronavirus infections in China and a rise in cases in Southeast Asia. Shanghai, Hong Kong, Tokyo and Australia declined. South Korea advanced. Overnight, Wall Street closed higher. Gains for tech stocks offset losses elsewhere....

Long time exposure photo shows aircrafts flying over the buildings of the banking district in Frankfurt, Germany, Thursday, Jan. 21, 2021. (AP Photo/Michael Probst)

European Central Bank stimulus on track as economy struggles

Jan. 21, 2021 10:51 AM EST

FRANKFURT, Germany (AP) — With more than a trillion euros in stimulus still in the pipeline to the economy, the European Central Bank left its key bond-purchase program unchanged Thursday as the 19-country eurozone endures a winter economic slowdown due to the pandemic. ECB President Christine Lagarde told...

People are reflected on the electronic board of a securities firm in Tokyo, Wednesday, Jan. 20, 2021. Asian shares were mostly higher Wednesday, ahead of Joe Biden's inauguration as president, ending President Donald Trump’s four-year term. Japan's benchmark lost early gains as worries grew about the surge in coronavirus cases. (AP Photo/Koji Sasahara)

Japan shares fall on pandemic worries as rest of Asia rises

Jan. 19, 2021 10:22 PM EST

TOKYO (AP) — Asian shares were mostly higher Wednesday, ahead of Joe Biden's inauguration as U.S. president. Japan's benchmark lost early gains as worries grew about the surge in coronavirus cases. Japan's benchmark Nikkei 225 lost early gains to slip 0.4% in morning trading to 28,515.21. Australia's...

FILE - In this Oct. 19, 2020, file photo, women eating snack walk by a Chanel cosmetic shop at the capital city's popular shopping mall in Beijing. China’s economy grew 2.3% in 2020 as a recovery from the coronavirus pandemic accelerated while the United States, Europe and Japan struggled with disease flare-ups. (AP Photo/Andy Wong, File)

China economy grows in 2020 as rebound from virus gains

Jan. 18, 2021 4:34 AM EST

BEIJING (AP) — China eked out 2.3% economic growth in 2020, likely becoming the only major economy to expand as shops and factories reopened relatively early from a shutdown to fight the coronavirus while the United States, Japan and Europe struggled with rising infections. Growth in the three months...

FILE - In this Nov. 23, 2020 file photo, stone sculptures adorn the New York Stock Exchange.  Stocks are pulling lower again on Friday, Jan. 15, 2021,  after reports showed the pandemic is deepening the hole for the economy, as Washington prepares to throw it another lifeline.   (AP Photo/Seth Wenig, File)

Stocks fall as economic pain deepens, rally runs out of gas

Jan. 15, 2021 4:27 PM EST

NEW YORK (AP) — Wall Street closed out its first losing week in three with another drop on Friday after reports showed the pandemic is deepening the hole for the economy, as Washington prepares to throw it another lifeline. The S&P 500 fell 27.29, or 0.7%, to 3,768.25, with stocks of companies that...

President-elect Joe Biden speaks about the COVID-19 pandemic during an event at The Queen theater, Thursday, Jan. 14, 2021, in Wilmington, Del. (AP Photo/Matt Slocum)

Biden's aid plan could revamp economy, prompt GOP resistance

Jan. 15, 2021 3:41 PM EST

BALTIMORE (AP) — The $1.9 trillion rescue plan unveiled by President-elect Joe Biden offers the chance to sculpt the U.S. economy toward the Democrats’ liking: a $15 minimum wage, aid to poor families and federal dollars going to public schools. It’s an ambitious effort that would arrive...

A Wells Fargo office is shown, Wednesday, Jan. 13, 2021 in New York.  Wells Fargo & Co. says its profit rose 4% to $2.99 billion in the fourth quarter of 2020. The bank, based in San Francisco, said Friday that it had earnings of 64 cents per share, compared with earnings of 60 cents a year earlier. (AP Photo/Mark Lennihan)

Optimistic banks start moving 'bad' loans back to 'good'

Jan. 15, 2021 1:42 PM EST

CHARLOTTE, N.C. (AP) — The pandemic and recession aren’t over by a long shot, but banks are feeling optimistic enough to start taking potentially “bad” loans off their books and move them back into the “good” pile. The financial performance of the big U.S. banks has...

A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rates at the foreign exchange dealing room in Seoul, South Korea, Friday, Jan. 15, 2021. Asian shares were mixed on Friday after a late slide in several Big Tech stocks left major indexes lower on Wall Street. (AP Photo/Lee Jin-man)

Asian shares mixed following Biden speech, Wall St retreat

Jan. 14, 2021 11:08 PM EST

Asian shares were mixed on Friday after a late slide in several Big Tech stocks left major indexes lower on Wall Street. U.S. futures were trading slightly lower after President-elect Joe Biden announced his plans to propose a $1.9 billion package to help along a recovery from the coronavirus pandemic. Biden...