Latest Economy News

Final-hour rally yanks Wall Street from maw of bear market

May. 20, 2022 21:57 PM EDT

NEW YORK (AP) — Wall Street rumbled to the edge of a bear market Friday after another drop for stocks briefly sent the S&P 500 more than 20% below its peak set early this year. The S&P 500 index, which sits at the heart of most workers’ 401(k) accounts, was down as much...

The AP Interview: US trade rep. sees opportunity in recovery

May. 20, 2022 20:13 PM EDT

BANGKOK (AP) — With world economies all suffering from more than two years of the coronavirus pandemic and global supply problems exacerbated by Russia’s invasion of Ukraine, the United States has an “incredible opportunity” to engage with other nations on a common playing field and forge...

Live updates | Zelenskyy: Russia should pay for destruction

May. 20, 2022 18:08 PM EDT

KYIV, Ukraine -- President Volodymyr Zelenskyy devoted his nightly video address to Ukraine’s demand that Russia be held financially responsible for the damage its forces are inflicting on Ukraine. Just on Friday, he noted, the Russian army fired a missile at the northeastern...

Hyundai announces $5.5B electric vehicle plant in Georgia

May. 20, 2022 16:59 PM EDT

ELLABELL, Ga. (AP) — Hyundai Motor Group confirmed Friday the company will spend $5.5 billion on a huge electric vehicle plant near Savannah that will employ thousands — a deal Georgia’s governor called the largest economic development project in the state’s history. Hyundai...

Florida lawmakers to meet for session on property insurance

May. 20, 2022 16:54 PM EDT

TALLAHASSEE, Fla. (AP) — Florida lawmakers return to the Capitol next week for a special legislative session aimed at addressing problems in the state’s turbulent property insurance market, a persistent and multifaceted crisis in a region vulnerable to damaging hurricanes. It is...

How major US stock indexes fared Friday

May. 20, 2022 16:50 PM EDT

The stock market clawed back from a midday drop Friday after coming to the edge of its first bear market since the beginning of the pandemic. The S&P 500 ended 18.7% below the record high it set in early January. A 20% decline would have been considered the beginning of a bear...

US stocks got close to a bear market. Here’s what that means

May. 20, 2022 16:46 PM EDT

NEW YORK (AP) — The bear came close to Wall Street but then backed off. The stock market’s slump this year briefly pulled the S&P 500 into what's known as a bear market Friday, before a late rally put the index in the green. The prevailing sentiment among investors remains...

The AP Interview: New Pakistani FM seeks better ties with US

May. 20, 2022 16:32 PM EDT

UNITED NATIONS (AP) — Pakistan’s new foreign minister says the United States and his country must move beyond past tensions over Afghanistan and are entering a new engagement after years of strained relations under former Prime Minister Imran Khan. Bilawal Bhutto Zardari, the...

Yellen's global tax plan meets resistance abroad and at home

May. 20, 2022 15:55 PM EDT

KOENIGSWINTER, Germany (AP) — Treasury Secretary Janet Yellen celebrated a “historic day” last summer when more than 100 nations agreed to a global minimum tax deal, aimed at putting the world's countries on a more equal footing in attracting and keeping multinational companies. President Joe...

Alaska job numbers in April up over a year earlier

May. 20, 2022 15:46 PM EDT

JUNEAU, Alaska (AP) — Alaska had about 6,700 more jobs last month than a year earlier but jobs in most sectors had not recovered to pre-pandemic levels, the state labor department reported Friday. There were about 11,800 fewer jobs in April than there were in April 2019, the year...