Latest Economy News

FILE - This April, 2006, file photo shows the Four Corners Power Plant in Waterflow, N.M., near the San Juan River in northwestern New Mexico. The closure of the coal-fired power plant on the Navajo Nation sooner than expected will be a major blow to a region where coal has been a mainstay of the economy for decades.
Arizona Public Service Co. now plans to shutter the Four Corners Power Plant in 2031 when its coal contract expires rather than wait until 2038. (AP Photo/Susan Montoya Bryan, File)

Navajo look to Arizona utilities to make up for coal losses

Jan. 28, 2020 6:40 PM EST

FLAGSTAFF, Ariz. (AP) — As the coal industry nears its end on the Navajo Nation, the tribe is looking to Arizona utilities that shared in the power generated on the reservation to help make up for the financial losses and environmental impacts. Navajo leaders have requested nearly $62 million in an ongoing...

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....

North Carolina AG opposes expanded online lottery sales

Jan. 28, 2020 5:31 PM EST

RALEIGH, N.C. (AP) — North Carolina's attorney general has come out against expanding online sales by the state lottery, suggesting such "digital instants" could run afoul of state laws prohibiting video sweepstakes machines. Word about Democrat Josh Stein's opposition spread as North Carolina State...

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...

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...

Gonzaga's longest serving president, Bernard Coughlin, dies

Jan. 28, 2020 3:50 PM EST

SPOKANE, Wash. (AP) — The longest serving president in the history of Gonzaga University has died. The Rev. Bernard J. Coughlin, who is credited with saving the Spokane, Washington, institution from financial collapse, died Tuesday at 97. The school announced that Coughlin arrived at Gonzaga in 1974, when...

A group of New Mexico sheriffs stand outside the New Mexico Senate in Santa Fe, N..M., on Tuesday, Jan. 28, 2019, before a committee debates proposals on gun control and legalizing marijuana. (AP Photo/Russell Contreras)

New Mexico Legislature eyes recreational pot legalization

Jan. 28, 2020 3:44 PM EST

SANTA FE, N.M. (AP) — A Democrat-backed bill to legalize recreational marijuana businesses in all towns and counties across New Mexico was set to get its first public vetting Tuesday by lawmakers. A legislative committee will convene in the afternoon on the Senate floor to accommodate crowds amid intense...

The Capitol is seen as defense arguments by the Republicans resume in the impeachment trial of President Donald Trump on charges of abuse of power and obstruction of Congress, in Washington, Monday, Jan. 27, 2020. (AP Photo/J. Scott Applewhite)

Budget deficit to break $1 trillion despite strong economy

Jan. 28, 2020 2:34 PM EST

WASHINGTON (AP) — An annual congressional report says the U.S. budget deficit is likely to burst through the symbolic $1 trillion barrier this year despite a healthy economy. Tuesday's Congressional Budget Office report follows a burst of new spending last year and the repeal in December of several taxes...