Latest Economy News
Biden funded new factories and infrastructure projects, but Trump might get to cut the ribbons
WASHINGTON (AP) — All that's left is for President-elect Donald Trump to put his name on it — if he wants. Trump won the White House in large part because of voters' frustration with high prices and a sense that the United States needs major changes. But when he enters office in...
Singles' Day shopping festival loses its shine under China's lagging economy
HONG KONG (AP) — Businesses and consumers in China found the annual Singles' Day shopping festival less attractive this year amid a sluggish economy, forcing e-commerce firms to look abroad for growth. Online service provider and e-commerce platform Alibaba started the now-famous...
Frustrated Americans await the economic changes they voted for with Trump
WASHINGTON (AP) — Fed up with high prices and unimpressed with an economy that by just about any measure is a healthy one, Americans demanded change when they voted for president. They could get it. President-elect Donald Trump has vowed to topple many of the Biden...
Stock market today: Wall Street cruises to more records as it closes its best week in a year
NEW YORK (AP) — U.S. stocks cruised to more records as they closed their best week in a year on Friday. The S&P 500 rose 0.4% to cap its biggest weekly gain since early November 2023 and briefly crossed above the 6,000 level for the first time. The Dow Jones Industrial Average...
As sports betting addiction takes hold in Brazil, the government moves to crack down
SAO PAULO (AP) — “King” doesn’t disclose his real name. Even clients of his Sao Paulo newsstand have to call him by his moniker. The Brazilian online sports gambling addict lowered his profile after a loan shark threatened to put bullets in his head if he didn’t pay up. ...
China approves $840B plan to refinance local government debt, boost slowing economy
BEIJING (AP) — China on Friday approved a 6 trillion yuan ($839 billion) plan to help local governments refinance their mountains of debt, in the latest push to rev up growth in the world’s second largest economy. The plan will be implemented over the next three years, Xu...
Federal Reserve cuts its key interest rate by a quarter-point amid postelection uncertainty
WASHINGTON (AP) — The Federal Reserve cut its key interest rate Thursday by a quarter-point in response to the steady decline in the once-high inflation that had angered Americans and helped drive Donald Trump’s presidential election victory this week. The rate cut follows a...
Stock market today: Most of Wall Street rises after the Fed cuts interest rates
NEW YORK (AP) — Most U.S. stocks rose Thursday, as the Federal Reserve cut interest rates again to make things easier for the economy. The S&P 500 climbed 0.7% to add to its surge from the day before following Donald Trump’s presidential victory. The Dow Jones Industrial...
Average rate on a 30-year mortgage in the US rises for 6th straight week
The average rate on a 30-year mortgage in the U.S. rose for the sixth straight week, returning to its highest level since early July. The rate ticked up to 6.79% from 6.72% last week, mortgage buyer Freddie Mac said Thursday. That’s still down from a year ago, when the rate...
Czech central bank cuts key interest rate to 4% as inflation stays low
PRAGUE (AP) — The Czech Republic’s central bank on Thursday cut its key interest rate for the eighth time in a row as inflation remains low and as the economy is making a slow recovery. The cut, which had been predicted by analysts, brought the interest rate down by a quarter of...
