Consumers defy inflation to support economy. For how long?

Consumers defy inflation to support economy.  For how long?

WASHINGTON (AP) — With prices across the economy — from food, gas and rent to cars, airfares and hotel rooms — soaring at their fastest pace in decades, you might think Americans would tap the brakes on spending. Not so far. Consumers as a whole are showing surprising resilience, not only sustaining their spending but … Read more

EXPLAINER: Why is Wall Street close to a bear market?

EXPLAINER: Why is Wall Street close to a bear market?

NEW YORK (AP) — The bears are rumbling toward Wall Street. The stock market’s skid this year has pulled the S&P 500 close to what’s known as a bear market. Rising interest rates, high inflation, the war in Ukraine and a slowdown in China’s economy have caused investors to reconsider the prices they’re willing to … Read more

McDonald’s to sell its Russian business, try to keep workers

McDonald’s to sell its Russian business, try to keep workers

More than three decades after it became the first American fast food restaurant to open in the Soviet Union, McDonald’s said Monday that it has started the process of selling its business in Russia, another symbol of the country’s increasing isolation over its war in Ukraine. The company, which has 850 restaurants in Russia that … Read more

Senate confirms Powell for 2nd term as Fed fights inflation

Senate confirms Powell for 2nd term as Fed fights inflation

WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp … Read more

Baby formula shortage: What experts want parents to know

Baby formula shortage: What experts want parents to know

WASHINGTON (AP) — Many parents are hunting for infant formula after a combination of short- and long-term problems hit most of the biggest US brands. Millions of babies in the US rely on formula, which is the only source of nutrition recommended for infants who aren’t exclusively breastfed. Here’s a look at what’s behind the … Read more

US inflation dips from 4-decade high but still causing pain

US inflation dips from 4-decade high but still causing pain

WASHINGTON (AP) — Inflation eased slightly in April after months of relentless increases but remains near a four-decade high, imposing a continuing financial strain on American households. Consumer prices jumped 8.3% last month from a year ago, the government said Wednesday. That was below the 8.5% year-over-year surge in March, which was the highest since … Read more

Wall Street’s losses worsen as markets tumble worldwide

Wall Street’s losses worsen as markets tumble worldwide

NEW YORK (AP) — Wall Street is tumbling toward its lowest point in more than a year on Monday as renewed worries about China’s economy pile on top of markets already battered by rising interest rates. The S&P 500 was 2.1% lower in afternoon trading after coming off its fifth straight losing week, its longest … Read more

Tech stocks sink again, Nasdaq has worst month since 2008

Tech stocks sink again, Nasdaq has worst month since 2008

The Dow Jones Industrial Average slumped more than 900 points Friday as another sharp sell-off led by technology stocks added to Wall Street’s losses in April, leaving the S&P 500 with its biggest monthly skid since the start of the pandemic. A sharp drop in Amazon weighed on the market after the internet retail giant … Read more