Stocks are sharply higher on Wall Street in afternoon trading Tuesday, clawing back more of the ground they lost in a miserable several weeks.
The S&P 500 was up 2.8% as of 3:47 p.m. Eastern.
WASHINGTON (AP) — The number of available jobs in the U.S. plummeted in August compared with July as businesses grow less desperate for workers, a trend that could cool chronically high inflation.
CANBERRA, Australia (AP) — Australia’s central bank on Tuesday boosted its benchmark interest rate for a sixth consecutive month to a nine-year high of 2.6%.
The Reserve Bank of Australia’s increase of a quarter percentage point to the cash rate was smaller than those at recent monthly meetings.
TOKYO (AP) — Asian shares rose Tuesday, encouraged by a rally in U.S. shares after some weak economic data raised hopes that the Federal Reserve might ease away from aggressive interest rate hikes.
CELIKHAN, Turkey (AP) — Mehmet Emin Calkan begins work harvesting a tobacco field in rural Turkey before dawn, then has another shift skewering and stringing the tobacco to dry under the sun.
The 19-year-old, who hopes to study electronic engineering, has undertaken the strenuous work to help support his family and pay for books he needs to prepare for the university entrance exam.
BUDAPEST, Hungary (AP) — A theater in Hungary's capital will sit through a cold and quiet winter after its managers chose to shut it down rather than pay skyrocketing utility prices that are putting a squeeze on businesses and cultural institutions across Europe.
LONDON (AP) — Trains in Britain all but ground to a halt Saturday as coordinated strikes by rail workers added to a week of turmoil caused by soaring energy prices and unfunded tax cuts that roiled financial markets.
SIOUX FALLS, S.D. (AP) — South Dakota Gov. Kristi Noem indicated Friday during her reelection campaign's lone debate with her Democratic challenger, state lawmaker Jamie Smith, that if reelected she will uphold the state's abortion ban that provides no exceptions for rape or incest.
Wall Street closed out a miserable September on Friday with the S&P 500's worst monthly skid since March 2020, when the coronavirus pandemic crashed global markets.
The benchmark index ended the month with a 9.3% loss and posted its third straight losing quarter.
WASHINGTON (AP) — Federal Reserve Vice Chair Lael Brainard said Friday that U.S. interest rates will likely have to remain high for an extended period to combat inflation, capping a week of tough rhetoric by Fed officials.
WASHINGTON (AP) — Consumers spent a bit more in August than the previous month, a sign the economy is holding up even as inflation lifts prices for food, rent, and other essentials.
FRANKFURT, Germany (AP) — Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar, signaling a looming winter recession for one of the globe's major economies as higher prices undermine consumers' spending power.
NEW DELHI (AP) — India’s central bank on Friday raised its key interest rate by 50 basis points to 5.90% in its fourth hike this year and said developing economies were facing challenges of slowing growth, elevated food and energy prices, debt distress and currency depreciation.
LONDON (AP) — Like many small business owners in Britain, Harry Niazi hoped for government help to keep his south London fish and chip shop going in the face of rocketing energy bills and soaring inflation.
BEIJING (AP) — Asian stocks sank again Friday after German inflation spiked higher, British Prime Minister Liz Truss defended a tax-cut plan that rattled investors and Chinese manufacturing weakened.
LONDON (AP) — British Prime Minister Liz Truss on Thursday defended her divisive economic plan and shrugged off the turmoil it has stirred in financial markets, saying she’s willing to make “controversial and difficult decisions” to get the U.K.
WASHINGTON (AP) — The economy shrank in the first half of this year, the government confirmed in a report Thursday, underscoring fears of a broad-based slowdown that could lead to a recession.
WASHINGTON (AP) — The number of Americans filing for jobless benefits dropped last week, a sign that few companies are cutting jobs despite high inflation and a weak economy.
MADRID (AP) — Spain’s Socialist-led coalition government said Thursday that residents whose wealth exceeds 3 million euros ($2.9 million) will be subject to a new asset tax in 2023 and 2024.
Finance Minister María Jesús Montero described the temporary wealth tax, which she said will affect 23,000 people, or 0.1 % of taxpayers, as one of “solidarity.”
SOFIA, Bulgaria (AP) — Bulgarians will go to the polls for the fourth time in less than two years in a general election overshadowed this time by the war in Ukraine, rising energy costs and galloping inflation.
BEIJING (AP) — Asian stock markets followed Wall Street higher Thursday after Britain's central bank moved forcefully to stop a budding financial crisis.
WASHINGTON (AP) — Senate Republican leader Mitch McConnell said Wednesday that he believes his party now has a “50-50 shot” of getting the chamber back less than six weeks away from the midterm elections.
TOKYO (AP) — Asian shares tumbled Wednesday after a wobbly day ended with mixed results on Wall Street as markets churn over the prospect of a possible recession.
Tokyo's Nikkei 225 index sank 2.2% to 25,984.51 while the Kospi in Seoul lost 2.8% to 2,161.86.
WASHINGTON (AP) — For the first time in a decade, Americans will pay less next year on monthly premiums for Medicare’s Part B plan, which covers routine doctors’ visits and other outpatient care.
The rare 3% decrease in monthly premiums is likely to be coupled with a historically high cost-of-living increase in Social Security benefits — perhaps 9% or 10% — putting hundreds of dollars directly into the pockets of millions of people.
For months, Catholic Charities of Southeast Texas has had to waitlist families hoping to join a food pantry program, as the nonprofit and other charities have struggled to meet soaring demand amid rising food prices and the end of federal pandemic relief aid.
CHAPEL HILL, N.C. (AP) — Treasury Secretary Janet Yellen warned Tuesday of economic calamity if climate change is not addressed with immediate government intervention.
Joined by local business owners and prominent Democrats in North Carolina, Yellen said the increasing frequency and severity of natural disasters could create devastating short-term supply reductions of everyday goods that could cause prices to skyrocket.
LONDON (AP) — The British pound stabilized Tuesday as U.K. authorities tried to ease investor concerns after the biggest tax cuts in 50 years sent the currency tumbling to a record low and prompted some businesses to predict a devastating combination of a weak currency and rising interest rates.
WASHINGTON (AP) — U.S. consumers grew more confident for the second month in a row as gas prices continued to fall.
The Conference Board said Tuesday that its consumer confidence index rose to 108 in September, from 103.6 in August.
Stocks were mixed in Asia on Tuesday after closing broadly lower on Wall Street, where the Dow Jones Industrial Average fell into what’s known as a bear market.
Tokyo, Sydney and Shanghai advanced while Hong Kong and Seoul declined.
WASHINGTON (AP) — The Federal Reserve will have to keep boosting its benchmark interest rate to a point that raises unemployment and gets inflation down from unusually high levels, two officials said in separate remarks Monday.
CINCINNATI (AP) — Democratic House candidate Greg Landsman can tick off how his party's control of Congress and the White House has benefited his city.
The bipartisan infrastructure deal will mean upgrades to the heavily traveled highway bridge linking Cincinnati with its airport and northern Kentucky while bolstering a vital westside viaduct.
LONDON (AP) — The Bank of England sought to reassure financial markets after the British pound touched an all-time low against the U.S.
LONDON (AP) — The pound is taking a pounding.
The British currency has taken a plunge, sliding against the U.S.
PARIS (AP) — Russia's war in Ukraine and the lingering effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation that will stay high into next year, the Organization for Economic Cooperation and Development said Monday in a darkening outlook.
FRANKFURT, Germany (AP) — Europe's largest economy is sending recession signals.
A look at some of the key business events and economic indicators upcoming this week:
HOUSING MARKET BELLWETHER
The Commerce Department releases its August tally of new U.S. home sales Tuesday.
DUBAI, United Arab Emirates (AP) — Stores are selling winter clothes from last season in the middle of summer. Repair shops lack spare parts for appliances. There's a waiting list to buy a new car.
ATLANTA (AP) — Georgia ran a surplus of more than $6 billion in the budget year that ended June 30, meaning the state's next governor and lawmakers could spend or give back billions.
The State Accounting Office, in a Friday report, said Georgia ran a $6.37 billion surplus even after spending $28.6 billion in state taxes and fees in the 2022 budget year.
Stocks fell sharply worldwide Friday on worries an already slowing global economy could fall into recession as central banks raise the pressure with additional interest rate hikes.
The Dow Jones Industrial Average fell 1.6%, closing at its lowest level since late 2020.
Dow hits 2022 low as markets sell off on recession fears
NEW YORK (AP) — Markets sold off around the world on mounting signs the global economy is weakening just as central banks raise the pressure even more with additional hikes to interest rates.
LONDON (AP) — The United Kingdom's new government outlined plans Friday to cut taxes and boost spending in an effort to bolster the faltering economy, but the high-risk moves sparked concerns that increased public borrowing will worsen a cost-of-living crisis and sent the British pound on its biggest one-day drop in 2 1/2 years.
COLOGNE, Germany (AP) — For 90 years, Engelbert Schlechtrimen's family has been baking wheat rolls, rye bread and chocolate cakes in this western German city. Next month, they will turn off the ovens for good, because they can no longer afford rising energy prices resulting from Russia's war in Ukraine.
BEIJING (AP) — Asian stocks fell for a third day Friday after more rate hikes by the Federal Reserve and other central banks to control persistent inflation spurred fears of a possible global recession.
WASHINGTON (AP) — The White House on Thursday launched a new effort to show local governments what it can do for their communities, hosting North Carolina officials to highlight funding opportunities and hear firsthand how coronavirus relief, infrastructure dollars and other policies are faring locally.
Powell’s stark message: Inflation fight may cause recession
WASHINGTON (AP) — The Federal Reserve delivered its bluntest reckoning Wednesday of what it will take to finally tame painfully high inflation: Slower growth, higher unemployment and potentially a recession.
Stocks closed lower on Wall Street, deepening their losses for the week, as central banks around the world raised interest rates to fight inflation.
The S&P 500 fell 0.8% Thursday. The Dow Jones Industrial Average fell about half as much, and the Nasdaq composite lost 1.4%.
WASHINGTON (AP) — Average long-term U.S. mortgage rates jumped by more than a quarter-point this week to their highest level since 2008 as the Federal Reserve intensified its effort to tamp down decades-high inflation and cool the economy.
LILBURN, Ga. (AP) — Like schools nationwide, those in Georgia face some big decisions in coming years.
But polls show K-12 education trailing among voter concerns this year, and candidates are spending more time talking about inflation, the economy, abortion and guns.