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Business

Wall Street soars to best day since summer, S&P 500 up 2.6%

NEW YORK (AP) — Wall Street soared to its best day in months Monday in a widespread relief rally after some unexpectedly weak data on the economy raised the possibility that the Federal Reserve won’t have to be so aggressive about hiking interest rates. The S&P 500’s leap of 2.6% ...

Kim Kardashian fined $1 million by SEC

The long list of celebrities promoting cryptocurrencies just got shorter. Kim Kardashian is being barred from doing so for three years — and will pay a $1 million fine — to settle federal charges that she recommended a crypto security to her 330 million Instagram followers without making ...

White House: New rule will show ‘true cost’ of plane tickets

WASHINGTON (AP) — President Joe Biden announced a new initiative Monday that would eventually allow consumers to see a more complete price on airline tickets — including baggage and change fees — before they buy, as the White House continues to search for ways to lower costs for Americans ...

Stocks fall on recession fears; Dow slips into bear market

NEW YORK (AP) — The Dow Jones Industrial Average became the last of the major U.S. stock indexes to fall into what’s known as a bear market Monday as the market deepened its slump amid growing fears of a global recession. The blue chip index fell 1.1%, while the S&P 500 closed 1% ...

Fed officials call for more rate hikes to fight inflation

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. Susan Collins, the new president of the Federal Reserve Bank ...

GM spending $760M to convert Toledo factory to make EV parts

TOLEDO, Ohio (AP) — General Motors says it will spend $760 million to renovate its transmission factory in Toledo, Ohio, so it can build drive lines for electric vehicles. It’s the first GM engine or transmission plant to begin the long transition from internal combustion engines to ...