Canadian freight trains to roll again as government forces arbitration of labor dispute

August 23, 2024

TORONTO (AP) — The Canadian government has forced Canada’s two major freight railroads to enter contract arbitration with its labor union, the labor minister confirmed Thursday. Labour Minister Steven MacKinnon announced the decision at a news conference moments after The Associated Press broke the news publicly, citing a government official familiar with the situation. The railroads have said that once the dispute enters arbitration the trains will be able to get moving again. Canadian National and CPKC railroads both locked out their employees after a 12:01 a.m. EDT deadline ...

Consol and Arch to combine, forming a $5B coal producer based in Pennsylvania

August 22, 2024

(AP) — Arch Resources and Consol Energy are combining to form a single coal producer valued at more than $5 billion, the companies announced Wednesday, the latest consolidation in a deal-happy energy sector. Arch shareholders will get 1.326 shares of Consol common stock for each share of ...

Most officials favored a rate cut in September if inflation continued to cool

August 22, 2024

WASHINGTON (AP) — Most Federal Reserve officials agreed last month that they would likely cut their benchmark interest rate at their next meeting in September as long as inflation continued to cool. The minutes of the Fed’s July 30-31 meeting, released Wednesday, said the “vast ...

Powell may use Jackson Hole speech to hint at how fast and how far the Fed could cut rates

August 21, 2024

WASHINGTON (AP) — Federal Reserve officials have said they’re increasingly confident that they’ve nearly tamed inflation. Now, it’s the health of the job market that’s starting to draw their concern. With inflation cooling toward its 2% target, the pace of hiring slowing and the ...

Stock market today: Wall Street slips and breaks an 8-day winning streak

August 21, 2024

NEW YORK (AP) — U.S. stocks ticked lower Tuesday and snapped an eight-day winning streak, the longest of the year. The S&P 500 slipped 0.2%, but it’s still just 1.2% below its all-time high set last month. It has roared back from its scary summer drop, where the index briefly dropped nearly 10% below its record. The Dow Jones Industrial Average fell 61 points, or 0.2%, and the Nasdaq composite slipped 0.3%. Nvidia was the heaviest weight on the market after falling 2.1%. The chip company is one of Wall Street’s most influential stocks because a frenzy around ...

Wall Street rallies to its best day since 2022

August 9, 2024

NEW YORK (AP) — U.S. stocks rallied Thursday in Wall Street’s latest sharp swerve after a better-than-expected report on unemployment eased worries about the slowing economy. The S&P 500 jumped 2.3% for its best day since 2022 and shaved off all but 0.5% of its loss from what was a ...