Stocks gave up early gains and closed lower Wednesday, adding to Wall Street's losses from a day earlier. The S&P 500 fell 0.7% after spending the morning swaying between small gains and losses. Companies that rely on consumer spending, banks and technology and communication stocks bore the brunt of the...
31.4% Spring Slide for a US Economy Likely to Shrink in 2020
WASHINGTON — The U.S. economy plunged at an unprecedented rate this spring and even with a record rebound expected in the just-ended third quarter, the U.S. economy will likely shrink this year, the first time that has happened since the Great Recession. The gross domestic product, the economy’s total output...
Consumer Confidence Posts Solid Gain in September
WASHINGTON — U.S. consumer confidence rebounded more quickly in September than most economists had expected though they remain far from levels that were the norm before the pandemic struck. The Conference Board reported Tuesday that its consumer confidence index rose sharply to a reading of 101.8, up from 86.3 in...
Orders for Big-Ticket Manufactured Goods Ticks up Just 0.4%
WASHINGTON — Orders to U.S. factories for big-ticket manufactured goods increased just 0.4% in August following a much larger gain in the previous month. It was the fourth consecutive monthly increase, but the most recent uptick was far weaker than the 11.7% surge in July, the Commerce Department reported Friday....
Biden’s Tax Plan Could Dampen Local Economy & Limit Housing Options, Experts say
Joe Biden's tax plan is creating concern that it could hamper efforts to address the critical shortage of affordable housing across California. At issue is a provision that would make it more expensive for many developers to invest in apartments and other commercial projects. The proposal from the former vice...
Rise in Jobless Claims Reflects Still-Struggling US Economy
WASHINGTON — The coronavirus recession struck swiftly and violently. Now, with the U.S. economy still in the grip of the outbreak five months later, the recovery looks fitful and uneven — and painfully slow. The latest evidence came Thursday, when the government reported that the number of workers applying for...
US Consumer Confidence Tumbles in July as COVID-19 Spreads
WASHINGTON — U.S. consumer confidence tumbled in July to a reading of 92.6 as coronavirus infections spread in many parts of the country. The Conference Board, a New York research organization, reported Tuesday that its Consumer Confidence Index fell from a June reading of 98.3. The weakness came from a...
US Economy Facing Heightened Uncertainty, Says Fed Chief
WASHINGTON — Federal Reserve Chairman Jerome Powell says the outlook for the U.S. economy is “extraordinarily uncertain” and the success of the recovery effort will depend in large part on the country’s ability to contain the spread of the coronavirus. “A full recovery is unlikely until people are confident that...
US New Home Sales Rise Surprisingly Strong 16.6% in May
WASHINGTON — Sales of new homes rose a surprisingly strong 16.6% in May with the reopening of major parts of the country potentially fueling activity in the housing market. The Commerce Department reported Tuesday that sales of new single-family homes rose to a seasonally adjusted annual rate of 676,000 last...
Wall Street Flip Flops, Global Markets Pause After Big Gains
NEW YORK — Wall Street is flipping between small gains and losses Wednesday, as markets around the world take a pause following their big rally a day before. The S&P 500 was up 0.1%, as of 11 a.m. Eastern time, after earlier pinging between a gain of 0.4% and a...