Business News

(NEW YORK) -- The top financial officer in New York City on Thursday warned that artificial intelligence could put thousands of workers in the nation’s largest metropolis out of a job as soon as this year, while acknowledging that the ultimate impact of AI remains uncertain.The only sure thing, New York City Comptroller Mark Levin said in a new report: AI promises a “radical transformation” in the globe’s financial capital, influencing everything from wages to […]

(NEW YORK) -- U.S. Treasury yields soared in recent days as the Iran war stoked inflation fears, threatening to drive up borrowing costs for everything from mortgages to credit cards to auto loans.The yields on 30-year bonds – the amount paid to a bondholder annually – touched their highest point since 2007. Ten-year Treasury yields peaked at about 4.69% on Tuesday, marking a roughly three-quarter percentage point jump from the […]

(NEW YORK) -- A court on Monday ruled in favor of OpenAI and its chief executive, Sam Altman, in a lawsuit brought by Elon Musk over alleged misconduct in the company's evolution from a non-profit upstart to a for-profit corporation.This is a developing story. Please check back for updates. Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) -- A court ruled in favor of OpenAI and its chief executive, Sam Altman, in a lawsuit brought by Elon Musk over alleged misconduct in the company's evolution from a non-profit upstart to a for-profit corporation.This is a developing story. Please check back for updates. Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) -- A global pandemic that put millions of Americans out of work within days. The highest inflation in four decades. An unprecedented federal criminal investigation.Fed Chair Jerome Powell faced a succession of crises over his 8-year tenure atop the central bank, which ends on Friday. Powell’s decisions along the way held stakes as concrete as the budgets of everyday Americans and as heady as the political independence of […]

(NEW YORK) -- The Dow Jones Industrial Average on Thursday crossed above 50,000, shrugging off a renewed bout of inflation and an apparent impasse in negotiations over the Iran war.The rise in shares came as President Donald Trump visited Chinese President Xi Jinping in a high-stakes summit between the leaders of the world's two largest economies.The Dow climbed 370 points, or 0.7%, while the S&P 500 jumped 0.3% and the […]

(WASHINGTON) -- The Senate voted Wednesday to confirm Federal Reserve chair nominee Kevin Warsh, clearing the way for Warsh to replace central bank head Jerome Powell when his term ends later this week.The Senate confirmed Warsh by a vote of 54 to 45. Sen. John Fetterman, D-Pa., was the lone Democrat to vote in favor of Warsh.The vote comes weeks after the Department of Justice moved to drop its criminal probe into Powell. […]

(NEW YORK) -- Inflation rose for a second consecutive month as the U.S.-Israeli war with Iran continued to send gasoline prices surging in April, government data on Tuesday showed. The inflation report matched economists' expectations.Prices rose 3.8% in April compared to a year earlier, marking an increase from a year-over-year inflation rate of 3.3% in the prior month. Annual inflation jumped to its highest level in three years, U.S. Bureau […]

(LOS ANGELES) -- A Chevron gas station in Los Angeles elicited headlines in recent weeks for charging an eye-popping $8.71 a gallon, becoming an emblem for the spike in fuel costs set off by the Iran war.Sky-high gas prices nationwide owe primarily to a historic oil shock that followed Iran’s effective closure of the Strait of Hormuz. But a lesser-known contributor helps account for just how high prices have gotten, […]