Business News

(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, […]

In this photo illustration, the PayPal logo is displayed on the screen of a smart tablet. (Sheldon Cooper/SOPA Images/LightRocket via Getty Images) (WASHINGTON) -- PayPal has agreed to waive $30 million in processing fees in order to resolve a federal investigation into an investment program that sought to boost Black and minority-owned businesses, the Justice Department announced Tuesday.The probe is just one of a number launched under the Trump Justice […]

(NEW YORK) -- An inflation report on Tuesday will provide a fresh gauge of prices as the Iran war ratchets up costs for gasoline, airfares and other expenses.Economists expect consumer prices to have risen 3.8% in April, when a surge in gasoline costs took hold weeks into the war, which would mark a significant acceleration from 3.3% in the previous month.As recently as February, inflation stood at 2.4%, clocking in […]

(NEW YORK) -- The U.S. recorded strong job gains in March, rebounding from dismal losses a month earlier, a jobs report on Friday showed. The reading far exceeded economists' expectations.The U.S. added 178,000 jobs in March, according to the report, which marked a sharp increase from 133,000 jobs lost in the previous month.The unemployment rate ticked down to 4.3% in March from 4.4% in February, the Bureau of Labor Statistics […]

(NEW YORK) -- Hiring slowed in April as a rise in fuel prices hammered shoppers weeks into the war with Iran, U.S. government data on Friday showed.The U.S. added 115,000 jobs in April, according to the report, which marked a cooldown from 178,000 jobs added in March. The reading for April exceeded economists' expectations.The unemployment rate held steady at 4.3% in April, the Bureau of Labor Statistics (BLS) said. Unemployment […]