Business News

(NEW YORK) -- The Department of Transportation said on Saturday the majority of airlines will be capping tickets prices for Spirit Airlines travelers who need to rebook their canceled flights.Some carriers have even reduced fares on high volume routes where Spirit used to operate.Spirit began winding down operations early Saturday morning after talks between the airline and the federal government over a $500 million rescue deal stalled.Spirit said that travelers […]

(NEW YORK) -- Stocks closed significantly lower on Friday as the U.S.-Israeli war with Iran showed little sign of an imminent resolution that would end one of the worst global oil shocks in decades.The Dow Jones Industrial Average plunged 790 points, or 1.7%, while the S&P 500 fell 1.6%. The tech-heavy Nasdaq dropped 2.1%.The session on Friday marked the end of a woeful week for the major stock indexes. The Dow declined 1% this […]

(WASHINGTON) -- President Donald Trump said an announcement was expected Friday on Spirit Airlines, amid a report that the airline was preparing to cease operations after a $500 million rescue deal fell apart.The Wall Street Journal first reported that the airline is preparing to shut down operations.When asked if the administration had decided against bailing out Spirit Airlines, Trump told reporters on Friday, "I guess we're looking at it. If we could do it, […]

Workers at Spirit Airlines wait for passengers to arrive for their flights at O'Hare Airport on March 10, 2026 in Chicago, Illinois. (Scott Olson/Getty Images) (WASHINGTON) -- President Donald Trump said an announcement was expected Friday on Spirit Airlines, amid a report that the airline was preparing to cease operations after a $500 million rescue deal fell apart.The Wall Street Journal first reported that the airline is preparing to shut […]

People walk along Broadway with shopping bags in Manhattan on February 27, 2026 in New York City. (Spencer Platt/Getty Images) (NEW YORK) -- The United States economy grew at a solid pace over the first three months of 2026, rebounding from sluggish performance at the end of last year, a government report on Thursday showed.The economy grew at an annualized rate of 2% in the first quarter, marking an acceleration […]

(WASHINGTON) -- A Senate committee on Wednesday voted to advance Fed chair nominee Kevin Warsh, clearing a key hurdle in his path to replace Fed Chair Jerome Powell before his term ends next month. Warsh's nomination will move to a confirmation vote on the floor of the upper chamber.The Senate Banking Committee voted 13-11 to approve the nomination on a party-line vote, with Republicans supporting the nomination and Democrats opposing […]

(NEW YORK) -- The Federal Reserve on Wednesday will issue its latest announcement on interest rates as gasoline prices in the U.S. reach their highest level in four years. The move marks what may be the central bank's final decision on borrowing costs under the leadership of Fed Chair Jerome Powell.The policy announcement is set to arrive at an uneasy moment for the central bank. The Iran war set off […]

A gas pump stands at a station in Manhattan on April 21, 2026 in New York City. (Spencer Platt/Getty Images) (NEW YORK) -- Gasoline prices in the United States hit their highest level in four years on Tuesday as negotiations over the Iran war appeared to show little signs of a resolution.This is a developing story. Please check back for updates. Copyright © 2026, ABC Audio. All rights reserved.

(OAKLAND, Calif.) -- Billionaire entrepreneur Elon Musk and prominent AI executive Sam Altman are facing off in court with major implications for OpenAI, the San Francisco-based tech giant led by Altman.The federal case, which concerns OpenAI's evolution from nonprofit to profit-seeking, kicked off on Monday in Oakland, California. Judge Yvonne Gonzalez Rogers is managing proceedings alongside nine jurors and no alternates, according to a court filing last month.The star-studded list of potential witnesses includes Altman, Musk […]