Business News

(NEW YORK) -- Mortgage rates this week fell to their lowest level in 15 months, easing borrowing costs for homebuyers eager for a thaw in the housing market in 2026.The average interest rate on a 30-year fixed mortgage stands at 6.15%, plummeting from a level of 6.89% in May, data from financial services company Freddie Mac showed. Last January, the average 30-year fixed mortgage rate exceeded 7%.Each percentage point decrease in a mortgage rate […]

(NEW YORK) -- Online shoppers set a record high on Thanksgiving, paving the way for gangbusters performance on Black Friday, Adobe data showed.Digital spending on Thanksgiving jumped 5% from a year earlier, totaling $6.4 billion and exceeding Adobe’s expectations, the firm said.The company also expects Black Friday shoppers to set a new record, outpacing last year's total by more than 8%.Adobe attributed the strong performance on Thanksgiving to better-than-anticipated discounts, […]

Photo by Joe Raedle/Getty Images (WASHINGTON) In the latest reversal of his signature economic policy, President Donald Trump is rolling back tariffs on furniture, kitchen cabinets and vanities.Higher tariff rates on those goods that were set to take effect Jan. 1 will now be delayed for another year, according to a White House fact sheet.In October, the White House imposed a 25% tariff on upholstered furniture, kitchen cabinets and vanities. […]

(NEW YORK) -- Holiday shopping season sets forth an annual gut check for the U.S. economy, prompting buyers to splurge in a show of optimism or cut back out of fear of what next year holds.In 2025, shoppers opened their wallets with gusto, though consumers appeared to favor low-cost options and discounts, according to spending data shared with ABC News.The performance defied concerns overhanging the economy for months, as hiring slowed and inflation ticked higher. […]

(NEW YORK) -- If you're looking for a new set of wheels next year, the choices can be overwhelming.From 3-row SUVs to wagons and futuristic electric vehicles, buyers can select from a wide range of powertrains, prices and body styles.Which models are already generating excitement in the industry? ABC News spoke to several insiders to get their take on the hottest vehicles headed to showrooms.Mercedes-Benz CLA and GLBThe German automaker […]

(NEW YORK) -- The stock market surged to record highs in 2025, hurtling past tariffs, a government shutdown and fears of a bubble in artificial intelligence.The S&P 500 -- the index that most people's 401(k)s track -- climbed about 17% this year, as of Dec. 23. That performance marks a slight slowdown from two consecutive years of more than 20% growth, but the latest uptick extends a run of gangbusters […]

(NEW YORK) -- Silver prices on Monday suffered their largest single-day drop in almost five years, before rebounding nearly 8% in midday trading on Tuesday. Some other precious metals, including gold, rode a similar rollercoaster.The turbulent stretch comes near the end of a banner year for gold and silver, which rose far faster than even the robust stock market. Gold has climbed 66% in 2025, while silver has soared a […]

(NEW YORK) -- Gas prices stand close to their lowest level in four years as tens of millions of people prepare to travel over the Thanksgiving holiday.The national average for a gallon of gas on Monday tallied at $3.07, which amounts to a slight uptick from a year ago, AAA data showed. But gas prices for each of the last two years have come in below Thanksgiving Day gas prices […]

(NEW YORK) -- Nearly 20 U.S. states are set to raise their minimum wage in 2026, boosting pay for millions of workers spanning from Arizona to New Jersey.A mix of Republican- and Democrat-controlled states will raise their wage floors on Jan. 1 in keeping with inflation-adjusted increases or as part of scheduled hikes that take effect at the beginning of each calendar year.The pay increases will affect about 8.3 million […]