Wire stories category, Page 97
Oil plunges 25% as another virus-fueled trading week begins
NEW YORK — Oil prices are plunging amid concern a dispute among producers could lead a global economy weakened by covid-19 to be awash in an oversupply of crude. Brent crude, the international standard, lost $11.44, or 25.3%, to $33.83 per barrel in electronic trading in London. Benchmark U.S. crude...
Congressional panel says Boeing has ‘culture of concealment’
A congressional committee investigating Boeing said Friday that a “culture of concealment” at the company and poor oversight by federal regulators contributed to two deadly crashes involving the grounded 737 Max. The committee’s Democrats said multiple factors led to the crashes, but it homed in on a new flight-control system...
Bond yields sink, stocks fall as investors demand safety
NEW YORK — A dizzying, brutal week of trading dropped one last round of harrowing swings on investors Friday. After skidding sharply through the day as fear pounded markets, steep drops for stocks and bond yields suddenly eased up in the last hour of trading amid hints from Federal Reserve...
U.S. job market looked robust before coronavirus outbreak escalated
WASHINGTON — Hiring in the United States jumped in February as employers added 273,000 positions, evidence that the job market was in strong shape before the coronavirus began to sweep through the nation. The Labor Department said Friday that the unemployment rate fell to 3.5% last month, matching a 50-year...
Looking for next-level amenities with your rental? How about a rooftop farm?
MINNEAPOLIS — Apartment developers in the Twin Cities are accustomed to ginning up out-of-the-box amenities aimed at wooing renters and setting themselves apart in an increasingly competitive market. That includes decked-out dog spas, catering kitchens and refrigerated drop boxes for package delivery. Twin Cities-based Newport Midwest hopes to offer something...
Virus fears grip markets again; stocks and bond yields plungeVideo
NEW YORK — Fear dominated financial markets again on Thursday, and stocks fell sharply on worries about the fast-spreading virus outbreak. It’s the latest shudder in Wall Street’s wildest week in more than eight years. Major U.S. indexes lost roughly 3.5%, and Treasury yields touched more record lows in their...
Stocks soar on plans for more stimulus measures, Biden wins
The Dow Jones Industrial Average soared more than 1,100 points, or 4.5%, Wednesday on hopes that governments and central banks around the world will take more forceful measures to fight the virus outbreak. The gains more than recouped the market’s big losses from a day ealier as Wall Street’s wild,...
Doctors try 1st CRISPR editing in the body for blindness
Scientists say they have used the gene editing tool CRISPR inside someone’s body for the first time, a new frontier for efforts to operate on DNA, the chemical code of life, to treat diseases. A patient recently had it done at the Casey Eye Institute at Oregon Health & Science...
Dow sinks 2.9% after rate cut fails to stem market’s dreadVideo
NEW YORK — Fear and uncertainty continue to control Wall Street, and stocks fell sharply Tuesday after an emergency interest-rate cut by the Federal Reserve failed to reassure markets wracked by worries that a fast-spreading virus will cause a recession. The Dow Jones Industrial average sank 785 points, or 2.9%....
Coronavirus spread prompts Fed to slash rates in surprise move
WASHINGTON — In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point Tuesday in an effort to support the economy in the face of the spreading coronavirus. Chairman Jerome Powell said at a news conference that the virus “will surely weigh on economic...
Dow notches largest-ever point gain as stocks surge on hopes for central bank help
The Dow Jones Industrial Average soared nearly 1,300 points, or 5%, Monday as stocks roared back from a seven-day rout on hopes that central banks will take action to shield the global economy from the effects of the coronavirus outbreak. The huge gains clawed back some of the ground lost...
As stocks tumble amid spread of coronavirus, can central banks fix the crisis?
NEW YORK — As stocks around the world tumble on worries about a fast-spreading coronavirus, investors have been clamoring for the superheroes of the financial world to ride to the rescue once again. Yet this time, there are doubts: Can central banks really fix this crisis as they have so...
Joe Coulombe, founder of popular Trader Joe’s markets, dies
LOS ANGELES — Joe Coulombe envisioned a new generation of young grocery shoppers emerging in the 1960s, one that wanted healthy, tasty, high-quality food they couldn’t find in most supermarkets and couldn’t afford to buy in the few high-end gourmet outlets. So he found a new way to bring everything...
Teens love the video app TikTok. Do they love it too much?
From the perspective of teens, TikTok is a major new outlet for self-expression, one proudly home to the silly, the loud and the weird. To others, the Chinese-owned online video service is an unnerving black box that could be sharing information with the Chinese government, facilitating espionage or just promoting...
Virus’ effect on world economy grows more alarming
TOKYO — Concerns about the coronavirus outbreak’s threat to the world economy grew Saturday as authorities in the U.S. reported its first domestic death from the virus and President Donald Trump denounced criticism of his response to the threat as a “hoax” cooked up by his enemies. China’s manufacturing plunged...
Wall Street has worst week since 2008
Stocks sank around the globe again Friday as investors braced for more economic pain from the coronavirus outbreak, sending U.S. markets to their worst weekly finish since the 2008 financial crisis. The damage from the week of relentless selling was eye-popping: The Dow Jones Industrial Average fell 3,583 points, or...
FCC proposes fines for phone companies that shared user data
NEW YORK — The Federal Communications Commission has proposed roughly $200 million in fines combined for the four major U.S. phone companies for improperly disclosing customers’ real-time location. FCC Chairman Ajit Pai said during a news conference Friday that the fines amounted to $91 million for T-Mobile, $57 million for...
Amazon bans 1 million products because of coronavirus claims
Amazon has pulled more than 1 million items from its digital shelves due to claims that the products could either cure or help prevent the spread of coronavirus. The move comes during the same week that Facebook said it would ban advertisements on its platform for products purporting to cure...
Stock market rout deepens on virus worries; indexes lose 4%
The Dow Jones Industrial Average sank nearly 1,200 points Thursday, deepening a weeklong global market rout caused by worries that the coronavirus outbreak will wreak havoc on the global economy. Bond prices soared again, sending the yield on the 10-year Treasury to another record low. When yields fall it’s a...
Regulators challenge merger of Philadelphia health networks
The Federal Trade Commission said Thursday it is taking action to block the planned merger of two major Philadelphia-area health systems, saying it would reduce competition and harm patients. The FTC issued an administrative complaint and said it is also filing a complaint in federal court to prevent the merger...
Walmart confirms it will launch a rival to Amazon’s Prime
NEW YORK — Walmart is confirming that it’s developing a competitor to Amazon’s juggernaut Prime membership program. The company declined on Thursday to offer details, but a spokeswoman said it will be called Walmart+. News website Vox first reported the news about Walmart’s new membership program earlier Thursday and said...
Delivery giant DoorDash takes step toward public offering
NEW YORK — Food delivery giant DoorDash has taken a first formal step toward a stock market debut. The San Francisco-based company said Thursday that it had filed paperwork with the Securities Exchange Commission outlining its proposed public stock offering. There was no proposed date for an initial offering, which...
Coffee shop features Oval Office scene, Trump cutout, Fox News
A conservative-themed coffee shop that opened last weekend in Florida features an Oval Office scene with a cutout of President Trump, televisions blaring Fox News and a “wall of honor” with veterans’ and police officers’ signatures. Conservative Grounds, the newest business in a Largo strip mall that includes an LGBTQ...
Stocks sink, bonds soar on fears virus will stunt economyVideo
Stocks slumped again Tuesday on Wall Street, piling on losses a day after the market’s biggest drop in two years as fears spread that the growing virus outbreak will put the brakes on the global economy. Nervous investors snapped up low-risk U.S. government bonds, sending the yield on the 10-year...
Drugmaker Mallinckrodt reaches $1.6B opioid settlement
The generic drugmaker Mallinckrodt has a tentative $1.6 billion deal to settle lawsuits over its role in the U.S. opioid crisis, it announced Tuesday. The deal is intended to end hundreds of lawsuits faced by the company over opioids. The company said that it had an agreement with a key...
