CNN – Business/Consumer

By Anneken Tappe, CNN Business US stocks rallied to record highs on Friday, rebounding from Thursday’s selloff. The Dow closed 1.3% higher, or 448 points, while the S&P 500 rose 1.1%. The Nasdaq Composite was up nearly 1%. All three indexes reached new all-time highs. They also logged gains for the shortened Independence Day week

By Frank Pallotta, CNN Business Superhero fans have longed to hear it: A new Marvel movie is being released this weekend. And this one won’t just be in theaters. “Black Widow,” the latest from Disney’s Marvel Studios, opened Thursday night and is set to become the biggest opening since 2019. The film, which stars Scarlett

By Paul R. La Monica, CNN Business Here’s some good news for long-suffering fans of England’s football (aka soccer) team. Goldman Sachs predicts that England has a 58% chance of defeating Italy in Sunday’s Euro 2020 final. That would be England’s first victory in a major tournament in 55 years — and it would come

By Charles Riley, CNN Business The world’s biggest automakers don’t have much in common with tech companies. Volkswagen and General Motors employ hundreds of thousands of workers and operate huge factories on multiple continents. They rely on complicated supply chains to source parts, and they sell their products through brick-and-mortar dealership networks. But investors are

By Allison Morrow, CNN Business Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. ROCKET MAN This weekend, Richard Branson, the founder of Virgin Galactic, is attempting to become the first billionaire to strap himself to a rocket branded with

By Oliver Darcy, CNN Business NBC was presented with a new challenge producing the 2021 Olympic Games on Thursday after organizers said that spectators will be prohibited from the Tokyo venues, a move that eliminates a key component of live sports broadcasts and could give the competitions an eerie feel. The setback, which was announced

By Allison Morrow and Matt Egan, CNN Business Wells Fargo is shutting down all of its existing personal lines of credit, sparking outrage from consumers and advocates. A spokesperson for the bank said Wells Fargo made the decision last year as part of an effort to simplify its product offerings. The bank feels it can

By Danielle Wiener-Bronner, CNN Business Restaurant workers are calling it quits just as people are starting to dine out again and restaurants rush to reopen. In May, the rate of quits per share of employment in the accommodation and food services sector, which includes restaurants, was 5.7%, according to seasonally adjusted data released this week

By Matt Egan, CNN Business President Joe Biden is being attacked for $3 gasoline. But the truth is the White House isn’t to blame for high gas prices — and has few options to lower them. The seven-year high in gas prices is all about supply and demand. Gas was dirt cheap last spring because

By Alexis Benveniste, CNN Business The Federal Reserve Bank of Minneapolis is requiring all current employees to be fully vaccinated against Covid-19 by the end of August. The vaccination policy will also apply to the bank’s future hires. More than 90% of the bank’s staff worked remotely during the pandemic. The Federal Reserve Bank of

By Paul R. La Monica, CNN Business Worries about inflation are yesterday’s news. Investors suddenly have renewed fears about another spike in Covid-19 cases — and what that means for the global economy’s still fragile recovery. Just look at the bond market. Nervous traders are buying US 10-year Treasuries hand over fist, pushing their yields

By Hanna Ziady, CNN Business The European Commission has fined Volkswagen Group and BMW $1 billion for colluding with Daimler to hold back the development of technology that could have reduced harmful emissions from their vehicles. In a statement on Thursday, the Commission said the three German carmakers, along with Volkswagen subsidiaries Audi and Porsche,

By Hanna Ziady, CNN Business The coronavirus pandemic has destroyed 22 million jobs in wealthy countries, according to the Organization for Economic Cooperation and Development. In a report Wednesday warning of the risk of a rapid rise in long-term joblessness, the Paris-based organization said that employment across OECD countries is not expected to recover to