Money

Editor’s note: An earlier version of this story and headline misstated the findings of the McKinsey study on wealth. It has been updated and corrected. An estimated 19% of Black American families, roughly 3.5 million households, have a negative net worth because of a history of discriminatory policies from the government and private industry that

Are the Wild West days of intense market volatility back on Wall Street? Stocks were sliding Friday morning after St. Louis Federal Reserve President James Bullard told CNBC he thinks the Fed should raise interest rates as soon as the end of next year. The Dow fell more than 400 points in midday trading Friday,

An estimated 19% of Black Americans, roughly 3.5 million people, have a negative net worth because of a history of discriminatory policies from the government and private industry that has hindered the accumulation of wealth over time, according to a new McKinsey & Company study released Thursday. Just 8% of White Americans have a negative

Are the Wild West days of intense market volatility back on Wall Street? Stocks were sliding Friday morning after St. Louis Federal Reserve President James Bullard told CNBC he thinks the Fed should raise interest rates as soon as the end of next year. The Dow fell nearly 400 points in late morning trading Friday,

Are the Wild West days of intense market volatility back on Wall Street? Stocks were sliding Friday morning after St. Louis Federal Reserve President James Bullard told CNBC he thinks the Fed should raise interest rates as soon as the end of next year. The Dow fell 500 points in late morning trading Friday, a

Are the Wild West days of intense market volatility back on Wall Street? Stocks were sliding Friday morning after St. Louis Federal Reserve President James Bullard told CNBC he thinks the Fed should raise interest rates as soon as the end of next year. The Dow fell more than 500 points in late morning trading

Wall Street is wasting no time getting its employees back into the office — whether they want to be there or not. Morgan Stanley CEO James Gorman warned this week he’ll be “very disappointed” if workers aren’t back by Labor Day. And if they’re not? “Then we’ll have a different kind of conversation,” he said.

It’s been a big year for America’s oat milk fans — and the companies serving them. In March, Starbucks rolled out the option only to sell out a month later. Silk added oat milk to its line of plant-based milks in April. Oatly had a splashy IPO in May. And a slew of new ad

Low inventory and surging demand have sent house prices soaring around the world, raising concerns about how long the red-hot market can be sustained. What’s happening: The International Monetary Fund’s Global House Price Index, which tracks 57 countries, has surpassed its prior peak from 2008. According to Oxford Economics, house prices are growing at over

Dozens of women sued Pornhub and its parent company Thursday, alleging that the site knowingly profited from videos depicting rape, child sexual exploitation, trafficking and other nonconsensual sexual content. The civil complaint alleges that Pornhub parent company MindGeek, one of the largest online pornography companies, is a “classic criminal enterprise” with a business structure created

A coronavirus outbreak in southern China has clogged ports critical to global trade, causing a shipping backlog that could take months to clear and lead to shortages during the year-end holiday shopping season. The chaos began unfolding last month when authorities in the southern Chinese province of Guangdong — home to some of the world’s

Lordstown Motors, the struggling electric truck startup, said that it has no firm orders for its vehicles, backtracking on assurances it made earlier this week that the company had enough committed buyers for its pickup truck to keep production going through 2022. Lordstown, which is named after the former General Motors factory in Ohio that

Bank of America is encouraging its vaccinated employees to return to the office after Labor Day in September, the company’s CEO Brian Moynihan said in a Bloomberg Television interview Thursday. After Labor Day, “our view is all the vaccinated teammates will be back,” Moynihan said. “We’ll be able to operate fairly normally and will then

For the second time in 10 days, a giant chunk of the internet briefly broke because of an outage at a company most people have probably never heard of. The websites for Southwest Airlines, United Airlines, Commonwealth Bank of Australia, the Hong Kong Stock Exchange and others all went dark on Thursday after an issue

Airlines, banks, stock exchanges and trading platforms suffered brief website outages early Thursday after a key piece of internet infrastructure failed, sparking the second major interruption of the past 10 days. Virgin Australia said in a statement on Thursday that it had resolved an IT outage caused by a failure at Akamai Technologies, a global