Money

By Parija Kavilanz, CNN Stitch Fix, facing economic turbulence, announced a double whammy on Thursday: CEO Elizabeth Spaulding is stepping down and the company planned to lay off 20% of its salaried staff. The online personalized subscription clothing retailer also said it was closing some operations, including its Salt Lake City distribution center. “We will

By Nicole Goodkind, CNN Business The Dow fell more than 300 points on Thursday as strong jobs data spooked investors. A number of reports this week show that the labor market remains resilient to the Federal Reserve’s attempts to tame inflation by raising interest rates and cooling the economy. The reports stoked investors’ fears that

By Samantha Beech, CNN The New York State Nurses Association (NYSNA) has announced tentative agreements have been reached with two more hospitals — Maimonides and Richmond University Medical Center — ahead of a planned Monday strike. The tentative agreements are in addition to that reached Sunday for union nurses at NewYork-Presbyterian Hospital. Negotiations for more

By Anna Bahney, CNN Mortgage rates inched up again last week, after a slight increase the week before interrupted six straight weeks of falling rates. The 30-year fixed-rate mortgage averaged 6.48% in the week ending January 5, up from 6.42% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was

By Kara Scannell, CNN The New York attorney general filed a civil lawsuit Thursday against the co-founder of now-bankrupt cryptocurrency lender Celsius Networks for allegedly defrauding hundreds of thousands of investors who deposited billions of dollars into the platform. The lawsuit against Alex Mashinsky alleges he made false and misleading statements to encourage investors to

By Jeanne Sahadi, CNN If you’re planning to invest your hard-earned money in stocks, bonds and other assets this year, let humility be your guide. After all, markets were rocked in the past three years by events few predicted: The pandemic. Several, sometimes violent, threats to democracy. Russia’s widely condemned invasion of Ukraine. The list

By Alicia Wallace, CNN Around 204,000 people applied for first-time unemployment benefits last week, according to the latest data from the Bureau of Labor Statistics. That’s down from the previous week’s total jobless claims and only slightly below the pre-pandemic weekly average of 218,000. Continuing claims, which are filed by people who have received unemployment

By Anna Cooban, CNN Germany just took a step closer to finding a long-term, greener replacement for Russian natural gas and coal. German power producer RWE and Norwegian state-owned energy firm Equinor on Thursday announced plans to build hydrogen-fueled power plants in Germany over the next few years, as well as a major pipeline between

By Allison Morrow and Kara Scannell, CNN The US government is stepping into a contentious, multijurisdictional legal battle over the ownership of hundreds of millions of dollars’ worth of assets connected to the collapse of Sam Bankman-Fried’s crypto empire. The Justice Department said Wednesday that has moved to seize millions of shares of Robinhood, the

By Nathaniel Meyersohn and Jordan Valinsky, CNN Bed Bath & Beyond issued a grim message about its future Thursday, warning that a bankruptcy filing is a possible outcome for the company. There is “substantial doubt about the company’s ability to continue” because of its worsening financial situation, the home goods chain said in a regulatory

By Jordan Valinsky, CNN Even millionaires are noticing that grocery shopping has become really expensive. Just listen to Cardi B. The rapper posted an expletive-laden video rant on Twitter asking “anybody that is responsible” to lower grocery prices because they’ve recently been “tripling up.” She said she noticed the skyrocketing prices from a “summary” of