Money

By Anna Bahney, CNN Business Homeowners saw massive increases in wealth over the past decade, but most of the gains went to the wealthiest US households. As home prices soared, housing wealth increased by $8.2 trillion over a decade, rising to $24.1 trillion in 2020 from $15.9 trillion in 2010, according to a new report

By Jeanne Sahadi, CNN Business Confusion. Amnesia. New paperwork. Delays getting through to the IRS. These are some of the top pandemic-induced frustrations marking this tax filing season, both for tax preparers and their clients. A recent survey by the National Association of Tax Professionals found that “only 4% [of tax preparers] think that taxpayers

By Matt Egan, CNN Business Russia’s invasion of Ukraine and the West’s crackdown on Moscow has left the world economy exposed to an epic energy shock. “The uncertainty on how this conflict and oil shortages will be resolved is unprecedented,” Goldman Sachs strategists wrote in a note to clients. The developments have been relentless. On

By Anneken Tappe, CNN Business America’s worker shortage is far from over: In January, the nation had 11.3 million jobs to fill and not enough workers to do so, according to new data from the Bureau of Labor Statistics. This exceeded economists’ expectations but was a decrease from the revised December number, which was updated

By Paul R. La Monica, CNN Business Stocks surged Wednesday, snapping a four-day losing streak, as investors celebrated a drop in crude oil prices. The Dow gained more than 650 points, or 2%. It was a broad-based rally, with oil giant Chevron the only Dow stock trading significantly lower. It fell 2.5%. The S&P 500

Opinion by Mark Wolfe for CNN Business Perspectives Rising inflation is hitting all sectors of the economy. The overall rate of inflation on an annual basis reached 7.5% at the end of January, the highest level since 1982. Gas prices, in particular, are rising especially fast, reaching $4.25 a gallon on Wednesday, up from about

By Julia Horowitz, CNN Business Oil prices are pulling back and stocks are jumping higher as investors take a beat to consider what Russian President Vladimir Putin might do next. But the mood on Wall Street remains anxious, with traders hooked on headlines from Ukraine. “We’re still seeing these awful attacks, and we’re still seeing

By Charles Riley, CNN Business Russia has banned its citizens from buying US dollars, completing the isolation of an economy that once had ambitions to join the global club of financial powers. As recently as the 2008 global financial crisis, Russian President Vladimir Putin and his lieutenants had promoted the ruble as a potential alternative

By Jill Dougherty, for CNN A week after Russia invaded Ukraine, the staff of Russia’s last independent TV channel, TV Rain, also known as Dozhd, shut itself down. Seated at the news desk, general director and co-founder Natalia Sindeeva — a tough-as-nails media entrepreneur — announced the channel was closing, took a breath, and said,

By Danielle Wiener-Bronner, CNN Business The International House of Pancakes is opening a bank. A pancake bank. That’s the concept for the brand’s new loyalty program, dubbed the International Bank of Pancakes (as in IBOP — not to be confused with IHOb, International House of Burgers, a 2018 marketing campaign). Rewards programs are a good

By Betsy Klein, CNN Business President Joe Biden will sign an executive order Wednesday establishing the first-ever federal strategy on cryptocurrencies, the White House said. Biden will order the exploration of a digital currency operated by the US central bank, and he encouraged regulators to identify and mitigate risks digital assets pose to the financial

By Chris Isidore, CNN Business Russia’s invasion of Ukraine is a major reason that US drivers are paying record prices for gasoline. But it’s not the only reason. Numerous factors are combining to push gas prices up to a record. Gas hit $4.25 for a gallon of regular gas, according to AAA’s survey Wednesday. Gas