AP National Business

By MICHELLE CHAPMAN AP Business Writer Caterpillar’s first-quarter sales climbed as construction equipment demand continues to surge even though supply chain challenges still plague most industries. Sales rose 14% to $13.59 billion, topping the $13.5 billion that analysts surveyed by Zacks Investment Research were looking for. Aside from improved demand for equipment, Caterpillar said higher

By TOM MURPHY AP Health Writer Merck soared past first-quarter expectations, helped by sales of its long-standing blockbuster cancer drug Keytruda and a new COVID-19 treatment that also topped forecasts. The drugmaker raised its 2022 forecast Thursday after its coronavirus treatment Lagevrio brought in almost $3.2 billion in sales in the quarter. Analysts were expecting

By ALAN FRAM, ZEKE MILLER and AAMER MADHANI Associated Press WASHINGTON (AP) — President Joe Biden is asking Congress for an additional $33 billion to help Ukraine fend off the Russian invasion. The money is expected to last for five months, and would be a big boost in U.S. efforts to bolster Kyiv in an

By AAMER MADHANI, ALAN FRAM and ZEKE MILLER Associated Press WASHINGTON (AP) — Two administration officials say President Joe Biden will ask Congress for an additional $33 billion to help Ukraine fend off the Russian invasion. The money is expected to last for five months, and would be a big boost in U.S. efforts to

By FATIMA HUSSEIN Associated Press WASHINGTON (AP) — Treasury Secretary Janet Yellen says the global pandemic and Russia’s invasion of Ukraine highlight the possibility of big economic shocks in the future. She adds that downturns are “likely to continue to challenge the economy.” In a speech Thursday at the Brookings Institution, Yellen spoke about the

By KELVIN CHAN and BARBARA ORTUTAY AP Business Writer LONDON (AP) — Twitter’s quarterly profit, revenue and the number of daily users on its platform are rising but its quarterly report, released days after agreeing to be sold to billionaire Elon Musk, offered scant details about what it expects on the financial front for the

By LORNE COOK, DANICA KIRKA and FRANK JORDANS Associated Press BRUSSELS (AP) — Cutting off natural gas to Poland and Bulgaria cost Russian President Vladimir Putin very little — but it is adding stress on European countries wrestling with how to reduce the energy imports feeding the Kremlin’s war chest and how to keep a

By DAVID KOENIG AP Airlines Writer DALLAS (AP) — Southwest Airlines is reporting a loss of $278 million in the first quarter but says it will be profitable the rest of 2022. Like other airlines, Southwest says travel demand is surging, and it’s hiring to increase staff before the expected summer rush. Southwest said Thursday

By MATT OTT AP Business Writer WASHINGTON (AP) — The average long-term U.S. mortgage rate edged down for the first time in two months following a swift rise to its highest level in more than a decade.   After seven weeks of increases, the average rate on a 30-year mortgage inched down to 5.1% from

By STAN CHOE AP Business Writer NEW YORK (AP) — After years of screaming higher, almost regardless of what the economy was doing, tech-oriented stocks are tanking and dragging down the rest of Wall Street. Many of these high-profile companies still make billions of dollars in profits, and they continue to dominate the top of

By DAMIAN J. TROISE AP Business Writer NEW YORK (AP) — Stocks rose in afternoon trading on Wall Street Thursday as technology companies clawed back some of the ground they had lost recently. Major indexes are still headed for weekly losses and a dismal monthly performance after sliding for much of April. This week has

By STAN CHOE AP Business Writer NEW YORK (AP) — After years of screaming higher, almost regardless of what the economy was doing, tech-oriented stocks are tanking and dragging down the rest of Wall Street. Many of these high-profile companies still make billions of dollars in profits, and they continue to dominate the top of

By MICHELLE CHAPMAN AP Business Writer Caterpillar’s first-quarter sales climbed as construction equipment demand continues to surge even though supply chain challenges still plague most industries. Sales rose 14% to $13.59 billion, topping the $13.5 billion that analysts surveyed by Zacks Investment Research were looking for. Aside from improved demand for equipment, Caterpillar said higher

SAN FRANCISCO (AP) — Twitter’s quarterly profit, revenue and the number of daily users on its platform are rising but its quarterly report, released days after agreeing to be sold to billionaire Elon Musk, offered scant details about what it expects on the financial front for the rest of the year. The social media company

By CHRISTOPHER RUGABER AP Economics Writer WASHINGTON (AP) — The U.S. economy shrank last quarter for the first time since the pandemic recession struck two years ago, contracting at a 1.4% annual rate, but consumers and businesses kept spending in a sign of economic durability. The economy’s overall decline in the January-March quarter does not

By INNA VARENYTSIA and DAVID KEYTON Associated Press IRPIN, Ukraine (AP) — Moscow’s offensive in eastern Ukraine gathered momentum as several areas came under heavy shelling Thursday, amid suspicions Russian President Vladimir Putin wants to score a major battlefield success in time for Victory Day, one of Russia’s proudest holidays, on May 9. Ukrainian authorities

SAN FRANCISCO (AP) — Twitter posted quarterly earnings of $513 million days after it agreed to be sold to billionaire Elon Musk. The social media company said Thursday that revenue rose 16% to $1.2 billion in the three months to March compared with the same period last year. Twitter, based in San Francisco, reported an

By AAMER MADHANI, ALAN FRAM and ZEKE MILLER Associated Press WASHINGTON (AP) — President Joe Biden is asking Congress for new powers to seize and repurpose the assets of Russian oligarchs as part of a new funding request to aid Ukraine in its defense against Russia’s invasion. In remarks at the White House on Thursday,

By DEE-ANN DURBIN AP Business Writer McDonald’s said higher U.S. menu prices and easing COVID restrictions in Europe helped offset troubled markets like China and Russia in the first quarter. The Chicago burger giant said Thursday its revenue rose 11% to $5.66 billion in the January-March period. U.S. menu prices were up 8% over last