By Gabe Cohen, CNN Business Nicosha Jones spent nearly a year trying to buy her first home. Jones, 48, planned to build equity by buying a home in the South Phoenix neighborhood where she grew up. Instead, she’s on the sidelines, facing skyrocketing rent and struggling to restart the process of looking for a place
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By Anna Bahney, CNN Business The double punch of high home prices and rising mortgage rates took a toll on sales of newly constructed homes in April. New home sales fell by 16.6% in April from March and were down 26.9% from a year ago, according to a joint report from the US Department of
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Opinion by Børge Brende for CNN Business Perspectives The war in Ukraine, a challenging economic outlook, rising global temperatures and a once-in-a-century pandemic: These are more than a series of distinct crises. They amount to what appears to be the onset of a new global era — one that many fear will be defined by
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By Nathaniel Meyersohn, CNN Business It’s happened to just about everyone who’s bored in line waiting to check out at a store: You spot a candy bar, a pack of gum or a soft drink. Unable to resist, you throw it in your cart. This scene, repeated countless times every day at grocery and convenience
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By Paul R. La Monica, CNN Business Investors took a break from selling in May and going away, for one day at least. Stocks soared Monday, as positive news about earnings from banking powerhouse JPMorgan Chase and comments from President Joe Biden about the possibility of lifting some US tariffs on China boosted sentiment on
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By Kathryn Vasel, CNN Business When it comes to salary negotiations, job candidates have a lot of leverage these days. “There are a number of economic factors that are relevant for thinking about salary negotiations right now,” said Linda Babcock, an economics professor at Carnegie Mellon University. Along with rising inflation, the nationwide labor shortage
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By Diksha Madhok, CNN Business India has decided to restrict the sale of sugar on international markets, just days after it banned wheat exports. In a statement on Wednesday, the Indian government said it will limit sugar exports to 10 million tons for the marketing season that runs through September to keep prices in check.
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By Matt Egan, CNN Business The stock market selloff hit pause Friday, but the Dow Jones Industrial Average couldn’t avoid its longest weekly losing streak in nearly a century. The Dow ended Friday nine points higher but finished the week down about 3%. This was its eighth-straight weekly loss, the longest weekly losing streak since
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By Nicole Goodkind, CNN Business The S&P 500 briefly fell into bear market territory Friday, slipping more than 20% from its record high and potentially ending the bull run that began in March 2020. A reversal late in the day pushed the index higher at the market’s close and saved it from reaching an official
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By Paul R. La Monica, CNN Business Pfizer, BioNTech and Moderna are experiencing a post-vaccine hangover on Wall Street this year. All three stocks surged spectacularly in 2021, thanks largely to their Covid-19 vaccines’ success and strong sales. But 2022 hasn’t been as kind to them. Shares of Pfizer are down about 15%, while its
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By Samantha Murphy Kelly, CNN Business After Jason Moore, from Portland, Oregon, saw headlines from national news sources on Google News about the Buffalo shooting at a local supermarket on Saturday afternoon, he did a quick search for the incident on Wikipedia. When no results appeared, he drafted a single sentence: “On May 14, 2022,
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By Rob McLean and Jackie Wattles, CNN Elon Musk denied allegations that he sexually harassed a SpaceX flight attendant in 2016 in a series of late-night tweets. “I have a challenge to this liar who claims their friend saw me ‘exposed’ — describe just one thing, anything at all (scars, tattoos, …) that isn’t known
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By Chris Liakos and Anna Cooban, CNN Business Russia is about to cut off natural gas supplies to a third European country that refuses to accept the Kremlin’s demand for payment in rubles. Russian gas will stop flowing to Finland at 7 a.m. local time on Saturday, Finnish state gas company Gasum said in a
Continue Reading By Chris Liakos and Anna Cooban, CNN Business Russia is about to cut off natural gas supplies to a third European country that refuses to accept the Kremlin’s demand for payment in rubles. Russian gas will stop flowing to Finland at 7 a.m. local time on Saturday, Finnish state gas company Gasum said in a
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By Julia Horowitz, CNN Business When a bear market arrives, it’s not pretty, especially for investors making short-term decisions. But it happens — and a recovery arrives eventually. Quick refresher: A “bear market” refers to when stocks drop 20% or more from their recent peak. They’re a sign of extreme negative sentiment on Wall Street
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By Laura He, CNN Business China on Friday slashed a key interest rate to rescue its slumping housing market and head off a major downturn in the world’s second largest economy. The People’s Bank of China cut its five-year loan prime rate (LPR) by 15 basis points to 4.45%, the second reduction this year and
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By Laura He, CNN Business China is buying record amounts of cheap Russian coal, even as Western nations slam Moscow with sanctions over the invasion of Ukraine. In April, not only did the world’s second largest economy buy more coal from Russia than ever before, it also eliminated import tariffs on all types of coal,
Continue Reading By Laura He, CNN Business China is buying record amounts of cheap Russian coal, even as Western nations slam Moscow with sanctions over the invasion of Ukraine. In April, not only did the world’s second largest economy buy more coal from Russia than ever before, it also eliminated import tariffs on all types of coal,
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By Jackie Wattles, CNN Business Boeing’s Starliner spacecraft made a safe return home from its five-day stay at the International Space Station on Wednesday, concluding a long-awaited test mission that could pave the way for the Starliner to launch astronauts for the first time later this year. After detaching from its port at the ISS
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By Peter Valdes-Dapena, CNN Business Mercedes-Benz confirmed on Thursday that it recently sold the world’s most expensive car. A very rare 1955 Mercedes-Benz SLR coupe that had been kept in the German automaker’s collection was sold to a private owner for €135 million, the equivalent of $142 million. That price makes it the most expensive
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