By Paul R. La Monica, CNN Here comes the Santa Claus market rally. Stocks surged Wednesday as investors cheered healthy results from two of America’s leading companies and a surprisingly strong reading on consumer sentiment. The Dow finished with a gain of more than 525 points, or 1.6%, after FedEx and Dow component Nike each
Continue Reading By Alicia Wallace, CNN American consumers’ confidence in the US economy grew in December as high inflation continued to ease, according to data released Wednesday by the Conference Board. The business think tank’s latest consumer confidence index registered 108.3 this month, a significant jump from the upwardly revised measure of 101.4 in November. Economists were
Continue Reading By Anna Bahney, CNN Business Home sales in the United States declined for the 10th month in a row in November as surging mortgage rates topped 7% and stubbornly high prices kept buyers out of the market. Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — were down 35.4% in
Continue Reading By Kara Scannell, Patrick Oppmann and Allison Morrow, CNN Sam Bankman-Fried will be extradited to the United States Wednesday night, Bahamas Attorney General Sen. Ryan Pinder confirmed. Bankman-Fried will be extradited after the Foreign Minister of the Bahamas signed a warrant of surrender allowing his extradition to the United States, the Ministry of Foreign Affairs
Continue Reading By Jeanne Sahadi, Katie Lobosco and David Goldman, CNN It will take time for lawmakers and the public to digest the trove of documents relating to former President Donald Trump’s tax returns released Tuesday night by the House Ways and Means Committee. Trump repeatedly defied convention and refused to release his tax returns both as
Continue Reading By Jeanne Sahadi, Katie Lobosco and David Goldman, CNN It will take time for lawmakers and the public to digest the trove of documents relating to former President Donald Trump’s tax returns released Tuesday night by the House Ways and Means Committee. Trump repeatedly defied convention and refused to release his tax returns both as
Continue Reading By Matt Egan, CNN The Federal Reserve’s super-sized interest rates are not scaring most companies into cutting back on spending, according to a survey released on Wednesday. About two-thirds of chief financial officers say the current level of interest rates have not impacted their spending plans, according to the CFO Survey conducted by Duke University
Continue Reading By Anna Cooban, CNN The United Kingdom is one step closer to conducting its first ever satellite launch from its own shores. The UK Civil Aviation Authority (CAA), a regulatory body, said on Wednesday that it had granted the final licenses to Virgin Orbit to carry out the launch. Virgin Orbit, a US subsidiary of
Continue Reading By Anna Cooban, CNN The United Kingdom is one step closer to conducting its first ever satellite launch from its own shores. The UK Civil Aviation Authority (CAA), a regulatory body, said on Wednesday that it had granted the final licenses to Virgin Orbit to carry out the launch. Virgin Orbit, a US subsidiary of
Continue Reading By Nicole Goodkind, CNN Wall Street just received a big lump of Christmas coal. A surprise announcement from the Bank of Japan sent investors spinning and global markets reeling on Tuesday. The country’s central bank signaled that it would reverse two decades of policy precedent and begin to move away from loose monetary policy intended
Continue Reading By Laura He, CNN Xiaomi, one of the world’s largest smartphone makers, has begun layoffs in China at a time when the world’s second largest economy is grappling with an enormous unemployment crisis. The Chinese company’s decision to slash jobs comes soon after tech giants across the world, including Meta and Twitter, have laid off
Continue Reading By Laura He, Jennie Chen and Eric Cheung, CNN An unprecedented wave of Covid infections in China has triggered widespread drug shortages, as people scramble to buy fever medicines and painkillers to alleviate flu-like symptoms. The panic buying has spread outside mainland China’s borders, with the generic versions of Tylenol and Advil sold out at
Continue Reading By Jessie Yeung and Cheng Cheng, CNN Just weeks ago, catching Covid in China meant being taken to government quarantine for an indeterminate stay and your entire residential building being locked down, trapping neighbors in their homes for days or weeks. Now, as the country rapidly relaxes restrictions, millions of people have been told to
Continue Reading By Diksha Madhok A photo gallery by Argentine footballer Lionel Messi has become the most-liked Instagram post ever. The images, which show Messi and other Argentina players celebrating their 2022 World Cup win, have racked up over 67 million likes on the social media platform within hours of being posted. Mark Zuckerberg, CEO of Meta,
Continue Reading By David Goldman, CNN In an interview with CNN’s Jake Tapper Tuesday, a TikTok executive refused multiple times to acknowledge China’s treatment of Uyghurs and other Muslim minorities, which the US State Department has labeled a genocide and a United Nations report said may constitute “crimes against humanity.” In response to Tapper’s question, “Do you
Continue Reading By David Goldman, CNN In an interview with CNN’s Jake Tapper Tuesday, a TikTok executive refused multiple times to acknowledge China’s treatment of Uyghurs and other Muslim minorities, which the US State Department has labeled a genocide and a United Nations report said may constitute “crimes against humanity.” In response to Tapper’s question, “Do you
Continue Reading By Brian Fung, CNN Twitter owner Elon Musk confirmed Tuesday evening he will step down as the company’s CEO, but only when he identifies a successor, directly addressing for the first time a Twitter poll he created this week in which millions of users voted for his ouster. In a tweet, Musk said he would
Continue Reading By Jon Passantino, CNN Police in Southern California are looking to speak with Elon Musk and his security team over an alleged assault last week that Musk claimed involved a “crazy stalker” and led to the suspension of a private jet-tracking account on Twitter as well as several prominent journalists. Musk has pointed to the
Continue Reading By Jon Passantino, CNN Police in Southern California are looking to speak with Elon Musk and his security team over an alleged assault last week that Musk claimed involved a “crazy stalker” and led to the suspension of a private jet-tracking account on Twitter as well as several prominent journalists. Musk has pointed to the
Continue Reading By Nathaniel Meyersohn, CNN Nike’s stock jumped around 11% after the company beat analyst forecasts during its latest quarter. The company’s sales jumped 17% from the same quarter a year prior. Its profit increased 10%, the company said Tuesday. “Consumer demand for Nike’s portfolio of brands continues to drive strong business momentum,” Nike finance chief
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