Money

By Anna Bahney, CNN Business The average rent in Manhattan was $5,249 in November, up 19% from last year and the third-highest amount on record, according to a monthly report from brokerage firm Douglas Elliman and Miller Samuel. The median cost of renting an apartment in Manhattan remained near record highs in November, at $4,095.

By Nicole Goodkind, CNN Business US stocks surged higher on Thursday as investors staged a comeback from their current losing streak, spurred on by recession and interest rate hike fears. The Dow closed 184 points, or 0.6% higher. The S&P 500 gained 0.8%, while the Nasdaq Composite added 1.1%. Gains in semiconductor stocks such as

By Anna Bahney, CNN Mortgage rates dipped again this week, dropping for the fourth week in a row. The 30-year fixed-rate mortgage averaged 6.33% in the week ending December 8, down from 6.49% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.10%. Mortgage rates have risen throughout most

By Allison Morrow, CNN Lawmakers are demanding that Sam Bankman-Fried, the founder of the failed crypto exchange FTX, appear before the Senate Banking Committee next week over “significant unanswered questions ” surrounding the collapse of his companies. In a letter to Bankman-Fried and his lawyer, the committee’s Democratic chairman, Sen. Sherrod Brown of Ohio, and

By Matt Egan, CNN Business The Keystone Pipeline has been shut down following a leak discovered near the border of Kansas and Nebraska. The shutdown of the major oil pipeline that carries crude from Canada triggered volatility in the energy market on Thursday, with oil prices briefly surging as much as 5% before retreating. Federal

By Hanna Ziady, CNN A bottleneck is building across an important trading route for oil, which if left unresolved could knock global supply and boost prices at a fragile moment for energy markets. As of Thursday, 16 oil tankers traveling south from the Black Sea were waiting to cross the Bosphorus strait into the Sea

By Paul R. La Monica, CNN A recession may be coming, but consumers still want to look fashionable. Subscription clothing service Rent the Runway reported a more than 30% increase in sales for the third quarter after the closing bell Wednesday. Shares of Rent the Runway soared 60% on the news. But the company is

By Jordan Valinsky, CNN Business Disney+ is getting more expensive, unless you want ads. As of Thursday, Disney’s ad-free tier costs $10.99 per month — an increase of $3. But for those that want to save a few dollars, Disney+ has a new tier with ads that costs $7.99 per month. The introduction of the

By Nicole Goodkind, CNN Business It seems like you can’t go anywhere these days without colliding headfirst into another ominous prediction of imminent recession. CEOs, portfolio managers, politicians, news pundits, second cousins and even Cardi B are sounding the alarm: Hear ye! Hear ye! Economic downturn awaits all who dare enter 2023! But those predictions

By Chris Isidore, CNN Business Here’s more bad news for Tesla CEO Elon Musk — as if he needs any. Investors who took short positions in Tesla stock have made an $11.5 billion profit so far this year, according to Wall Street analytics firm S3 Partners, as Tesla shares lost about half their value. That’s

By Matt Egan, CNN Business A must-pass defense bill now being negotiated in Congress includes new sanctions designed to trip up Russia’s war machine by targeting Moscow’s mountain of gold. The legislative text of the National Defense Authorization bill for fiscal 2023 includes language from a bipartisan bill introduced in March that would make it

By Julia Horowitz, CNN Business US gasoline prices are now cheaper than they were one year ago, providing relief to Americans that have spent 2022 grappling with the worst inflation in decades. The average cost of a regular gallon of gas in the United States is now $3.33, according to AAA. One year ago, it