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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By Christiane Amanpour, Jo Shelley, Ahmet Mengli and Maddie Araujo, CNN It’s a somber Thursday morning at TOLOnews, Afghanistan’s leading independent news channel. The staff was told the day before that the Taliban have ordered female presenters to cover their faces on air. The devastating directive came on Wednesday from the Ministry for the Propagation
Continue Reading By Christiane Amanpour, Jo Shelley, Ahmet Mengli and Maddie Araujo, CNN It’s a somber Thursday morning at TOLOnews, Afghanistan’s leading independent news channel. The staff was told the day before that the Taliban have ordered female presenters to cover their faces on air. The devastating directive came on Wednesday from the Ministry for the Propagation
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By Matt McFarland, CNN Business The National Highway Traffic Safety Administration said Wednesday that it is investigating a Tesla crash in Newport Beach, California, this month that killed three people in the vehicle and injured three construction workers. The NHTSA team that conducts in-depth crash investigations is examining the crash’s circumstances, including whether Tesla’s driver-assist
Continue Reading By Matt McFarland, CNN Business The National Highway Traffic Safety Administration said Wednesday that it is investigating a Tesla crash in Newport Beach, California, this month that killed three people in the vehicle and injured three construction workers. The NHTSA team that conducts in-depth crash investigations is examining the crash’s circumstances, including whether Tesla’s driver-assist
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By Brian Fung, CNN Business Google, Facebook’s parent Meta, and Amazon could have to spin off chunks of their advertising businesses under Congress’s latest bill targeting Big Tech, according to the US senators behind the proposal. The bill introduced Thursday by Sens. Mike Lee, Amy Klobuchar, Ted Cruz and Richard Blumenthal zeroes in on the
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By Nathaniel Meyersohn, CNN Business In August of 2001, more than 100 people gathered on the East Side of Buffalo, New York. The setting, an empty lot in a nearly all-Black neighborhood of this upstate New York city, drew prominent visitors. They included Hillary Clinton and Chuck Schumer, the two US senators from the state
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By Peter Valdes-Dapena, CNN Business Ford is advising the owners of 39,013 Ford Expedition and Lincoln Navigator SUVs to park their vehicles outdoors because they could spontaneously catch fire. The specific full-sized SUVs in question were all built during a four-month period between December 1, 2020 and April 30, 2021, according to a Ford statement
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By Jackie Wattles, CNN Business Boeing launched its Starliner spacecraft, designed to ferry astronauts to and from the International Space Station, on an uncrewed test mission toward the orbiting outpost Thursday evening. After two prior attempts to complete such a mission failed, Boeing’s goal is to prove the spacecraft can dock with the ISS. It
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