By Catherine Thorbecke, CNN On the first trading day of 2022, Apple hit a new milestone for the tech industry: the iPhone maker became the first publicly traded company to hit a $3 trillion market cap, with Microsoft and Google not far behind. As eye-popping as that valuation was, there were headlines speculating about how
Continue Reading By Andrew Millman, CNN TikTok is an addictive drug China’s government is providing to Americans, says the incoming chairman of a new House select committee on China. GOP Rep. Mike Gallagher of Wisconsin told NBC’s “Meet The Press” in an interview that aired Sunday that he calls TikTok “digital fentanyl” because “it’s highly addictive and
Continue Reading By Nicole Goodkind, Julia Horowitz and David Goldman, CNN Wall Street has said goodbye — and good riddance — to 2022, a year most investors would rather forget. All three major averages were down on Friday, clocking their worst year since 2008 and ended a three-year winning streak. The Dow fell 73 points, or 0.2%
Continue Reading By Alicia Wallace, CNN America’s central bank found itself in a glaring spotlight for much of this past year, as Federal Reserve Chairman Jerome Powell wielded blunt tools of interest rate hikes and quantitative tightening to curb surging inflation. As 2022 draws to a close, inflation metrics show some of that may have worked: Consumer
Continue Reading By Swati Gupta, CNN The Indian maker of a cough syrup linked to at least 18 deaths in Uzbekistan has halted production after an investigation by drug regulators, India’s health minister said Friday. Uzbekistan’s health ministry said the cough syrup, Doc-1, manufactured by the Indian pharmaceutical company Marion Biotech, had contained ethylene glycol, a toxic
Continue Reading By Nicole Goodkind, CNN Verbose writers afflicted with the tendency to deliver copy well above their requested word count are often advised by editors to kill their darlings — to throw out large swaths of stories that they’re particularly fond of. It appears that Wall Street has also caught on to the concept. This was
Continue Reading By Laura He, CNN As China moves ever closer to fully reemerging from three years of government-imposed Covid isolation and reintegrating with the world, economic expectations are high. Beijing’s recent pivot from its stringent zero-Covid strategy — which had long choked businesses — is expected to inject vitality into the world’s second-largest economy next year.
Continue Reading By Jordan Valinsky and Chris Isidore, CNN Tesla’s stock is finishing out its tumultuous year with yet more turbulence: It’s up almost 6% Thursday, but still down more than 10% since last week. And a new cut to its price target from Morgan Stanley isn’t helping. Year-to-date, the stock is down about 70%. Morgan Stanley
Continue Reading By Anna Bahney and Jordan Valinsky Mortgage rates rose this week, their first increase after falling for six consecutive weeks, according to the latest data from Freddie Mac. The 30-year fixed-rate mortgage averaged 6.42% in the week ending December 29, up from 6.27% the week before and capping a rollercoaster year for homebuyers that saw
Continue Reading By Julia Horowitz, CNN The global economy has endured a tough year, with decades-high inflation sapping post-lockdown spending and pushing central banks to hike borrowing costs at an unprecedented clip to bring it under control. Their campaign to manage prices may be working — but potentially at a sizable cost in 2023. “It is likely
Continue Reading By Chris Isidore and Christopher Hickey, CNN US drivers have never seen a year quite like 2022. Wild price swings at the gas pump throughout the year make predicting prices for 2023 even more difficult. Russia’s invasion of Ukraine and the sanctions that it sparked on Russian oil sent the price of crude soaring in
Continue Reading By Alicia Wallace, CNN First-time claims for weekly unemployment benefits increased to 225,000 for the week ended December 24, according to Labor Department data released Thursday. That’s up 9,000 from the previous week’s tally of 216,000. Economists were expecting 225,000 initial claims, according to Refinitiv estimates. Weekly initial claims have been hovering at pre-pandemic levels
Continue Reading By Clare Sebastian, CNN Russia’s currency hit an eight-month low Thursday, adding to sharp declines in December as global oil prices fell, and Western sanctions targeted Russia’s energy sector. The ruble hovered below 72 to the dollar, down 18% from the start of the month, and its weakest level since late April. After almost halving
Continue Reading By Andy Rose, CNN The U.S. Virgin Islands government filed a lawsuit Tuesday against JPMorgan Chase, alleging that the Wall Street bank benefited financially from Jeffrey Epstein’s sex trafficking operation and failed in its duty to report suspicious financial activity. “Over more than a decade, JPMorgan clearly knew it was not complying with federal regulations
Continue Reading By Nicole Goodkind, CNN Business This hasn’t been a good year for the equities market. The S&P 500 is down nearly 20% and with two trading days left in the year, investors’ hopes of a miraculous recovery have been dashed. But even when the overall market is losing, there are still winners — and there
Continue Reading by Diksha Madhok Users around the world struggled to access Twitter on Wednesday—even as an error message urged “don’t fret… Let’s try again.” As intermittent outages spread, the hashtag #TwitterDown began to trend globally. “User reports indicate Twitter is having problems since 7:13 pm EST,” according to outage detection site Downdetector, where many of the
Continue Reading By Danielle Wiener-Bronner, CNN Starbucks is making changes to its rewards program, requiring members to spend more to earn some popular freebies. Starting February 13, members will need 100 stars — Starbucks’ term for points — to get one cup of hot or iced coffee or tea, a baked good, a packaged snack or a
Continue Reading By Alicia Wallace, CNN For a year that held promise of a return to normalcy, 2022 threw plenty of curve balls at the American consumer. Supply chains remained in disarray as ongoing snarls were drastically worsened by lockdowns in China and Russia’s invasion of Ukraine, average US gas prices shot north of $5 per gallon
Continue Reading By Chris Isidore, CNN Business The cost of the service meltdown at Southwest Airlines over the year-end holidays cost the airline nearly $1 billion and will cause the company to report a loss rather than a profit in the fourth quarter, the airline said in a filing on Friday. The airline, the nation’s largest domestic
Continue Reading By Peter Valdes-Dapena, CNN Business As the new year begins, a number of popular electric vehicles, specifically some Tesla and General Motors models, could be eligible for $7,500 worth of tax credits they weren’t eligible for in 2022. But that eligibility may last only last a few months. That’s because limitations on new tax credits
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