Stocks gave up afternoon gains and ended slightly lower on Wall Street Wednesday, after Federal Reserve Chair Jerome Powell gave testimony to Congress, addressing the central bank’s response to stubborn inflation that has thrown global markets into turmoil. Energy companies helped pull the market lower after crude oil prices sank. …
Read More »Wall Street is in a bear market. Here’s what that means for your money.
The stock market’s tumble this year has put the S&P 500 into a bear market — the term for when stocks decline at least 20% from their most recent high. The index lost 4% on Monday to close at 3,750, putting it 21% below its peak in January. Wall Street …
Read More »Student loan forgiveness won’t solve the college debt problem
The Biden administration on Wednesday cancelled student loan debt for hundreds of thousands of students who attended the now-defunct for-profit college system, Corinthian Colleges, as the president mulls broader student loan forgiveness for millions of borrowers. The college chain collapsed in 2015 when Vice President Kamala Harris was attorney general …
Read More »What are Twitter bots, and why is Elon Musk obsessed with them?
Elon Musk’s proposed $44 billion purchase of Twitter appears to be wobbling, with the billionaire raising concerns about the number of inauthentic accounts, or bots, on the social media platform. If you’re on Twitter, chances are you’ve encountered a bot, although you may not know it. On Tuesday, Musk said …
Read More »Has U.S. inflation peaked? Some economists think so — here’s why.
Inflation is top of mind in most American households, with more than 9 in 10 families telling CBS News that rising prices have posed a financial hardship or inconvenience. Yet consumers could soon get some relief, with economists predicting that inflation may have already peaked and could soon ease. The …
Read More »Financial markets dive as tech stocks slump and recession fears mount
Technology stocks plummeted Friday, capping a dismal month on Wall Street as persistently rising inflation and gas prices, along with aggressive Fed hikes, stoke fears of recession. The benchmark S&P 500 fell 3.6% and finished April with an 8.8% loss, its worst monthly slide since March 2020. The Dow slumped …
Read More »Why an NFT auction of the first tweet flopped
Sina Estavi garnered international attention last March when he bought a nonfungible token of the first-ever Tweet. He paid almost $3 million for the NFT, held it for more than a year, then placed it for sale on a popular NFT auction site earlier this month. Estavi started the bidding …
Read More »Nissan, NASA teaming on “game changing” electric vehicle batteries so stable they could be used in pacemakers, Nissan says
Tokyo — Nissan is working with NASA on a new type of battery for electric vehicles that promises to charge more quickly and be lighter yet safe, the Japanese automaker said Friday. The all-solid-state battery will replace the lithium-ion battery now in use for a 2028 product launch and a …
Read More »Jobless rate dips to 3.6% as U.S. employers added 431,000 jobs in March
Despite snarled supply chains and a war in Europe, the U.S. job market powered on in March, with robust hiring pulling the unemployment rate close to its pre-pandemic level. Payrolls grew by 431,000 last month, driven by increased hiring in leisure and hospitality as well as professional and business services, …
Read More »Prices for used Teslas jump 6% in just two weeks to $65,000
Tesla’s electric vehicles can move fast — but prices for used models may be moving even faster. The cost of a used Tesla jumped about 6% in the past two weeks, to about $65,000 as of March 20, according to CoPilot, which tracks prices at car dealerships nationwide. Newer used …
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