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By Anneken Tappe Stocks staged a rebound Tuesday, rallying across the board as Wall Street bounced back from a sell-off at the start of the week. The Dow closed up 0.9% or 312 points, while the S&P 500 finished 1.1% higher. The Nasdaq Composite closed up 1.3%. In fact, everything went up Tuesday: While stocks
Continue ReadingBy Walé Azeez, CNN Business The United Kingdom is suffering from fuel shortages, gaps on supermarket shelves, rising inflation and slowing economic growth. Prime Minister Boris Johnson insists he isn’t worried — but should he be? Johnson has in recent days brushed aside concerns about snarled supply chains and price hikes, saying they are consistent
Continue ReadingBy Paul R. La Monica, CNN Business The whirlwind ride for bitcoin continues. The price of the world’s most valuable cryptocurrency soared above $50,000 Tuesday morning — the highest level in nearly four weeks. Although there was no specific catalyst driving bitcoin’s recent surge, digital asset investment firm CoinShares notes investors have been plowing money
Continue ReadingCNN By Paul R. La Monica, CNN Business Bitcoin is back, and it has a prominent new supporter. The price of the world’s most valuable cryptocurrency spiked nearly 10% Wednesday morning to around $55,000, following news that the investment firm founded by billionaire George Soros owns bitcoin. Soros, who is famous for making big money
Continue ReadingBy Matt Egan, CNN Business Oil prices on Tuesday climbed to their highest level in nearly seven years after OPEC and its allies declined to significantly ramp up production. US crude jumped another 1.4% to settle at $78.93 a barrel. For much of the day, it was trading above $79 a barrel, a level unseen
Continue ReadingBy Jordan Valinsky, CNN Business Grey Poupon is doubling down on its hoity-toity image with a new white wine. It’s introducing La Moutarde Vin, a limited-edition “celebration” of the white wine used in the mustard recipe. The wine, which is intended for “making lunch feel like a feast” according to a press release from Kraft
Continue ReadingBy Julia Horowitz, CNN Business Facebook is having a terrible few days. But there are reasons investors may not abandon the company for long. What’s happening: Big Tech shares tumbled Monday as concerns about inflation pushed investors to pare back their exposure to the sector. But Facebook — which suffered an hours-long outage across all
Continue ReadingBy Matt Egan, CNN Business Senator Elizabeth Warren on Monday urged the Securities and Exchange Commission to launch an insider trading investigation into transactions by high-level officials at the Federal Reserve. The Massachusetts Democrat called for the agency to conduct a “sweeping review of all securities trades” by Fed officials to determine if they violated
Continue ReadingBy Laura He, CNN Business A Chinese developer of luxury apartments missed $315 million in payments to lenders on Monday, sparking fears that financial strains in the country’s outsized property sector are spreading beyond the troubled Evergrande conglomerate. Fantasia Holdings, a Shenzhen-based developer, missed repaying $206 million worth of bonds that matured Monday, the company
Continue ReadingBy Laura He and Charles Riley, CNN Business Stocks in the United States and Europe steadied on Tuesday after Asian markets were rattled overnight by fears of a potential US default, trouble in China’s massive property market and rising oil prices. US stock futures advanced and European markets opened with small gains. Nasdaq futures were
Continue ReadingBy Jeanne Sahadi, CNN Business To say the pandemic has been transformative for business is an understatement. So perhaps it’s not surprising that three of the top 10 women named to Fortune’s 2021 Most Powerful Women list, released Monday, run companies in the health sector or that half of them became CEOs during the Covid
Continue ReadingBy Anneken Tappe, CNN Business Wall Street started the week with a selloff as investors grapple with a wide range of concerns. Stocks opened lower and started tumbling in earnest mid-morning, holding their losses for the rest of the trading session. The Dow closed some 320 points, or 0.9%, lower. At the low point of
Continue ReadingCNN By Kerry Flynn and Brian Stelter, CNN Business Carlos Watson went on TV Monday morning to say that Ozy Media, the company he co-founded, would not shut down even though it announced Friday that it would. Anyone who wanted to find out how what Watson said could be true would run into a problem:
Continue ReadingBy Kerry Flynn and Brian Stelter, CNN Business Carlos Watson went on TV Monday morning to say that Ozy Media, the company he co-founded, would not shut down even though it announced Friday that it would. Anyone who wanted to find out how what Watson said could be true would run into a problem: Ozy’s
Continue ReadingBy Chris Isidore, CNN Business Shares of the owner of the pipeline responsible for the oil spill off the coast of Southern California plunged Monday, as the money-losing company could be on the hook for big penalties. Amplify Energy, a small, independent oil company active in oil production and drilling in the area, said that
Continue ReadingBy Ramishah Maruf, CNN Business The International Consortium of Investigative Journalists (ICIJ) on Sunday released the “Pandora Papers,” an exposé of the financial secrets and offshore dealings of dozens of heads of state, public officials and politicians from 91 countries and territories. More than 600 journalists from 150 outlets spent two years investigating nearly 12
Continue ReadingCNN By Ramishah Maruf, CNN Business The International Consortium of Investigative Journalists (ICIJ) on Sunday released the “Pandora Papers,” an exposé of the financial secrets and offshore dealings of dozens of heads of state, public officials and politicians from 91 countries and territories. More than 600 journalists from 150 outlets spent two years investigating nearly
Continue ReadingOpinion by Dan Lambe at CNN Business Perspectives Extreme weather made headlines all summer. Hurricane Ida made landfall in the Gulf before causing additional massive flooding and devastation in the Northeast. Wildfire season in the West started earlier than usual, and sweltering heatwaves broke temperature records in some of our nation’s largest cities, like Seattle
Continue ReadingBy Julia Horowitz, CNN Business Car sales at major automakers are plunging due to a shortage of computer chips that’s forced factory shutdowns and crimped supply. But that’s not fazing Wall Street, which remains laser-focused on investment in electric vehicles that could power future growth. What’s happening: General Motors, Chrysler-owner Stellantis and Honda all recently
Continue ReadingBy Hanna Ziady and Charles Riley, CNN Business The army started supplying service stations in the United Kingdom on Monday in an effort to end more than a week of shortages that have forced pumps to close and left motorists without fuel. Tanker drivers from the military underwent training over the weekend to deliver fuel
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