AP National Business

By MATT OTT AP Business Writer SILVER SPRING, Md. (AP) — Shares of Rivian Automotive jumped in their debut Wednesday, rising as much as 53% as investors look for the next big winner in the electric vehicle market. The opening trade of $106.75 gave Rivian a market value of about $91 billion, greater than that

By DEE-ANN DURBIN AP Business Writer Hershey is expanding its salty snack portfolio with the purchase of Dot’s Homestyle Pretzels. The Hershey Co. said Wednesday that it will spend $1.2 billion for North Dakota-based Dot’s Pretzels as well as Pretzels Inc., an Indiana-based manufacturer of Dot’s Pretzels that operates three plants. The deal is expected

By MATT OTT AP Business Writer The U.S. monthly budget deficit fell in October as the government collected more taxes from individuals and corporations thanks to a much improved economy emerging from the coronavirus pandemic. The Treasury Department reported Wednesday that the federal government posted a deficit of $165 billion last month, 42% lower than

By DEE-ANN DURBIN AP Business Writer The U.S. beer industry has one less independent brewer. Michigan-based Bell’s Brewery said Wednesday it is being acquired by Australian brewer Lion, a subsidiary of Japan’s Kirin Group. Financial terms were not disclosed. Lion will join Bell’s with Colorado-based New Belgium Brewing, which it acquired in 2019. Together, the

By DAMIAN J. TROISE and STAN CHOE AP Business Writers NEW YORK (AP) — An eye-opening report on inflation that was hotter than expected slammed into the bond market on Wednesday, sending yields jumping, and helping knock stocks lower. The sharpest inflation since 1990 forced investors to boost bets that the Federal Reserve will have

WASHINGTON (AP) — Average long-term mortgage rates in the U.S. fell this week, as the key 30-year rate again retreated below 3%. Mortgage buyer Freddie Mac reports that the average rate on the benchmark home loan declined to 2.98% from 3.09% last week. The rate for a 15-year loan fell to 2.27% from 2.35%. Rates

By MATT OTT AP Business Writer SILVER SPRING, Md. (AP) — Rivian Automotive is having a promising debut on the stock market, with shares of the electric vehicle maker soaring more than 50%. The opening trade of $106.75 gave Rivian a market value of about $91 billion, greater than that of Ford and General Motors.

By CHRISTOPHER RUGABER AP Economics Writer WASHINGTON (AP) — A worsening surge of inflation for such bedrock necessities as food, rent, autos and heating oil is setting Americans up for a financially difficult Thanksgiving and holiday shopping season. Prices for U.S. consumers jumped 6.2% in October compared with a year earlier, leaving families facing the

BOSTON (AP) — Investigators trying to learn why a commercial fishing boat sank off Massachusetts nearly a year ago are using some high-tech gadgetry in their probe. The National Transportation Safety Board said Wednesday the 82-foot Portland, Maine-based Emmy Rose went down early Nov. 23. The bodies of the four crew members have never been

By ALEX DANIELS of The Chronicle of Philanthropy Chronicle of Philanthropy Michael Bloomberg will spend $120 million in an effort to reduce the soaring numbers of deaths from drug overdoses, he announced today at a healthcare summit he organized. The pledge more than doubles the $50-million philanthropic commitment he made toward the same goal in

By JOSH BOAK Associated Press BALTIMORE (AP) — Americans are coping with the highest annual inflation rate since 1990. President Joe Biden wants to convince the country that his infrastructure agenda can fix the problem. A White House official says the president will visit the Port of Baltimore on Wednesday afternoon to emphasize how federal

By FRANK JORDANS Associated Press GLASGOW, Scotland (AP) — Several countries and companies have announced plans to stop selling cars that run on gasoline or diesel over the next two decades. The measure is part of efforts to clamp down on a significant source of planet-warming emissions. But the impact of the measures will likely

By DAMIAN J. TROISE AP Business Writer Stocks edged lower in afternoon trading on Wall Street Wednesday, pulled down by losses in big technology and communications companies. The S&P 500 fell 0.4% and the Dow Jones Industrial Average fell 0.3%. The tech-heavy Nasdaq lost 0.7%. Chipmaker Advanced Micro Devices shed 4.4%. Investors were discouraged to

The Associated Press Ford and Purdue University are working to create a new charging station cable that could combine with in-development vehicle charging technology, making it easier for people to transition to electric vehicles with seamless re-charging. Purdue researchers are focusing on an alternative cooling method to prevent battery overheating by designing a charging cable

By MATT OTT AP Business Writer SILVER SPRING, Md. (AP) — Shares in Rivian Automotive are soaring on their first day of trading, rising 37%. It’s an auspicious stock market debut for the electric vehicle maker, which has the backing of Ford and Amazon. The opening trade of $106.75 gives Rivian a market value of

The Associated Press Stocks are off to a weak start on Wall Street Wednesday, pulled down by losses in big technology companies. The S&P 500 was down 0.4% in the early going and the tech-heavy Nasdaq lost 0.8%. Chipmakers Nvidia and AMD each fell more than 3%. Investors were discouraged to see a reading on

ATHENS, Greece (AP) — Ferries in Greece are to remain tied up in port for two days after unions declared a 48-hour strike. The strike which began at 6 a.m. Wednesday disrupted ferry services between the mainland and Greek islands. Many of the country’s islands are too small for airports and depend on ferries for

By CHRISTOPHER RUGABER AP Economics Writer WASHINGTON (AP) — Prices for U.S. consumers jumped 6.2% in October compared with a year earlier as surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990. The year-over-year increase in the consumer price index exceeded the 5.4% rise in September. From

By PAUL WISEMAN AP Economics Writer WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell to a new pandemic low 267,000 last week, another sign that the job market is recovering from last year’s sharp coronavirus downturn. Jobless claims fell by 4,000 last week, the Labor Department reported Wednesday. The four-week average

By DEREK GATOPOULOS and THEODORA TONGAS Associated Press OLYMPIA, Greece (AP) — Microsoft has launched a digital immersive tour at the ancient birthplace of the Olympic Games in southern Greece. It provides visitors a virtual re-creation of temples and competition areas in ancient Olympia as they walk through one of the world’s major archaeological sites.