By Anna Bahney, CNN Business Mortgage rates surged for the sixth week in a row, moving closer to 7%. The 30-year fixed-rate mortgage averaged 6.70% in the week ending September 29, up from 6.29% the week before, according to Freddie Mac. That’s the highest level since July 2007. Mortgage rates have more than doubled since
Continue ReadingBy Paul R. La Monica, CNN Business The third quarter is about to end — and investors are wishing the past nine months good riddance. Stocks fell Thursday, giving up much of Wednesday’s big gains. The Dow fell nearly 460 points, or 1.5%. The Dow is now back in a bear market, more than 20%
Continue ReadingBy Chris Isidore, CNN Business High prices and rising interest rates are putting used cars out of reach for a growing number of car shoppers. That’s bad news for CarMax, the nation’s largest used car dealer. CarMax reported Thursday that its earnings plunged 54% as the number of cars it sold in the quarter fell
Continue ReadingBy Nathaniel Meyersohn, CNN Business We have all heard of Band-Aid, Tylenol, Benadryl and Johnson’s baby powder. We have never heard of the new made-up word Kenvue. But Kenvue will be the new corporate parent of these familiar consumer health brands next year. Johnson & Johnson, the owner of these labels, is in the process
Continue ReadingBy Nathaniel Meyersohn, CNN Business You may not be anywhere close to ready for the holidays — but retail chains certainly are. Christmas trees are already on sales floors at Costco and Lowe’s, Walmart’s year-end holiday sales start October 1 and Target is offering its “earliest access ever” to holiday deals beginning October 6. Amazon
Continue ReadingBy Alicia Wallace, CNN Business The number of first-time claims for unemployment benefits dropped considerably last week, underscoring how employers are holding on tightly to workers as the labor market remains full of opportunities for job hunters. Initial claims for unemployment insurance were 193,000 for the week ended September 24, down 16,000 from a downwardly
Continue ReadingBy Alicia Wallace, CNN Business The US economy shrank by 0.6% during the second quarter of the year, according to the latest gross domestic product estimate from the Bureau of Economic Analysis released Thursday. That matches the most recent GDP estimate and shows the economy was in contraction for the entire first half of the
Continue ReadingBy Nicole Goodkind, CNN Business The global bond market is having a historically awful year. The yield on the 10-year US Treasury bond, a proxy for borrowing costs, briefly moved above 4% on Wednesday for the first time in 12 years. That’s a bad omen for Wall Street and Main Street. What’s happening: This hasn’t
Continue ReadingCNN, CNNBUSINESS By Paul R. La Monica, CNN Business Stocks kicked off October with more treats than tricks for investors. The market rallied to begin the fourth quarter, despite growing worries about the financial health of European banking giant Credit Suisse and weak economic data. The Dow rose 765 points, or 2.7%. That was its
Continue ReadingBy Michelle Toh, CNN Business Hong Kong has finally secured commitments from some of the world’s biggest banks to participate in a long-awaited summit, as it seeks to reaffirm its status as a global financial hub. The Hong Kong Monetary Authority (HKMA) announced Thursday that it would welcome executives including Goldman Sachs CEO David Solomon,
Continue ReadingBy Laura He, CNN Business China’s yuan hovered near record lows against the US dollar on the offshore market on Thursday, as major currencies around the world continue to tumble after the Federal Reserve’s aggressive hikes. The yuan — also known as the renminbi —has been declining for months despite interventions by China’s central bank.
Continue ReadingBy Oliver Darcy, CNN Business Donald Trump berated ABC News anchor George Stephanopoulos, descending into a profanity-laced tirade after the journalist asked him in a 2016 interview about Russia, according to a forthcoming book set for release next week. The book, “Confidence Man” by Maggie Haberman of The New York Times, details the stunning behind-the-scenes
Continue ReadingCNN By Oliver Darcy, CNN Business Donald Trump berated ABC News anchor George Stephanopoulos, descending into a profanity-laced tirade after the journalist asked him in a 2016 interview about Russia, according to a forthcoming book set for release next week. The book, “Confidence Man” by Maggie Haberman of The New York Times, details the stunning
Continue ReadingBy Matt McFarland and Anna Cooban, CNN Business Shares of Porsche gained as much as 5% on their stock market debut in Frankfurt after Volkswagen spun out the premium sports car maker in one of Europe’s biggest listings on record. Volkswagen priced the Porsche initial public offering (IPO) at €82.50 ($80) a share, raising approximately
Continue ReadingBy Parija Kavilanz, CNN Business Billionaire philanthropist MacKenzie Scott has filed for divorce from her second husband after less than two years of marriage. Scott, one of the world’s richest people, married Seattle-based science teacher Dan Jewett last year after divorcing Amazon founder Jeff Bezos in 2019. Scott filed a petition for divorce in the
Continue ReadingBy Rob Picheta, CNN Western nations have said leaks in two Russian gas pipelines, Nord Stream 1 and 2, are likely the result of sabotage. On Monday, leaks were discovered in the pipelines, prompting investigations by European authorities that determined powerful underwater explosions had occurred just before the pipelines burst in several places. The pipelines
Continue ReadingCNN, WINK, WFTX By Danielle Wiener-Bronner and Matt Egan Hurricane Ian is the latest natural disaster to impact food prices. The storm hitting Florida is already forcing orange juice futures to rise, and it may soon squeeze the country’s fertilizer supply — which could have a far-reaching impact. Prices for frozen concentrate orange juice contracts
Continue ReadingBy Danielle Wiener-Bronner and Matt Egan Hurricane Ian is the latest natural disaster to impact food prices. The storm hitting Florida is already forcing orange juice futures to rise, and it may soon squeeze the country’s fertilizer supply — which could have a far-reaching impact. Prices for frozen concentrate orange juice contracts hit roughly $1.92
Continue ReadingBy Paul R. La Monica, CNN Business Having an executive allegedly bite someone’s nose might be the least of Beyond Meat’s problems. Investors have taken a big chomp out of Beyond Meat’s stock price as fears grow that the popularity of plant-based food may have reached a peak. Shares of Beyond Meat were around $16
Continue ReadingBy Julia Horowitz, CNN Business The Federal Reserve is laser-focused on stemming price increases in the United States. But countries thousands of miles away are reeling from its hardball campaign to strangle inflation, as their central banks are forced to hike interest rates faster and higher and a runaway dollar pushes down the value of
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