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Interest rates keep marching higher, and Wall Street keeps shaking because of it. The yield on the 10-year Treasury climbed back above 1.50% Thursday, prodded higher by comments by the Federal Reserve’s chair, and it helped send stocks on Wall Read more
Federal Reserve Chair Jerome Powell suggested Thursday that inflation will pick up in the coming months but that it would likely prove temporary and not enough for the Fed to alter its record-low interest rate policies. His message of wait-and-see Read more
The number of Americans applying for unemployment benefits edged higher last week to 745,000, a sign that many employers continue to cut jobs despite a drop in confirmed viral infections and evidence that the overall economy is improving. Thursday’s report Read more
Members of oil producer cartel OPEC and allied countries have agreed to leave most of their existing oil production cuts in place as the spread of new coronavirus variants prolongs concerns about economic weakness. The decision taken Thursday after a Read more
U.S. long-term mortgage rates were steady to higher this week, as the benchmark 30-year loan breached the 3% mark for the first time since July 2020. Rates remain near historic lows as the economy strains toward recovery in the pandemic’s Read more
German conglomerate Thyssenkrupp (TKAG.DE) will cut 3,000 jobs and invest 4.2 billion euros ($4.6 billion) at its struggling steel division by 2026 as part of a wage deal struck with powerful labor union IG Metall, it said on Wednesday. The Read more
Occidental Petroleum Corp (OXY.N) on Wednesday unveiled a new round of deep spending cuts, slashing budget for a second time this month and sharply reducing salaries, as the debt-laden U.S. oil producer tries to save cash amid tumbling energy prices. Read more