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Tag: Gas Prices

Stocks sink to new low for 2022, closing dismal month with mounting recession fears
Business

Stocks sink to new low for 2022, closing dismal month with mounting recession fears

Wall Street is at its worst levels in almost two years Friday as the end nears for what's been a miserable month for markets around the world. The S&P 500 closed down 1.5%, at 3,585, after flipping between small losses and gains through the morning. It's at its lowest level since the early 2020 coronavirus crash and its third straight losing quarter. The Dow Jones Industrial Average closed down 500 points, or 1.7%, and the Nasdaq composite was down 1.5%. Fed rate hike decision raises recession fears on Wall Street 06:04 Global inflationThe main reason for this year's struggles for financial markets has been fear of a possible recessio...
As inflation remains high, concerns now turn to housing market
Business

As inflation remains high, concerns now turn to housing market

As inflation remains high, concerns now turn to housing market - CBS News Watch CBS News Inflation remains over 8%, and now there are growing concerns about the housing market. A recent analysis found that more than half of the country's largest regional markets are "significantly overvalued." Mark Strassmann has more. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link
Stocks plunge, dragging Wall Street toward another down week
Business

Stocks plunge, dragging Wall Street toward another down week

Wall Street suffered sharp declines on Friday as recession fears took hold of investors following the Federal Reserve's latest interest-rate hike. Major U.S. indices finished the week with losses for the fourth time in five weeks. Markets sold off around the world on mounting signs the global economy is weakening just as central banks raise the pressure even more with additional hikes to interest rates. The S&P 500 fell 64 points to 3,693, or 1.7%, close to its 2022 low. The Dow Jones Industrial Average dropped 486 points, or 1.6%, its lowest point of the year. The Nasdaq fell 1.8%.Energy prices also closed sharply lower as traders worried about a possible recession. Treasury yields, which affect rates on mortgages and other kinds of loans, held at multiyear highs. U.K. gove...
States tap historic surpluses for tax cuts and rebates to offset inflation hit on residents
Business

States tap historic surpluses for tax cuts and rebates to offset inflation hit on residents

Stoked by the largest surplus in state history, Missouri's Republican-led Legislature devised a $500 million plan to send one-time tax refunds to millions of households. In a shock to some, GOP Governor Mike Parson vetoed it. Parson's objection: He wanted a bigger, longer-lasting tax cut. "Now is the time for the largest income tax cut in our state's history," Parson declared as he called lawmakers back for a September special session to consider a $700 million permanent tax reduction. Upon the plan's likely approval, Missouri will join at least 31 states that already have enacted some type of tax cut or rebate this year — an astounding outpouring of billions of tax dollars back to the people. Idaho lawmakers are convening Thursday to conside...
Inflation cools as U.S. consumer prices rose 6.3% in July
Business

Inflation cools as U.S. consumer prices rose 6.3% in July

Inflation eased last month as energy prices tumbled, according to a report closely watched by the Federal Reserve.Consumer prices rose 6.3% in July from a year earlier after posting an annual increase of 6.8% in June, with the latter representing the biggest jump since 1982, the Commerce Department reported Friday. Energy prices made the difference in July: They dropped last month after surging in June.Friday's government figures signal that the hottest inflation in 40 years may be easing, aided by lower prices at the pump. The Federal Reserve, which closely watches this inflation gauge, has been raising rates to increase the cost of borrowing with the goal of tamping purchasing demand from consumers and businesses and taming inflation.  "Infl...
Stocks fly high on Wall Street, giving the S&P 500 its 4th straight week of gains
Business

Stocks fly high on Wall Street, giving the S&P 500 its 4th straight week of gains

U.S. stocks saw big gains on Friday, giving the S&P 500 its first 4-week winning streak since November.The benchmark index rose 73 points to 4,280, or 1.7%, Friday, while the Dow Jones Industrial Average climbed 424 points to 33,761, or 1.3%. Technology stocks drove much the rally with the Nasdaq up 2%. Energy companies lagged the market as crude oil prices fell. Inflation cooled more than expected last month, sending stocks higher. Investors see a higher chance inflation may have peaked, allowing the Federal Reserve to be less aggressive with its rate hikes than it has been this year.Inflation is still painfully high, of course, and the economy has given false signals before that relief was on the way only for the rug to get pulled out f...
Gas prices dip below $4 for first time since early March
Business

Gas prices dip below $4 for first time since early March

Gasoline prices dipped to just under the $4 mark for the first time in more than five months - good news for consumers who are struggling with high prices for many other essentials. AAA said the national average for a gallon of regular was $3.99 on Thursday. Prices have dropped 15 cents in the past week and 68 cents in the last month, according to the auto club. The shopping app GasBuddy reported that the national average was already down to $3.98 on Wednesday.The nationwide average for gas hasn't been under $4 since early March. Prices topped out at $5.02 a gallon on June 14, according to AAA. They declined slowly the rest of June, then began dropping more rapidly. Motorists in California and Hawaii are still paying above $5, and othe...
Parliamentarian weakens Democrats’ drug plan in Inflation Reduction Act, as Senate prepares to vote
Business

Parliamentarian weakens Democrats’ drug plan in Inflation Reduction Act, as Senate prepares to vote

The Senate parliamentarian on Saturday dealt a blow to Democrats' plan for curbing drug prices but left the rest of their sprawling economic bill largely intact as party leaders prepared for the first votes on a package containing many of President Joe Biden's top domestic goals.Elizabeth MacDonough, the chamber's nonpartisan rules arbiter, said lawmakers must remove language imposing hefty penalties on drugmakers that boost their prices beyond inflation in the private insurance market. Those were the bill's chief pricing protections for the roughly 180 million people whose health coverage comes from private insurance, either through work or bought on their own. Other major provisions were left intact, including giving Medicare the power to negotiate what it pays for pharmaceuti...
Stocks fall Tuesday after House Speaker Nancy Pelosi lands in Taiwan
Business

Stocks fall Tuesday after House Speaker Nancy Pelosi lands in Taiwan

Stocks declined Tuesday after House Speaker Nancy Pelosi landed in Taiwan's capital of Taipei amid a high-pressure standoff with China. She and other members of Congress were greeted by a contingent of Taiwanese officials on the tarmac.  In a statement shortly after the plane landed, Pelosi said her visit was meant to honor "America's unwavering commitment to supporting Taiwan's vibrant Democracy."The S&P 500 fell 27 points, or 0.7%, to close at 4,091. The Dow Jones industrials declined 1.2% and the Nasdaq lost 0.2%.  "Speaker Pelosi's visit to Taiwan opens a dangerous period for U.S.-China-Taiwan tensions that will add to and elevate market risk as events unfold," Raymond James Equity Research analysts and Alex Anderson said in a report. ...
Key inflation gauge jumps 6.8% in June as prices continue to surge
Politics

Key inflation gauge jumps 6.8% in June as prices continue to surge

An inflation gauge that is closely tracked by the Federal Reserve jumped 6.8% in June from a year ago, the biggest annual increase in four decades.Friday's government figures underscore the persistence of the inflation that is eroding Americans' purchasing power, dimming their confidence in the economy and threatening Democrats in Congress in the run-up to the November midterm elections. On a month-to-month basis, prices rose 1% from May to June, faster than the 0.6% rise from April to May and the biggest such jump since 2005. "Consumer sentiment sure stinks but Americans nevertheless continue to increase their spending," Bill Adams, chief economist for Comerica Bank, said in response to the inflation figures released this morning.A separate...