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Tag: Inflation

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...
One thing the Inflation Reduction Act may not do: Lower inflation
Business

One thing the Inflation Reduction Act may not do: Lower inflation

The Inflation Reduction Act is aimed at tackling a host of problems, from climate change to catching tax cheats, but there's one issue it may not solve: reducing inflation. That's the conclusion of the Penn Wharton Budget Model, a group of economists and data scientists at University of Pennsylvania who analyze public policies to predict their economic and fiscal impacts. Its analysis, published Friday, comes as inflation remains near a 40-year high, crimping the budgets of consumers and businesses alike. The Inflation Reduction Act would invest nearly $400 billion in energy security and climate change proposals, aimed at reducing carbon emissions by approximately 40% by 2030. It also would allow Medicare to negotiate with drugmakers on prescription prices, and would limit out-o...
North American stock markets continue broad-based rally; commodities weaker
Global News

North American stock markets continue broad-based rally; commodities weaker

North American markets enjoyed a broad-based rally Friday, bolstered by two encouraging U.S. inflation reports earlier in the week and a lack of any other major economic news on the day to offset them. With a near-total absence of market-moving events on what was a quiet day heading into a summer weekend, the S&P/TSX composite index still gained 187.93 points to close at 20,179.81.In New York, the Dow Jones industrial average closed up 424.38 points at 33,761.05. The S&P 500 index closed up 72.88 points at 4,280.15, while the Nasdaq composite gained 267.28 points to close at 13,047.19. Read more: Variable? Fixed? Static? Picking the right mortgage as interest rates rise “There has hardly been any news today, so this seems to be primarily momentum tra...
Fuel prices may be easing, but grocery costs are up the most since 1979
Business

Fuel prices may be easing, but grocery costs are up the most since 1979

Although inflation eased last month, Americans aren't seeing any relief in the grocery aisle. Food prices jumped 13.1% in July, the biggest one-year increase since March of 1979. Annual inflation slowed in July to 8.5%, from 9.1% in June, as gasoline prices dropped. But costs for food at home bucked the trend, increasing at a faster rate in July from the previous month. Americans say their top concern is paying for everyday expenses such as food and gas, according to a recent survey from New York Life. One way people are coping is tapping their savings. Consumers are also changing their habits in buying groceries, such as by shifting to cheaper brands at the supermarket, noted Neil Saunders, managing director of GlobalData. "[T]he bad news is ...
Drivers find relief at gas pump as prices drop
Business

Drivers find relief at gas pump as prices drop

Drivers find relief at gas pump as prices drop - CBS News Watch CBS News Americans are finally seeing relief at the pump. The average price of gas has fallen for more than 50 straight days, and the national average is on the verge of falling below $4 per gallon. Errol Barnett takes a look. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link
Senate Democrats near passage of Inflation Reduction Act in marathon overnight session
Politics

Senate Democrats near passage of Inflation Reduction Act in marathon overnight session

Washington — Democrats drove their election-year economic package toward Senate approval early Sunday, debating a measure with less ambition than President Biden's original domestic vision but that touches deep-rooted party dreams of slowing global warming, moderating pharmaceutical costs and taxing immense corporations.Debate began Saturday and by sunrise on Sunday, Democrats had swatted down a dozen Republican efforts to torpedo the legislation, with no clear end in sight. Despite unanimous GOP opposition, Democratic unity in the 50-50 chamber — buttressed by Vice President Kamala Harris' tiebreaking vote — suggested the party was on track for a morale-boosting victory three months from elections when congressional control is at stake.The House planned to return briefly from s...
By 51-50 margin, Senate votes to begin debate on Inflation Reduction Act
Politics

By 51-50 margin, Senate votes to begin debate on Inflation Reduction Act

Democrats started pushing their election-year economic bill through the Senate on Saturday, starting the sprawling collection of President Joe Biden's priorities on climate, energy, health and taxes on a pathway through Congress that the party hopes will end in victory by the end of this week.In a preview of the sharply partisan votes that are expected on a mountain of amendments, the evenly divided Senate voted to begin debate on the legislation 51-50, with Vice President Kamala Harris breaking the tie and overcoming unanimous Republican opposition. The package, a dwindled version of earlier multitrillion-dollar measures that Democrats failed to advance, has become a partisan battleground over inflation, gasoline prices and other issues that polls show are driving voters. ...
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. ...
Face The Nation: Kashkari, Salvanto, Khalid
Politics

Face The Nation: Kashkari, Salvanto, Khalid

Face The Nation: Kashkari, Salvanto, Khalid - CBS News Watch CBS News Missed the second half of the show? The latest on inflation concerns with Minneapolis Fed chief, Neel Kashkari, the 2022 CBS News Battleground Tracker finds GOP leads race for House, and a political panel discusses November's midterm elections and more. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link