Stocks rally, wobble, then end lower as turbulence continues
NEW YORK (AP) — US stock indexes finish mostly lower after a morning rally faded away. Technology companies including Apple fell, and energy companies dropped along with oil prices. Industrial companies climbed and banks made small gains along with interest rates. That followed three days of turmoil on markets that knocked stocks off their recent highs. Wynn Resorts jumped after Steve Wynn stepped down as CEO following allegations of sexual misconduct.
Why investors’ fear of high inflation is probably overblown
WASHINGTON (AP) — A sudden fear of surging inflation and higher interest rates helped ignite the past week’s stomach-churning stock market losses and violent bouts of volatility. Does that mean much higher inflation is on the way? Not necessarily. So far, the gauges that economists monitor show little evidence that price increases are on the verge of accelerating.
Big budget deal in Senate hailed as ‘genuine breakthrough’
WASHINGTON (AP) — The Senate’s top leaders have announced they have sealed agreement on a two-year budget pact that would shower both the Pentagon and domestic programs with almost $300 billion above existing limits. That would give wins to both GOP defense hawks and Democrats seeking billions for infrastructure projects and combatting opioid abuse. The agreement is likely to be added to a stopgap spending bill that passed the House on Tuesday.
Tax cut, bonuses for workers? Many businesses not sure yet
NEW YORK (AP) — While some big corporations are giving employees cash bonuses because of the new tax law, staffers at many small and mid-sized companies are waiting to see if their bosses get a big enough break to pass on. Big companies can award bonuses because they already know their top tax rate is dropping. But with many regulations still to be written, many small business owners have less certainty. Big companies also have billion-dollar cash cushions and credit lines, unlike their smaller counterparts.
Space sports car now flying toward asteroid belt beyond Mars
CAPE CANAVERAL, Fla. (AP) — The world’s first space sports car is cruising toward the asteroid belt, well beyond Mars. SpaceX chief Elon Musk confirms the new, more distant route for his rocketing Tesla Roadster. The car was the unorthodox cargo aboard his company’s test flight of a new rocket Tuesday. Musk says the firing of the upper stage put his red convertible into a solar orbit that now stretches all the way to the asteroid belt between Mars and Jupiter.
Casino mogul Steve Wynn resigns amid sex misconduct claims
LAS VEGAS (AP) — Facing investigations by gambling regulators and allegations of sexual misconduct, billionaire casino mogul Steve Wynn has stepped down as chairman and CEO of the resorts bearing his names. Wynn Resorts says the Tuesday resignation was effective immediately. It came less than two weeks after the Wall Street Journal reported that a number of women said Wynn harassed or assaulted them and that one case led to a $7.5 million settlement. Wynn has vehemently denied the report’s allegations.
Los Angeles Times sold to local billionaire for $500 million
LOS ANGELES (AP) — A biotech billionaire has struck a $500 million deal to buy the Los Angeles Times, ending the paper’s quarrelsome relationship with its Chicago-based owners. The announcement Wednesday means that for the first time in 18 years the Times will be under local ownership. The agreement between Dr. Patrick Soon-Shiong (soon-shong) and Tronc Inc. marks the latest instance of a rich, civic-minded individual buying a newspaper from a big corporation.
LA Times buyer is a basketball-loving biotech billionaire
LOS ANGELES (AP) — The man buying the Los Angeles Times is a 65-year-old physician-entrepreneur described by Forbes Magazine as “America’s richest doctor.” Dr. Patrick Soon-Shiong is also one of the largest shareholders in the Times’ parent company, Tronc, as well as one of Tronc’s most outspoken critics. A devoted basketball fan, he also owns a minority stake in the Los Angeles Lakers.
US consumers boosted borrowing by $18.4 billion in December
WASHINGTON (AP) — American consumers stepped up their borrowing by $18.4 billion in December, a solid performance that followed a massive gain the previous month. The Federal Reserve says the increase reflects gains of $5.1 billion in the category that covers credit cards and $13.3 billion in the category for auto and student loans. In recent months, Americans have been increasingly confident and willing to take on more debt.
The Standard & Poor’s 500 index lost 13.48 points, or 0.5 percent, to 2,681.66. The Dow slid 19.42 points, or 0.1 percent, to 24,893.35. The Nasdaq composite fell 63.90 points, or 0.9 percent, to 7,051.98. Benchmark U.S. crude dropped $1.60, or 2.5 percent, to $61.79 a barrel in New York. Brent crude, the international standard for oil prices, lost $1.35, or 2 percent, to $65.51 a barrel in London.