Stocks give up rally...Fed boosts rate...CFPB won’t rename
NEW YORK (AP) — Stocks gave up an early rally and moved lower in afternoon trading as investors reacted to the Federal Reserve’s latest interest rate plans. The Dow Jones Industrial Average immediately gave up a gain of about 300 points and was little changed in the minutes after the Fed released its statement. A partial recovery in oil prices is pulling energy companies higher following huge losses a day earlier.
NEW YORK (AP) — The Federal Reserve has hiked a key short-term interest rate for the fourth time this year, a choice meant to temper inflation after months of steady and solid job growth. Fed officials voted unanimously to increase the federal funds rate — which banks charge each other for loans — to a range of 2.25 percent to 2.5 percent. A statement released by the Fed noted that labor market has continued to strengthen, while inflation has remained near the U.S. central bank’s 2 percent target.
WASHINGTON (AP) — The attorney general in the nation’s capital has filed a lawsuit against Facebook for allowing data-mining firm Cambridge Analytica to improperly access data from as many as 87 million users. The lawsuit was filed by Karl Racine, the attorney general for the District of Columbia. It alleges that Facebook misled users about the security of their data and failed to properly monitor third-party apps.
NEW YORK (AP) — ’Twas the week before Christmas and shoppers were already returning their holiday hauls. Delivery company UPS expects its busiest return day to fall before Christmas for the first time. The company says there are many reasons for the pre-Christmas return boom, including more people buying stuff for themselves that they want to send back.
NEW YORK (AP) — The Consumer Financial Protection Bureau is abandoning a controversial renaming plan, in one of the first big decisions by its new permanent director. The CFPB is dropping the switch to “Bureau of Consumer Financial Protection” that had been sought by President Trump’s acting director of the bureau, according to an email by Kathy Kraninger, who took over earlier this month.