Business news

• Dow hits 42,000 for first time in Fed fueled run

  19-09-2024 22:17 via foxbusiness.com
  
  It’s a September to remember courtesy of the Federal Reserve, which delivered a super-sized rate cut for investors on Wednesday. The Dow Jones Industrial Average jumped over 500 points, closing above 42,000 for the first time. It took just 45 days since the last 1,000-point milestone, as tracked by Dow Jones Market Data Group. THE FED CUT RATES FOR FIRST TIME SINCE 2020: WHAT TO KNOWMcDonald’s served up the most point gains at over 208, with 3M second, while embattled Boein
  
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• Fed's Powell says immigration surge boosted unemployment rate

  19-09-2024 21:59 via foxbusiness.com
  
  Federal Reserve Chair Jerome Powell said Wednesday that immigration is helping push the unemployment rate higher as they enter the labor force and look for jobs.Powell was asked about whether the level of job creation in the economy, which has been a little more than 100,000 on average for the last three months, is alarming and if the labor market can continue slowing down through fewer job openings as opposed to job losses."On the job creation… it depends on the inflows," Powell said. "S
  
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• Uber to provide delivery for Olive Garden in new partnership

  19-09-2024 21:53 via foxbusiness.com
  
  Darden Restaurants will start delivering Olive Garden food via Uber later this year.The corporate parent of the Italian chain and other restaurant brands said Thursday that it will do that as part of an "exclusive multi-year" delivery partnership it now has with Uber.The deal "will enable restaurant guests to order on-demand delivery via Darden restaurant channels, with delivery handled by Uber Direct, through Uber’s national delivery network," Darden said in a press release.Later this yea
  
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• Fed's Powell: policymakers noted 'artificially high' jobs data, revisions in rate cut decision

  19-09-2024 21:41 via foxbusiness.com
  
  Federal Reserve Chair Jerome Powell said Wednesday that the central bank considered reports that recent jobs numbers may be "artificially high" and are set for downward revisions when policymakers assessed the health of the labor market ahead of their decision to lower interest rates by 50 basis points.Powell explained during the post-meeting press conference that since the Fed's last meeting at the end of July, policymakers have received two employment reports and inflation reports apiece, as w
  
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• TD Bank shakes up leadership amid scandal around anti-money-laundering program

  19-09-2024 21:35 via cbc.ca
  
  TD Bank Group announced Thursday that Raymond Chun will replace CEO Bharat Masrani when he retires next spring. It comes as the bank works to resolve investigations into deficiencies in its anti-money-laundering program in the U.S., which allegedly allowed hundreds of millions of dollars of illicit drug profits to flow through the bank.
  
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• 2,600 new homes to be sold at 60% market value in new Vancouver housing initiative

  19-09-2024 21:08 via cbc.ca
  
  Up to 2,600 new housing units planned for the Heather Lands in Vancouver will be sold at 60 per cent of market value, according to a joint announcement by the province, the city and the Musqueam, Squamish and Tsleil-Waututh First Nations.
  
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• Trump vows to reverse SALT deduction cap he signed in 2017

  19-09-2024 20:45 via foxbusiness.com
  
  Former President Trump suggested this week that if he returns to the White House he will do away with the $10,000 cap on deducting state and local taxes (SALT), which was implemented as part of his signature 2017 tax reforms.In a pitch to New York voters ahead of his Long Island rally on Wednesday, the Republican nominee wrote on his Truth Social platform that he would turn the state around, vowing to "get SALT back, lower your [t]axes, and so much more."Before Republicans capped the SALT deduct
  
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• Viral Trader Joe's tote bags reselling for as much as $500 are back in stock at stores

  19-09-2024 20:22 via foxbusiness.com
  
  Trader Joe's brought back the mini, viral version of one of its popular tote bags.The small bags are going for hundreds on the secondary market, but they were spotted in a Rockville, Maryland, store on Wednesday for $2.99 each, according to TikTok user Nina Daniels."There's actually someone monitoring them because people are buying them, apparently like crazy," Daniels said in a video she posted to the social media platform. "You guys have a limit of five."The bags sold out earlier this year and
  
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• JetBlue, other airlines opening lounges for premium customers to combat overcrowding

  19-09-2024 20:00 via foxbusiness.com
  
  Major airlines JetBlue, Delta and Virgin Atlantic are constructing airport lounges at major travel hubs to attract premium customers amid overcrowding issues at existing lounges.JetBlue on Thursday announced plans for an 8,000-square-foot lounge at New York’s John F. Kennedy International Airport, which is slated to open in late 2025, followed by an 11,000-square-foot lounge at the Boston Logan International Airport shortly after. ALASKA-HAWAIIAN MERGER CLEARS DOT, MUST PRESERVE REWAR
  
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• Lebanon bans pagers and walkie-talkies on airplanes following explosions targeting Hezbollah terrorists

  19-09-2024 19:19 via foxbusiness.com
  
  Officials in Lebanon reportedly are banning pagers and walkie-talkies from being brought onboard planes departing Beirut Rafic Hariri International Airport following waves of explosions this week targeting Hezbollah terrorists. The directive from Lebanon’s civil aviation authority comes after at least 37 people were killed and more than 3,000 were wounded on Tuesday and Wednesday when pagers and walkie-talkies used by members of Hezbollah detonated, according to Reuters. Lebanese
  
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• Mortgage rates fall again, but home sales still lag

  19-09-2024 18:01 via foxbusiness.com
  
  Mortgage rates declined again this week, sparking a subtle boost in demand for purchase and refinance applications. Still, many buyers continue to hold off on making a move while waiting for steeper cuts, as fresh data shows existing home sales eased in August from the month before.Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage dropped to 6.09%, down from the 6.20% reading of the past two week
  
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• Trump visits crypto-themed bar in NYC

  19-09-2024 17:46 via foxbusiness.com
  
  Former President Trump visited a cryptocurrency-themed bar in Manhattan on Wednesday evening during a campaign stop, just days after unveiling a new crypto venture.While at the PubKey, the Republican presidential nominee used bitcoin to pay for burgers that he bought for those in attendance. The bill was more than $900, according to The Wall Street Journal.Footage showed Trump performing the cryptocurrency transaction via phone."One of the most historic transactions in #bitcoin history was just
  
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• Fed decision opens the real estate floodgates after four years

  19-09-2024 17:41 via foxbusiness.com
  
  The Federal Reserve's 50 basis point rate cut has ignited market chatter among America's real estate leaders who think this could be the start of a buying and selling frenzy."Everybody's happy. It doesn't matter what type of business they are in," Shoma Group founder and CEO Mousad Shojaee told Fox News Digital in reaction to the decision on Thursday."The atmosphere and attitude since yesterday has been changed completely," he continued. "Everybody, they see a smile on their faces, and you have
  
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• Stuart Varney: Trump has the best chance to break out, win the election

  19-09-2024 17:33 via foxbusiness.com
  
  During his "My Take" on Thursday, "Varney & Co." host Stuart Varney argued former President Trump's experience and energy gives him the best chance to "break out" and win the presidency after a new Fox News poll showed Vice President Kamala Harris edging Trump in a very tight race.STUART VARNEY: The election is just weeks away and the race is a virtual dead heat.The latest Fox News poll shows Harris leads trump 50 to 48 nationally.HARRIS AND TRUMP DEADLOCKED IN PENNSYLVANIA AS FORMER PRESIDE
  
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• Pygmy hippo Moo Deng, the internet's favourite meatball, may soon get her own patent

  19-09-2024 17:25 via cbc.ca
  
  A pudgy and expressive baby pygmy hippo born at a Thai zoo and that has captured worldwide attention could soon get a patent to prevent the animal from being commercialized by anyone else.
  
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• Republican AGs press Google to pay settlement to victims, not interest groups, in class action suit

  19-09-2024 15:00 via foxbusiness.com
  
  FIRST ON FOX: A group of Republican attorneys general (AGs) are intervening in a class action lawsuit involving Google, after the company agreed to settle the suit that claimed it was wrongly tracking data. The AGs say Google is paying big bucks to groups like the American Civil Liberties Union (ACLU) and the lawyers involved, but not to the victims. "The Parties agreed on a $62 million settlement in a data privacy class action arising out of Google’s tracking and storing of 247.
  
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• NFL star Justin Fields, Reebok team up for new shoe collection

  19-09-2024 14:33 via foxbusiness.com
  
  Pittsburgh Steelers quarterback Justin Fields has teamed up with Reebok for his first shoe capsule. The collaboration introduces a training shoe called the Nano X4, a running shoe, the FloatZig 1 and a youth-sized shoe known as the Zig Dynamica 2.0."It’s an honor to launch the Justin Fields Collection with Reebok and continue our shared mission of supporting the next generation of athletes," Fields said in a statement. "The collection is designed to pay homage to my roots and the comm
  
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• The Fed cut rates by half-point: What to know

  19-09-2024 12:00 via foxbusiness.com
  
  The Federal Reserve on Wednesday cut interest rates for the first time since March 2020, as the central bank lowered the benchmark federal funds rate by 50 basis points amid progress in the fight against inflation.The cut was larger than the 25 basis point cut forecast by LSEG economists, though interest rate traders saw a 64% probability of a 50 basis point cut as of Tuesday, according to the CME FedWatch tool. With the 50 point cut, the Fed lowered the target range for the federal funds rate t
  
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• Teamsters leadership scorched for refusing to endorse presidential candidate despite members supporting Trump

  19-09-2024 12:00 via foxbusiness.com
  
  The International Brotherhood of Teamsters was ridiculed on social media Wednesday after announcing it would not be endorsing a presidential candidate, despite a majority of the union's membership supporting former President Trump.Teamsters on Wednesday posted the results of internal polling on the 2024 candidates, showing that the union's members favored Trump by 59.6% over Democratic nominee Vice President Kamala Harris, who received 34% in an online survey. In a phone survey, Teamsters favore
  
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• O'Leary calls out Kamala Harris for baiting voters with unrealistic policies that would 'destroy' the economy

  19-09-2024 12:00 via foxbusiness.com
  
  Vice President Kamala Harris' economic agenda has the potential to "destroy" the U.S. economy, according to "Shark Tank" investor Kevin O'Leary.O'Leary revealed that he has spoken to Harris' advisers to gain information about "what's really going on" with her agenda, claiming that he has been told not to "worry" about certain policies being passed in Congress."We're going directly to her advisers to try and glean some information about what's really going on here. I'm not going to disclose their
  
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• NBA legend Michael Jordan's $14.9 million Chicago estate has a potential buyer

  19-09-2024 12:00 via foxbusiness.com
  
  Michael Jordan’s nearly $14.9 million estate in one of Chicago’s suburbs has a potential buyer.The NBA legend’s sprawling Highland Park mansion received a purchase offer and, as of earlier this week, has gone under contract, according to the Chicago Sun-Times and The Athletic.Compass broker associate Katherine Malkin was identified as its listing agent. FOX Business reached out to her and Jump Management, the NBA legend’s family and business office, for comment about the
  
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• How the Fed's rate cut will impact auto loans

  19-09-2024 12:00 via foxbusiness.com
  
  Americans looking to buy a vehicle in the near future might feel hope that the Federal Reserve's 50-basis-point federal funds rate cut on Wednesday might bring down the interest rate on their next auto loan, but Bank of America analysts say there will not be much of an impact on borrowing costs in the near future.Ahead of the central bank's announcement, Bank of America Securities released an auto industry overview saying that relief may be around the corner, but it will take a series of cuts be
  
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• Americans hold off on major purchases over election uncertainty

  19-09-2024 12:00 via foxbusiness.com
  
  When people are faced with uncertainty, they find it harder to make decisions. It's called the "disjunction effect" and financial experts say this applies to the election. Interesting of note is that people feel inclined to hold off even if they make the same decision, regardless of what happens next."As a consequence, they may continue with the status quo, or a ‘do nothing different’ mentality until the uncertainty is resolved," Michael Liersch, head of advice and planning at W
  
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• Will the Fed's rate cut bring down mortgage rates?

  19-09-2024 11:09 via foxbusiness.com
  
  Many Americans have been priced out of purchasing a home or making a move for years now amid elevated mortgage rates, sky-high home prices, and squeezed budgets due to inflation.Although mortgage rates have started to decline some in recent months, the housing market has been largely stalled as would-be buyers and sellers remain on the sidelines, waiting for a more significant decline.So will the Federal Reserve's larger-than-expected 50-basis-point rate cut on Wednesday make any difference for
  
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• Arizona small businesses owners struggle to make ends meet, voting for economic relief this election

  19-09-2024 09:51 via foxbusiness.com
  
  Some Arizona small business owners are saying economic relief will be a big part of their vote this year, and it could make or break votes in one of the key battleground states.Small businesses play a major role in Arizona's economy, employing more than 40% of people in the state, according to the Small Business Administration.Chad Heinrich, the State Director for the National Federation of Independent Business(NFIB) - Arizona, said one of the biggest clouds of uncertainty for small business own
  
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• National Debt Tracker: American taxpayers (you) are now on the hook for $35,350,842,310,771.10 as of 9/18/24

  19-09-2024 00:08 via foxbusiness.com
  
  The U.S. national debt is climbing at a rapid pace and has shown no signs of slowing down, despite the growing criticism of massive levels of government spending.The national debt — which measures what the U.S. owes its creditors — rose to $35,350,842,310,771.10 as of September 17th, according to the latest numbers published by the Treasury Department. That is up about $4.4 billion from the figure reported the previous day.By comparison, just four decades ago, the national debt hover
  
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• LARRY KUDLOW: This is the Fed's 50-basis point gift to Kamala Harris

  19-09-2024 00:05 via foxbusiness.com
  
  The Fed's 50-basis point gift to Kamala. That's the subject of the riff. 48 days before the election and it looks like Fed Chair Jay Powell just gave Kamala Harris a 50-basis point gift by slashing their target rate by half of 1%. This may well put the central bank smack in the middle of presidential politics – something they pledged not to do. Now, in light of a modest decline in commodity prices and longer term interest rates, along with a softening in the labor market, a 25-ba
  
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