Category Archives: Business News

China accuses US of cyberattack on national time center

China accuses US of cyberattack on national time center

BEIJING (AP) — China has accused the U.S. National Security Agency of cyberattacks on its national time center. The Ministry of State Security claims the U.S. agency exploited vulnerabilities in a foreign mobile phone brand’s messaging services in 2022. It allegedly stole sensitive information from the National Time Service Center’s staff. The ministry also says the U.S. used 42 types of cyberattack tools to target the center’s internal systems between 2023 and 2024. The time center is crucial for generating and distributing China’s standard time. The U.S. Embassy has not commented. This accusation could heighten tensions between Washington and Beijing.… Continue Reading

Wall Street rises to finish its best week in 2 months after bank stocks stabilize

Wall Street rises to finish its best week in 2 months after bank stocks stabilize

NEW YORK (AP) — Wall Street cruised to the finish of a winning week that began much bumpier. The S&P 500 rose 0.5% Friday. The Dow Jones Industrial Average added 0.5%, and the Nasdaq composite climbed 0.5%. The gains capped the S&P 500’s best week since August, but it was a roller-coaster ride. Indexes careened through jarring swings as worries built about the financial health of small and midsized banks, as well as the souring U.S.-China trade relationship. Bank stocks steadied themselves on Friday, while President Donald Trump eased some of the trade concerns after saying very high tariffs on China are not sustainable.… Continue Reading

Wall Street’s feverish rally takes a break as US stocks and gold pull back from their records

Wall Street’s feverish rally takes a break as US stocks and gold pull back from their records

NEW YORK (AP) — Wall Street is taking a pause. The S&P 500 fell 0.2% Thursday, coming off its latest all-time high and its eighth gain in the last nine days. The Dow Jones Industrial Average dropped 160 points, and the Nasdaq composite slipped 0.2%. Drops for Tesla and Dell Technologies helped to offset a big gain for Delta Air Lines after it delivered a stronger profit for the summer than analysts expected. The price of gold also pulled back from its latest record following its stellar run this year, while Treasury yields held relatively steady in the bond market.… Continue Reading

Wall Street gets back to rising as gold keeps setting records

Wall Street gets back to rising as gold keeps setting records

NEW YORK (AP) — Wall Street is getting back to rising. The S&P 500 climbed 0.5% Wednesday and is on track to top its all-time high, a day after breaking a seven-day winning streak. The Dow Jones Industrial Average added 13 points, and the Nasdaq composite rose 0.9%. Stocks benefiting from the artificial-intelligence boom continue to pull the market higher following a nearly relentless rise since April. Gold continued its stellar year and pushed further past $4,000 per ounce. Treasury yields eased in the bond market, while stock indexes rose in Europe following a weaker finish in Asia.… Continue Reading

Wall Street finishes its winning week with more records

Wall Street finishes its winning week with more records

NEW YORK (AP) — Most U.S. stocks ticked higher, sending Wall Street to more records. The S&P 500 inched up by less than 0.1% Friday to close out its seventh winning week in the last nine, and the Dow Jones Industrial Average climbed 0.5%. Both added to their all-time highs set the day before. The Nasdaq composite lost an early gain and slipped 0.3% from its own record. Treasury yields ticked higher in the bond market following mixed reports on growth for U.S. services businesses, while crude oil prices rose to claw back some of their sharp losses from earlier in the week.… Continue Reading

Wall Street ticks to more records, led by technology stocks

Wall Street ticks to more records, led by technology stocks

NEW YORK (AP) — U.S. stocks edged up to more records. The S&P 500 rose 0.1% Thursday. The Dow Jones Industrial Average added 0.2%, while the Nasdaq composite climbed 0.4%. All three set all-time highs. Technology stocks helped lead the way after OpenAI announced partnerships with South Korean companies for its Stargate artificial-intelligence infrastructure project. Fair Isaac surged to its best day in nearly three years after unveiling a program where customers can potentially bypass big credit bureaus for FICO credit scores. Stock indexes also rose across much of Europe and Asia, while Treasury yields eased in the bond market.… Continue Reading

White House says $100K H-1B visa fee won’t apply to existing holders as Trump move stirs anxiety

White House says $100K H-1B visa fee won’t apply to existing holders as Trump move stirs anxiety

WASHINGTON (AP) — President Donald Trump’s latest plan to overhaul the American immigration system has left some immigrant workers confused. That left the White House on Saturday scrambling to clarify that its new $100,000 fee on visas for skilled tech workers that soon will go into effect only applies to new applicants and not to current visa holders. The president on Friday signed a proclamation that will require the fee for what are known as H-1B visas — meant for high-skilled jobs that tech companies find hard to fill.… Continue Reading

Federal Reserve cuts key rate by quarter-point and signals two more cuts this year

Federal Reserve cuts key rate by quarter-point and signals two more cuts this year

WASHINGTON (AP) — The Federal Reserve cut its key interest rate by a quarter-point Wednesday and projected it would do so twice more this year as concern grows at the central bank about the health of the nation’s labor market. The move is the Fed’s first cut since December and lowered its short-term rate to about 4.1%, down from 4.3%. Fed officials, led by Chair Jerome Powell, had kept their rate unchanged this year as they evaluated the impact of tariffs, tighter immigration enforcement, and other Trump administration policies on inflation and the economy. The only dissenter was Stephen Miran, the recent Trump-appointee.… Continue Reading

Retail sales up 0.6% in August from July even as tariffs hurt jobs and lead to price hikes

Retail sales up 0.6% in August from July even as tariffs hurt jobs and lead to price hikes

NEW YORK (AP) — Shoppers increased their spending at a better-than-expected pace in August from July, helped by back-to-school purchases, even as President Donald Trump’s tariffs are starting to hurt the job market and lead to price hikes. The performance was also helped by the continued efforts by Americans to keep pushing up purchases ahead of expected price increases. Retail sales rose 0.6% last month from July, when sales were up a revised 0.6%, according to the Commerce Department’s report released Tuesday.… Continue Reading

Wall Street ticks toward another record as Tesla vrooms higher

Wall Street ticks toward another record as Tesla vrooms higher

NEW YORK (AP) — Wall Street is ticking toward another record. The S&P 500 climbed 0.5% Monday and was on track to top its latest all-time high set last week. The Dow Jones Industrial Average added 31 points, and the Nasdaq composite climbed 0.9%. Tesla jumped after Elon Musk bought stock worth roughly $1 billion in it, potentially signaling his faith in the electric vehicle company. The week’s main event will arrive Wednesday, when traders expect the Federal Reserve to announce its first cut to interest rates of the year. Perhaps more important will be whether it hints more cuts are coming, as Wall Street also expects.… Continue Reading

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