Business News

Federal Reserve cuts its key interest rate by a quarter-point amid postelection uncertainty

WASHINGTON (AP) — The Federal Reserve cut its key rate by a quarter-point in response to the steady decline in the once-high inflation that had angered Americans and helped drive Donald Trump’s presidential election victory this week. The rate cut follows a larger half-point reduction in September, and it reflects the Fed’s renewed focus on supporting the job market as well as fighting inflation, which now barely exceeds the central bank’s 2% target. Annual inflation has since fallen from a 9.1% peak in 2022 to a 3 1/2-year low of 2.4%. Asked how Trump’s election might affect the Fed’s policymaking, Chair Jerome Powell said that “in the near term, the election will have no effects on our [interest rate] decisions.”

Restaurants, other services still in grip of high inflation even as overall rate slows

NEW YORK (AP) — While prices for most goods have been falling throughout the year, inflation for a wide range of services remains high. That’s straining consumers eating out, servicing their cars and paying for various kinds of insurance. Prices for services rose 3.7% in September from a year ago, according to the personal consumption expenditures price index.

My 8 Biggest Financial Mistakes

As a person who writes about investing for a living, it’s helpful (if humbling) to take a hard look at my own decisions from time to time. I’m fortunate to be surrounded by some of the industry’s best thinkers on investing and personal finance issues. And whenever I learn something new, I usually try to implement it if it makes sense for my own situation. That said, I don’t have a perfect record when it comes to financial decisions. In the spirit of continuous learning and improvement, I present some of my personal shortcomings.

Elwood Edwards, the man behind the voice of AOL’s ‘You’ve got mail’ greeting, dies at 74

The man who voiced America Online’s famous “You’ve got mail” greeting has died at age 74. Elwood Edwards died Tuesday at his home in New Bern, North Carolina. His daughter says the cause was complications from a stroke. Edwards taped his AOL greeting in 1989 while sitting in the living room of his home. “You’ve got mail” became a pop culture catchphrase in the late 1990s and served as the title of the 1998 film starring Tom Hanks and Meg Ryan. Edwards was also the voice of AOL’s “Welcome,” “Goodbye” and “File’s Done” messages. He was paid $200 for the recordings.

Stock market today: Wall Street posts more gains on the way to its best week in a year

NEW YORK (AP) — U.S. stocks are posting more gains on the way to their best week in a year. The S&P 500 rose 0.6% Friday and was on track for its biggest weekly gain since early November 2023. The Dow Jones Industrial Average was up 318 points, and the Nasdaq composite rose 0.2%. The relatively modest moves follows big gains and more records for indexes earlier in the week after Donald Trump won the presidential election and the Federal Reserve cut interest rates again to make things easier for the economy. Long-term Treasury yields eased in the bond market.

Slightly more Americans apply for unemployment benefits last week, but layoffs remain at low levels

The number of Americans applying for jobless aid ticked up last week but layoffs remain at historically low levels. The Labor Department reported Thursday that jobless claim applications rose by 3,000 to 221,000 for the week of Nov. 2. That’s fewer than the 227,000 analysts forecast. The four-week average of weekly claims, which softens some of the week-to-week fluctuations, fell by 9.750 to 227,250. Weekly applications for jobless benefits are considered representative of U.S. layoffs in a given week. Continuing claims, the total number of Americans collecting jobless benefits, rose by 39,000 to 1.89 million for the week of Oct. 26. That’s the most since late 2021.

German chancellor’s last remaining coalition ally makes his move before expected early election

BERLIN (AP) — German Eonomy Minister Robert Habeck says he hopes to become his Green Party’s candidate for chancellor in the coming election. The announcement Friday by Habeck follows the collapse of Chancellor Olaf Scholz’s three-party coalition earlier this week. The Greens are a small party that lost popularity in recent elections and currently have support hovering around 10%. It’s therefore unlikely that Habeck could end up as the country’s leader. But his move indicates how German politicians are gearing up for an early election after the collapse of the coalition. Scholz on Friday also indicated he could show flexibility on the date for a new election as he faces pressure for it to happen soon.

India’s ban on Salman Rushdie ‘The Satanic Verses’ may end — thanks to missing paperwork

NEW DELHI (AP) — The decadeslong ban of Salman Rushdie’s “The Satanic Verses” in his native India is now in doubt. That’s not because of a change of heart more than two years after the author’s near-fatal stabbing, but because of what amounts to some missing paperwork. Earlier this week, a court in Delhi closed proceedings on a petition filed five years ago that challenged the then-government’s decision to ban the import of the 1988 novel. “The Satanic Verses” had enraged Muslims worldwide because of its alleged blasphemy. In a ruling issued Tuesday, judges contended that authorities had failed to produce the notification of the ban. The petitioner’s lawyer says his client was motivated by being an avid reader.

US to tighten restrictions on energy development to protect struggling sage grouse

BILLINGS, Mont. (AP) — U.S. officials are proposing tighter restrictions on oil, solar and wind energy development across more than 6,500 square miles of federal land in the U.S. West. The goal is to protect a declining bird species, the greater sage grouse. Grouse numbers plummeted in recent decades because of drilling, disease and other pressures. Friday’s plan would eliminate loopholes that allowed development in areas considered crucial to the bird’s long-term survival. Interior Department officials say it balances development with conservation. However, it is doubtful the proposed changes would survive under President-elect Donald Trump.