Dow jumps 520 points as investors cheer inflation slowdown
CBSN
Stocks ended November with a bang, with the Dow Jones Industrial Average jumping 520 points on Thursday and financial markets posting their biggest monthly gain in more than a year.
The Dow rose 1.5% to close at 35,951, with investors cheered by a new government report showing that inflation is continuing to ease. The Personal Consumption Expenditures index — the Federal Reserve's preferred inflation gauge — fell to 3.5% in October excluding volatile food and energy prices, down from 3.7% the previous month and nearly 5% as recently as May, new labor data show.
"Progress, in short, has been startlingly rapid compared to policymakers' expectations," analysts with Pantheon Macroeconomics said in a report.
The Emmy Award-winning "CBS News Sunday Morning" is broadcast on CBS Sundays beginning at 9:00 a.m. ET. "Sunday Morning" also streams on the CBS News app beginning at 11:00 a.m. ET. (Download it here.)
Organic carrots and celery sold at Whole Foods Market in five states are being recalled amid a deadly E. coli outbreak that has stricken 39 people in 18 states.
It's well-documented that women in the workplace often face biases when seeking leadership roles, but new research is uncovering just how pervasive and wide-ranging those prejudices can be.
President-elect Donald Trump's sentencing for his May criminal conviction has once again been delayed, a judge ruled Friday.
Washington — The Supreme Court on Friday dismissed Facebook's appeal of a lower court order reviving a shareholder lawsuit brought against the social media giant in light of consulting firm Cambridge Analytica's 2015 misuse of millions of Facebook users' data.
Sen. JD Vance's election as vice president has opened up one of Ohio's U.S. Senate seats for the third time in as many years, setting off a scramble for the appointment among the state's ruling Republicans.
An 84-year-old Texas man has been charged with first-degree murder after allegedly killing his roommate and her dog, authorities said.
A Georgia woman convicted of killing her 20-month-old son and dumping his body in a trash bin was sentenced Thursday to life in prison.
Authorities have seen a surge of guns and ammunition flowing from the United States to Latin America and the Caribbean, fueling conflict in regions already struggling with violence and unrest.
The U.S. Department of Justice's Los Angeles office filed charges in what could be the nation's first death-resulting criminal case involving a synthetic opioid that is possibly more dangerous than fentanyl.
Tel Aviv — For the past year, hungry Gazans have waited in desperation for more food to enter the besieged territory from Israel. After aid trucks have been allowed in, there have been episodes of looting.