Stock market plummets after Fed forecasts fewer rate cuts in 2025
CBSN
U.S. stocks plummeted in one of their worst days of the year after the Federal Reserve forecast Wednesday it may deliver fewer shots of adrenaline for the economy in 2025 than it had earlier projected.
The S&P 500 fell 178 points, or 3%, pulling it further from its all-time high set a couple weeks ago. The Dow Jones Industrial Average lost 1,123 points, or 2.6%, while the Nasdaq composite dropped 3.6%.
The Fed said Wednesday it's cutting its benchmark interest rate for a third time this year, continuing the sharp turnaround begun in September when it started lowering rates from a two-decade high to support the job market. Wall Street loves lower interest rates, but the Dec. 18 cut had been widely expected by Wall Street.
The IRS said Friday it is sending a total of $2.4 billion in "special payments" to 1 million people, part of an effort to ensure that Americans who didn't receive all of their federal stimulus checks during the pandemic will get the money in their bank accounts.
Washington — The Senate on Friday confirmed President Biden's 234th nominee to the federal judiciary, matching the number of judges approved for lifetime appointment to the nation's courts during President-elect Donald Trump's first term.
President-elect Donald Trump made claims about the history of U.S. tariff collection as he defended his plan to raise tariffs on goods from countries like China and Mexico in a news conference this week, claims historians say are at odds with the facts.
Three Major banks and Zelle rushed to bring a peer-to-peer payment network to market without first ensuring users would be protected against "widespread" fraud, alleges a lawsuit filed on Friday by the Consumer Financial Protection Bureau.
The Transportation Security Administration (TSA) has cautioned that a looming government shutdown could lead to longer wait times for travelers at airport security checkpoints. The warning comes as the TSA announced it is expecting a record 40 million airline passengers to take to the skies over a two-week period that began Thursday.
With Christmas only a few days away, many Americans may be dreaming of a white Christmas, but few will end up walking in a winter wonderland. The warm and above-average temperatures in the weather forecast across the continental U.S. for Christmas week of 2024 are expected to keep any precipitation that falls as rain, not snow, for many parts of the country.
Hollywood powerhouses Tyler Perry and Kerry Washington have joined forces to tell the remarkable story of the 6888th Postal Battalion, which was the only women's Army Corps unit of color to be stationed in Europe during World War II. Perry — who wrote, directed and produced the film — describes "Six Triple Eight" as an important chapter in U.S. history.
Starting Jan. 1, millions of Americans who get their prescription drugs through Medicare could get a major financial break when a $2,000 out-of-pocket spending cap on medications goes into effect.
A closer look at what police found at the Ramsey family's Boulder, Colorado, home after their 6-year-old daughter JonBenét Ramsey was found bludgeoned and strangled in the basement on Dec. 26, 1996.
Sloths weren't always slow-moving, furry tree-dwellers. Their prehistoric ancestors were huge - up to 4 tons - and when startled, they brandished immense claws.
Washington — The Biden administration is canceling federal student loans for another 55,000 workers through an existing program known as Public Service Loan Forgiveness.