Stocks continue to slide on fears over the Fed's rate hike
CBSN
Stocks continued a sell-off on Friday, capping a volatile week in U.S. markets as fears spread that U.S. interest rate hikes to fight inflation might stall economic growth.
The Dow Jones Industrial Average tumbled 468 points, or 1.4%, to 32,529 in early trading, adding to Thursday's losses of 3.1%. Other indices also lost ground in Friday morning trading, with the S&P 500 shedding 1.7% and the tech-heavy Nasdaq dropping 2.4%.
Investors are worried about whether the Federal Reserve, which raised its key interest rate by a half percentage point on Wednesday, can cool inflation without tipping the U.S. economy into recession. Traders were encouraged by Federal Reserve Chairman Jerome Powell's comment that the Fed wasn't considering even bigger increases, but only briefly.
As wildfires spread across Southern California this week, President-elect Donald Trump cast blame on state leaders and called for California Gov. Gavin Newsom to resign in a series of Truth Social posts.
Greenland's prime minister said Friday that the mineral-rich Arctic territory's people don't want to be Americans, but that he understands U.S. President-elect Donald Trump's interest in the island given its strategic location and he's open to greater cooperation with Washington.
Los Angeles firefighters have made progress containing wildfires that have claimed at least 10 lives and caused unprecedented damage. In the weeks ahead, officials and residents will examine whether local authorities' warnings and early responses adequately prepared the city for the escalating crisis.
Eric Trump has had discussions about launching a new line of Trump-branded vodka in the United States, according to people familiar with the matter, but it was unclear whether the deal would be finalized by Jan. 20, when his father, President-elect Donald Trump, will be inaugurated.
The ISIS-inspired attacker who killed 14 people in a truck rampage on New Year's Day in New Orleans fired at police from inside his vehicle before officers fatally shot him, police bodycam footage released Friday shows.
Washington — President Biden will deliver a farewell address to the nation from the Oval Office on Wednesday, Jan. 15, the White House announced Friday, as he prepares to hand over power to President-elect Donald Trump.
Lockheed Martin, the multinational defense and aerospace firm, is one of the latest big businesses to donate a million dollars to President-elect Donald Trump's inaugural committee.
The IRS said Friday it will kick off the new tax season on Monday, Jan. 27, allowing taxpayers to begin filing their 2024 tax returns.
The IRS said Friday it will kick off the new tax season on Monday, Jan. 27, allowing taxpayers to begin filing their 2024 tax returns.
Meta is ending its key diversity, equity and inclusion programs, joining other corporate giants like Ford, McDonald's and Walmart that have pulled the plug on their DEI initiatives.
The Biden administration on Friday announced it would extend the temporary legal status of nearly 1 million immigrants from El Salvador, Sudan, Ukraine and Venezuela, utilizing a program that is expected to be curtailed by the incoming Trump administration.