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.
Run 3 Space | Play Space Running Game
Traffic Jam 3D | Online Racing Game
Duck Hunt | Play Old Classic Game
SpaceX Fram2 crew splashes down off California coast to close out historic trip around Earth's poles
A wealthy space tourist and three fellow adventurers plunged back to Earth aboard a SpaceX Crew Dragon capsule Friday, splashing down in the Pacific Ocean off the coast of southern California to close out the first crewed flight around Earth's poles.
The Trump administration's expansive new tariffs will likely lead to higher inflation and slower growth, and the Federal Reserve will focus on keeping price increases temporary, Fed Chair Jerome Powell said Friday.
Maseru, Lesotho — President Trump in March described Lesotho as a place "nobody has ever heard of," and then this week he hit the tiny African kingdom with the highest of his "reciprocal" trade tariffs for any single nation.
As stocks continued to slide after markets opened, President Trump is speaking at a $1 million dollar-a-person candlelight dinner Friday at Mar-a-Lago, according to an invitation reviewed by CBS News. The fundraiser is for MAGA Inc, a super PAC that supports Mr. Trump.
The following is the transcript of the full interview with NATO Secretary General Mark Rutte, which is airing on "Face the Nation with Margaret Brennan" on April 6, 2025.
Stocks in the U.S. opened sharply lower on Friday, extending a slide from the previous trading session triggered by President Trump's announcement of sweeping new tariffs on U.S. imports earlier this week.
Employers across the U.S. added 228,000 jobs in March, pointing to a labor market that remains resilient despite economic headwinds from President Trump's tariffs and sticky inflation.
Parts of the Midwest and South faced the possibility of torrential rains and life-threatening flash floods Friday, while many communities were still reeling from tornadoes that destroyed whole neighborhoods and killed at least seven people.
The stock market is poised for a second straight day of sharp declines amid mounting investor concerns about U.S. economic growth and the prospect of a global trade war.
The brutal stabbings of two women students in Italy within days of each other have unleashed a wave of anger and calls for a "cultural revolution" against violence towards women.
College Park, Md. — USA Fencing disqualified a fencer from a women's tournament in Maryland after she refused to face an opponent whom she says is transgender.
Gen. Timothy Haugh, the head of both the National Security Agency and U.S. Cyber Command, has been fired by the Trump administration, the top Democrats on the House and Senate intelligence committees confirmed late Thursday night.
Some of the Food and Drug Administration's efforts to support testing for the ongoing bird flu outbreak have been disrupted due to steep layoffs at the agency, multiple officials told CBS News Thursday, in the latest fallout from Health and Human Services Secretary Robert F. Kennedy Jr.'s cuts to the nation's federal health agencies.