Stocks plunge after hotter-than-expected inflation report
CBSN
U.S. stocks plunged on Tuesday amid Wall Street's sudden realization that inflation isn't slowing as much as hoped.
A hotter-than-expected inflation report sent a thud through Wall Street and markets worldwide. The Consumer Price Index increased 8.3% in the past 12 months, as rising prices for food, shelter and medical care offset tumbling gasoline prices.
While month's increase was lower than July's 8.5% jump, it was higher than the 8.1% economists had expected, showing prices remain uncomfortably high.
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The American economy ended 2024 on a solid note with consumer spending continuing to drive growth.
A Texas man released from prison under President Donald Trump's sweeping pardons over the Jan. 6 attack on the U.S. Capitol is wanted by authorities on a 2016 charge of soliciting a minor online, prosecutors say.
An American Airlines jet with 60 passengers and four crew members aboard collided with an Army helicopter Wednesday night while coming in for a landing at Ronald Reagan National Airport near Washington. The Black Hawk helicopter was carrying a crew of three. Officials said early Thursday that everyone on board both aircraft is believed dead, which would make it the deadliest U.S. air crash in nearly a quarter century.
Top figure skaters from the United States and Russia were on board the American Airlines flight that crashed late Wednesday night into the Potomac River in Washington, D.C., after colliding with a military helicopter.
The FireAid benefit concert, the one-night-only event that will bring together 27 musicians, will take place Thursday to help fund efforts to rebuild communities impacted by the Los Angeles wildfires.
The mystery of what happened to a U.S. woman who was tried in three killings before disappearing from a Mexican prison more than 50 years ago is about to be solved.
A former U.S. Postal Service worker admitted to stealing over $100,000 worth of sports memorabilia when he worked as a mail sorting clerk, federal prosecutors said Wednesday.
At least one aircraft crashed Wednesday evening over the Potomac River near Ronald Reagan International Airport outside Washington, D.C., officials said, grounding all flights at the airport.
Abortion opponents praised Robert F. Kennedy Jr. on Wednesday, after he vowed at a Senate hearing to implement "whatever" position President Trump takes on regulating abortion pills, if confirmed as the next secretary of health and human services.
President Trump on Wednesday announced he's signing an executive order instructing the Pentagon and Department of Homeland Security to prep Guantanamo Bay for use as a migrant detention facility for "the worst criminal illegal aliens threatening the American people."
NEW YORK - Senior Justice Department officials have held discussions with federal prosecutors in Manhattan about the possibility of dropping corruption charges against New York City Mayor Eric Adams, a source familiar with the discussions confirmed to CBS News.
A South Florida tree trimmer has died after getting caught in a wood chipper, according to officials.
Washington — President Trump on Wednesday signed the Laken Riley Act, which aims to expand the federal government's mandate to detain immigrants who are in the country illegally, marking the first legislation signed in Mr. Trump's new term.
A West Virginia pharmacist already serving a federal prison sentence in a fraud case was convicted Wednesday in state court for killing her husband.
Part of President Trump's crackdown on immigration includes lifting restrictions on where federal agents can conduct immigration enforcement, sparking some backlash and uncertainty amid a surge in raids across the country.
The Federal Reserve said Wednesday that it will leave its benchmark rate unchanged, hitting the brakes on lowering borrowing costs for individuals and businesses after a flurry of rate cuts starting last fall.