Stocks slide as Federal Reserve signals sharper interest rate hikes
CBSN
Stocks are slumping after Federal Reserve officials signaled their willingness to aggressively hike interest rates to fight inflation.
The S&P 500 fell 75 points, or 1.7%, to 4,319 in morning trade, the Dow Jones Industrial Average dropped 1.7% and the tech-heavy Nasdaq Composite sank 1.4%. Shares lost ground before the start of trade after Federal Reserve Chair Jerome Powell indicated aggressive increases in interest rates were needed to fight inflation.
In a panel discussion held Thursday by the International Monetary Fund, Powell said the Fed must move faster than it has previously to tackle high inflation, which suggests sharp interest rate increases are likely in coming months.
A village in Sardinia, Italy, called Ollolai, is dangling an offer it says is for politics-weary Americans in search of a reprieve: houses for next to nothing.
President-elect Donald Trump has vowed to start the largest deportation effort in American history — his signature 2024 campaign promise — as soon as he takes office, signaling this week that he would enlist the help of the U.S. military for the massive operation to deport undocumented immigrants.
Washington — The House Ethics committee, meeting to consider the release of a report on its investigation into former Rep. Matt Gaetz, did not reach an agreement on Wednesday afternoon, the committee chairman said.
McDonald's customers may have to go elsewhere for now if they have a yen for frothy caffeinated drinks.
President-elect Donald Trump is expected to name Russ Vought to lead the Office of Management and budget, according to two sources close to the transition.
Washington — Former Republican Rep. Matt Gaetz is meeting with senators on Capitol Hill on Wednesday as he seeks to shore up support for his nomination for attorney general amid calls for the House Ethics Committee to release a report on allegations he engaged in sexual misconduct and illicit drug use.
Thanksgiving dinner ingredients will cost more this year compared with last, even as food inflation cools. Fortunately, there's one simple way to save money without skimping on staple dishes for the food-driven holiday: store brands.
A judge has convicted the man on trial for the killing of Laken Riley, a nursing student in Georgia whose death in February shook the college town where she studied, as well as the country.
No one wants to file for bankruptcy, but if you're heading in that direction, delaying the inevitable may only make things worse.
A 92-year-old man has been charged in the U.K. with the murder and rape of a woman almost six decades ago, British police said Wednesday.
Target is heading into the holiday season with a gloomy outlook, with the retailer reporting its sales and profit fell short of analysts' expectations and lowering its earnings forecast for the current quarter. Its shares tumbled almost 20% in pre-market trading.