Dow industrials drop 1,000 points as selling spreads
Stocks plunged again, sending the Dow industrials down 1,000 points, as investors continued to get out of the market.
The Dow and the S&P 500 are now 10 percent below their record highs from just two weeks ago, entering what’s considered a “correction” on Wall Street.
The market’s former leaders, including technology companies, took some of the worst losses.
How market’s turmoil may affect Fed’s rate decisions
Wall Street has thrown a rather sour welcoming party for Jerome Powell.
On Monday, Powell’s very first day as Federal Reserve chairman, the Dow Jones industrial average endured its worst percentage drop since 2011.
The selling has raged on in the days since, fueled partly by fear that higher inflation would lead the Fed to accelerate its interest rates hikes and weaken the economy and the stock market.
All of which has left investors wondering what the Powell Fed might do now.
Amazon to roll out delivery at Whole Foods
Amazon delivery is coming to Whole Foods.
The online retailing giant plans to roll out two-hour delivery at the organic grocer to those who pay for Amazon’s $99-a-year Prime membership.
The move is the latest way Amazon is putting its stamp on its recent purchase of Whole Foods.
Trump picks California lawyer to head IRS
President Donald Trump’s pick to lead the IRS is Charles Rettig, a tax lawyer from Beverly Hills, California.
If the Senate confirms him as head of the government’s tax collection agency, Rettig would administer the tax code overhaul that Trump signed into law last year.
Rettig has also defended Trump’s decision to break with tradition and not release his own tax filings during the 2016 presidential campaign.
Airline passenger bumping falls to lowest rate ever
After viral video of passenger being dragged from a plane, airlines cut ‘bumping’ of customers to the lowest rate ever.
Figures don’t include passengers who voluntarily give up their seats in exchange for travel vouchers or other compensation. Meanwhile, United posts the best on-time mark in latest government rankings.
Knock knock. Who’s there? Taco Bell, the Colonel
Yum Brands, the owner of Taco Bell and KFC, is teaming up with Grubhub to expand its delivery business as restaurant chains have been under pressure to offer more options and convenience.
The fast-food company said Thursday that Grubhub will provide delivery people and the technology to run the delivery and online ordering service for Taco Bell and KFC in the United States.
Customers will be able to order through the KFC, Taco Bell or Grubhub apps and websites.
Investors back Greek bond issue as bailout end nears
Investors bought strongly Thursday into a bond issue designed to help wean Greece off its international bailouts, in what officials see as an endorsement of efforts to right the country’s battered economy.
Officials said Greece raised about $3.7 billion from the new seven-year bond, which has a yield of roughly 3.5 percent. Offers exceeded $8.6 billion, with up to 6 billion euros being bid in the first hour of the auction.