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What a Reserve rate cut means for your finances

NEW YORK — The Federal Reserve cut its benchmark interest rate by a quarter point Wednesday for the second time since September. Before that, it had gone nine months without a cut. The federal funds rate is the rate at which banks borrow and lend to one another. While the rates consumers pay to borrow money aren’t directly linked to this rate, shifts affect what you pay for credit cards, auto loans, mortgages, and other financial products. “While the full economic impact of such a move will unfold over time, early indicators suggest that even modest rate cuts can have ...

Amazon carries Wall Street to another winning week

NEW YORK — Amazon led the U.S. stock market on Friday to the finish of another winning week and month. The S&P 500 rose 0.3% and pulled closer to its all-time high set on Tuesday. It closed out a third straight winning week and a sixth straight winning month, its longest monthly winning streak since 2021. The Dow Jones Industrial Average added 40 points, or 0.1%, and the Nasdaq composite gained 0.6%. Amazon led the way and jumped 9.6%. The retail giant was by far the strongest force lifting the market after reporting profit for the latest quarter that blew past analysts’ ...

Trump cuts China tariffs after meeting Xi in SKorea

ABOARD AIR FORCE ONE — President Donald Trump described his face-to-face with Chinese leader Xi Jinping on Thursday as a roaring success, saying he would cut tariffs on China, while Beijing had agreed to allow the export of rare earth elements and start buying American soybeans. The ...

Amazon reports higher sales in Q3

NEW YORK — Amazon posted higher fiscal third quarter profit and sales compared with a year ago, fueled by accelerating growth in its cloud computing business and strong spending by its customers looking for low prices at a time when inflation is resurging. The results, announced Thursday, beat Wall Street expectations. The company’s prominent cloud computing arm also surpassed analysts’ expectations, rising 20%. But Amazon issued a cautious sales outlook for the fiscal fourth quarter. Shares, however, soared nearly 13% in after-hours trading. Analysts are analyzing Amazon’s ...

Federal Reserve cuts its key rate for second time

WASHINGTON — The Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring, even as inflation stays elevated. But Fed Chair Jerome Powell also cautioned that further rate cuts weren’t guaranteed, citing the ...

Trump, Xi meeting to roll back trade tensions

President Donald Trump and Chinese leader Xi Jinping are meeting face-to-face today in South Korea. Tensions between the world’s two largest economies have soared since Trump returned to office for a second term, and hiked import tariffs. China has retaliated by limiting exports of rare earth minerals, and shunning U.S. soybeans. The markets have been nervous but ahead of the meeting, officials from both countries signaled that there could be a detente. But the countries remain on a potential collision course as they compete to dominate manufacturing, develop AI technologies, and ...