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Money & Markets

A meager gain in US jobs last month highlights virus’ damage

WASHINGTON — America’s employers barely added jobs last month, underscoring the viral pandemic’s ongoing grip on the economy and likely adding momentum to the Biden administration’s push for a bold rescue aid package. The increase of just 49,000 positions in January made scarcely ...

McKinsey agrees to pay nearly $600M over opioid crisis

The global consulting firm McKinsey & Company agreed to pay nearly $600 million for its role in advising businesses on how to sell more prescription opioid painkillers amid a nationwide overdose crisis. “We deeply regret that we did not adequately acknowledge the tragic consequences of ...

More GameStops possible as small investors flex muscles

LOS ANGELES — GameStop and a handful of other stocks whose meteoric rise last month shocked Wall Street began falling back to Earth this week. But the campaign that briefly pushed GameStop up by 1,600 percent at the expense of hedge funds that were betting it would lose value, known as ...

Biden flexible on who gets aid, tells lawmakers to ‘go big’

WASHINGTON — President Joe Biden encouraged Democratic lawmakers Wednesday to “act fast” on his $1.9 trillion COVID rescue plan but also signaled he’s open to changes, including limiting the proposed $1,400 direct payments to Americans with lower income levels, which could draw ...

GameStop’s stock rise doesn’t hide its reality

NEW YORK — Behind GameStop’s stock surge is the grim reality of its prospects: The video game retailer is floundering even as the industry around it is booming. GameStop has been swept up in a battle between big-moneyed hedge funds betting against it and small investors trying to prop it ...

Jeff Bezos, Amazon’s founder, will step down as CEO

NEW YORK — Jeff Bezos, who founded Amazon as an online bookstore and built it into a shopping and entertainment behemoth, will step down later this year as CEO, a role he’s had for nearly 30 years, to become executive chairman, the company announced Tuesday. Bezos, 57, will be replaced in ...