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Money & Markets

Democrats to ‘act big’ on $1.9T aid; GOP wants plan split

WASHINGTON — Democrats in Congress and the White House rejected a Republican pitch to split President Joe Biden’s $1.9 trillion COVID-19 rescue plan into smaller chunks on Thursday, with lawmakers appearing primed to muscle the sweeping economic and virus aid forward without GOP ...

Apple posts big quarter on fast sales start for iPhone 12

SAN RAMON, Calif. — Apple’s delayed launch of its latest iPhones unleashed a holiday buying frenzy that propelled sales of the trendsetting company’s most popular product to its fastest start in years. The apparently pent-up demand for four different iPhone 12 models highlighted ...

Democrats prep Biden’s virus aid package with or without GOP

WASHINGTON — Senate Democrats are preparing to push ahead quickly on President Joe Biden’s $1.9 trillion COVID-19 relief package even if it means using procedural tools to pass the legislation on their own, leaving Republicans behind. Senate Majority Leader Chuck Schumer told senators to ...

Smaller investors face down hedge funds, as GameStop soars

NEW YORK — A head-scratching David and Goliath story is playing out on Wall Street over the stock price of a money-losing video game retailer. An army of smaller-pocketed, optimistic investors is throwing dollars and buy orders at the stock of GameStop — in direct opposition to a group of ...

Biden’s choice on econ aid: Deal with GOP or go for it all

WASHINGTON — Joe Biden’s ambitious opening bid, his $1.9 trillion American Rescue economic package, will test the new president’s relationship with Congress and force a crucial choice between his policy vision and a desire for bipartisan unity. Biden became president this week with the ...

Judge says Amazon won’t have to restore Parler web service

Amazon won’t be forced to immediately restore web service to Parler after a federal judge ruled Thursday against a plea to reinstate the fast-growing social media app, which is favored by followers of former President Donald Trump. U.S. District Judge Barbara Rothstein in Seattle said she ...

United Airlines posts $1.9 billion loss in pandemic-laden 4Q

United Airlines said Wednesday that it finished one of the worst years in its history by losing $1.9 billion in the last three months of 2020, and it predicted more of the same in the first quarter of this year. The loss was wider than analysts expected. The number of U.S. airline passengers ...

UnitedHealth overcomes pandemic hit

UnitedHealth’s fourth-quarter earnings tumbled as costs from COVID-19 hit the health insurance provider, but results still easily beat expectations. Health care use rebounded in the final quarter of 2020 after the global pandemic kept people away from doctor offices and surgery centers ...

NRA fights for its future in Texas, New York courts

NEW YORK — The National Rifle Association is in a double-barreled legal battle for its future, moving forward with its bankruptcy case while fighting accusations it only sought Chapter 11 protection to avoid a potentially crippling lawsuit. Lawyers for the influential advocacy group told a ...

Yellen pushes GOP senators on $1.9 trillion relief package

WASHINGTON — Janet Yellen, President-elect Joe Biden’s choice as Treasury secretary, said Tuesday that the incoming administration would focus on winning quick passage of its $1.9 trillion pandemic relief plan, rejecting Republican arguments that the measure is too big given the size of ...

Yellen urges Congress to do more to fight pandemic recession

WASHINGTON — Treasury Secretary nominee Janet Yellen is calling on Congress to do more to fight a deep pandemic-induced recession, saying the threats of a longer and even worse downturn are too great to cut back on support now. “Without further action, we risk a longer, more painful ...

Biden’s test: Economic boom in a partisan divide

BALTIMORE — When Joe Biden entered the White House as vice president, the economy was cratering. Job losses were mounting. Stocks were crashing. Millions of Americans were in the early stages of losing their homes to foreclosure as the housing bubble burst. Biden returns to the White House ...

Biden’s aid plan could revamp economy, prompt GOP resistance

BALTIMORE — The $1.9 trillion rescue plan unveiled by President-elect Joe Biden offers the chance to sculpt the U.S. economy toward the Democrats’ liking: a $15 minimum wage, aid to poor families and federal dollars going to public schools. It’s an ambitious effort that would arrive ...

Biden unveils $1.9T plan to stem virus and steady economy

WILMINGTON, Del. — Saying the nation faces “a crisis of deep human suffering,” President-elect Joe Biden unveiled a $1.9 trillion coronavirus plan Thursday to turn the tide on the pandemic, speeding up vaccines and pumping out financial help to those struggling with the prolonged ...

US to block cotton from China region targeted in crackdown

WASHINGTON — The U.S. government announced Wednesday that it will halt imports of cotton and tomatoes from the Uighur region of China in its most sweeping action yet to pressure the Communist Party over its campaign against ethnic minorities. Officials said Customs and Border Protection ...

GM charges up new unit to sell electric delivery vans, gear

DETROIT — The market for battery-powered delivery vehicles and equipment has so much potential that General Motors is forming a new business unit to serve it, a move that lifted the automaker’s stock to a multiyear high. The first product for the new venture called BrightDrop will be an ...

New campaign, and logo, for GM in a bid to electrify image

DETROIT — General Motors is changing its corporate logo and launching an electric vehicle marketing campaign to reshape its image as clean vehicle company, rather than a builder of gas-powered pickups and SUVs. The 112-year-old Detroit automaker has promised to roll out 30 new ...

Boeing will pay $2.5 billion to settle charge over 737 Max

Boeing will pay $2.5 billion to settle a Justice Department investigation and admit that employees misled regulators about the safety of its 737 Max aircraft, which suffered two deadly crashes shortly after entering airline service. The government and the company said Thursday that the ...

Fed supported advance notice before changing bond purchases

WASHINGTON — Federal Reserve officials last month supported providing advance notice before the central bank makes changes to its $120 billion in monthly bond purchases. The minutes of those discussions released Wednesday show wide support for adding language to the Fed’s policy statement ...

Late sales rebound helps US automakers avoid 2020 disaster

DETROIT — Sales of new vehicles in the U.S. fell 14.6 percent last year, but a second-half rebound from a coronavirus-related plunge in the spring kindled optimism for a recovery later this year. Automakers on Tuesday reported selling 14.57 million new vehicles for the year, a far cry from ...