Money

Fear grips Wall Street: Dow tumbles again

(CNN BUSINESS) This week's wild see-saw ride for stocks looks like it will end on a down note. The Dow is tumbling once again as Wall Street returns to coronavirus fear-mode. Stocks opened sharply lower on Friday but were off…

Fiscal crunch won't be immediate, budget scorekeeper says

The threat of rising federal deficits has a silver lining: low interest rates. Those low rates, which make Treasury debt less costly, mean Congress has more time to address the nation's fiscal challenges, the head of the Congressional Budget Office told lawmakers Wednesday. "When interest rates are low, as they are today, the cost of not acting is pretty modest," CBO Director Phillip Swagel ...

Fed leaves main rate unchanged, saying policy is appropriate

WASHINGTON - The Federal Reserve kept its key interest rate unchanged, as expected, on Wednesday and continued to signal policy would stay on hold for the time being as the U.S. enters a presidential election year. The target range of the federal funds rate of 1.5% to 1.75% is "appropriate to support sustained expansion of economic activity," the Federal Open Market Committee said, repeating ...

Sears' estate and new owner settle dispute over bankruptcy sale for $18 million

The estate of bankrupt Sears Holdings has agreed to settle a lawsuit over the $5.2 billion sale of its Sears and Kmart chains to former chairman and CEO Edward Lampert for about $18.3 million. Lampert and his hedge fund formed a new company, Transform Holdco, to buy most of Sears' remaining assets, including 425 stores, last year. Disputes between Sears and Transform over certain terms of the ...

One-hit wonder? Tax-cut bonus bump is long gone and wage growth has slowed, too

Remember the tax-cut bonuses? Two years ago, after President Donald Trump and the Republican Congress approved a new tax law, hundreds of companies said they would share the bounty with workers. AT&T, American Airlines, Comerica and Southwest Airlines were among the companies doling out $1,000 bonuses. Other major employers, including Walmart and Bank of America, joined in. In all, over $4 ...

Using marijuana is legal in Illinois — but it can still get you fired

CHICAGO - Now that recreational pot is legal in Illinois, marijuana enthusiasts may feel like it's finally time to emerge from hiding. But people with jobs - or looking for them - might want to stay in the shadows for now as companies figure out how to handle employees who partake. In Illinois, employers are allowed to fire workers who bring cannabis to the office, show up impaired or fail ...