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MONEY NEWS FROM THE ASSOCIATED PRESS

Money

  • Money

    An accounting for meteorological violence among insurers

    NEW YORK (AP) — Allstate expects insurance losses of about $593 million in August after Hurricane Harvey left a path of destruction along the Gulf Coast. The initial accounting Thursday follows warnings from other insurers that are tallying the damages from a hurricane season that is nowhere near being over. Allstate’s monthly losses, which likely […]
  • Money

    Fed agency urging corporate cybersecurity upgrades is hacked

    The federal agency responsible for ensuring that markets function as they should and for protecting investors was hacked last year and the intruders may have used the nonpublic information they obtained to profit illegally. The disclosure arrived two months after a government watchdog said deficiencies in the computer systems of the Securities and Exchange Commission […]
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    Claims for US jobless aid fall as hurricane impact recedes

    WASHINGTON (AP) — The number of Americans seeking unemployment benefits dropped by 23,000 last week to 259,000 as the economic impact of Hurricane Harvey began to fade. THE NUMBERS: The Labor Department said Thursday that the less-volatile four-week average rose by 6,000 to 268,750. Overall, nearly 2 million Americans are collecting jobless aid, down almost […]
  • Lifestyle

    Business Highlights

    ___ Fed announces a start to modestly reducing its bond holdings WASHINGTON (AP) — The Federal Reserve is announcing that it will begin shrinking the enormous portfolio of bonds it amassed after the 2008 financial crisis to try to sustain a frail economy. The move reflects a strengthened economy and could mean higher rates on […]
  • Money

    How major US stock market indexes fared Wednesday

    The major U.S. stock indexes closed mostly higher Wednesday, led by gains among banks as bond yields rose. The modest gains came after investors weighed the latest policy update from the Federal Reserve, which said it would begin reducing its huge bond portfolio next month. The central bank also said it was still on track […]
  • Money

    UPS will hire about 95,000 extra workers for holiday season

    UPS is gearing up for holiday deliveries. United Parcel Service Co. said Wednesday that it plans to hire about 95,000 workers to handle the surge in packages from late November through January. That’s about the same number as the last two years. Rival FedEx Corp. said earlier this week that it would hire about 50,000 […]
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    General Mills and FedEx rise while Bed Bath & Beyond dips

    NEW YORK (AP) — Stocks that moved substantially or traded heavily Wednesday: General Mills Inc., down $3.21 to $52.17 The packaged food company’s earnings and revenue disappointed investors as cereal sales dropped. Bed Bath & Beyond Inc., down $4.29 to $22.74 The home goods retailer’s second-quarter profit and sales fell short of Wall Street estimates. […]
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    GOP report accuses watchdog of going easy on Wells Fargo

    NEW YORK (AP) — The Consumer Financial Protection Bureau could have fined Wells Fargo in excess of $10 billion for its illegal sales practices but instead settled for $100 million, according to the agency’s internal documents released by Congressional Republicans this week. The CFPB also had evidence that the bank’s sales problems went back to […]
  • Money

    Text of the Fed’s statement after its meeting Wednesday

    WASHINGTON (AP) — Below is the statement the Fed released Wednesday after its policy meeting ended: Information received since the Federal Open Market Committee met in July indicates that the labor market has continued to strengthen and that economic activity has been rising moderately so far this year. Job gains have remained solid in recent […]
  • Money

    Fed announces a start to modestly reducing its bond holdings

    WASHINGTON (AP) — The Federal Reserve will begin shrinking the enormous portfolio of bonds that it amassed after the 2008 financial crisis to try to sustain a frail economy. The move reflects a strengthened economy and could mean higher rates on mortgages and other loans over time. The Fed announced Wednesday that it will let […]