Category Archives: CNN – Business

The Dow and S&P 500 hit record highs as Tesla stock electrifies

The Dow and S&P 500 hit record highs as Tesla stock electrifies

Wall Street is brushing off concerns about Facebook. The Dow and S&P 500 both hit record highs Monday — while Tesla shares soared to a new all-time peak above $1,000 and sending the company’s market share past the $1 trillion level. The Dow was up more than 75 points, or 0.2%, Monday afternoon and is…MORE

Extreme couponers were sent to prison in $31.8 million fraud scheme
FBI

Extreme couponers were sent to prison in $31.8 million fraud scheme

The FBI is revealing new details about a $31.8 million counterfeit coupon scheme that landed a Virginia Beach couple in prison for nearly 20 years, combined. In a press release last week, the agency said that investigators found fake coupons in “every crevice” of the house belonging to Lori Ann Talens and her husband, Pacifico…MORE

$24 billion in goods is floating outside California’s biggest ports
Qian Weizhong/VCG/Getty Images

$24 billion in goods is floating outside California’s biggest ports

Extreme port congestion has become a major nuisance that just won’t go away this year. Unfortunately, it could be one of the biggest problems of 2022, too. Backlogs and elevated shipping costs are likely to persist “at least” through the middle of next year, Goldman Sachs warned clients in a note Monday. “No immediate solution…MORE

Oil surpasses $85 for the first time in seven years
Apu Gomes/AFP/Getty Images

Oil surpasses $85 for the first time in seven years

The oil rally hit another milestone Monday, with crude topping $85 a barrel for the first time in seven years. US oil jumped another 1.2% to trade as high as $85.07 a barrel. It’s the first intraday trade above $85 since October 2014. The rebound has intensified in recent weeks as a global energy crunch…MORE

Hertz is buying 100,000 Teslas
Hertz

Hertz is buying 100,000 Teslas

Hertz is betting big on electric vehicles. It’s buying 100,000 Teslas, the largest-ever order by a single buyer. The purchase also represents the biggest move into EVs by a rental car company, by far. “Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest,” said Mark Fields, the…MORE

Will companies still pay for Biden’s big spending plan?
Anna Moneymaker/Getty Images

Will companies still pay for Biden’s big spending plan?

As Wall Street watches the debate over President Joe Biden’s flagship infrastructure, climate and social spending plans in Washington, it has one major question: Will corporations pay more in tax to fund the programs? This week, investors could get an answer, as Democrats race to finalize a package and get it over to Biden before…MORE

Facebook knew it was being used to incite violence in Ethiopia. It did little to stop the spread, documents show
Minasse Wondimu Hailu/Anadolu Agency/Getty Images

Facebook knew it was being used to incite violence in Ethiopia. It did little to stop the spread, documents show

Facebook employees repeatedly sounded the alarm on the company’s failure to curb the spread of posts inciting violence in “at risk” countries like Ethiopia, where a civil war has raged for the past year, internal documents seen by CNN show. The social media giant ranks Ethiopia in its highest priority tier for countries at risk…MORE

PayPal says it’s not looking to buy Pinterest
Gabby Jones/Bloomberg/Getty Images

PayPal says it’s not looking to buy Pinterest

PayPal is not looking to buy Pinterest, the digital payments company said Sunday, following reports that it was exploring yet another big-ticket acquisition. In a succinct statement made “in response to market rumors,” PayPal said it’s “not pursuing an acquisition of Pinterest at this time.” Shares in PayPal gained 6.7% in premarket trade on Monday,…MORE

Evergrande wants to build electric cars, not homes
Gilles Sabrie/Bloomberg/Getty Images

Evergrande wants to build electric cars, not homes

Evergrande is starting to pay off its overdue debts and restart stalled real estate projects. Now the embattled Chinese developer is reportedly signaling that it wants to move away from housing and focus on cars. Chairman Xu Jiayin, also known as Hui Ka Yan in Cantonese, said Friday that the firm wants to make electric…MORE

Shiba inu coin, a meme cryptocurrency, hits all-time high
salarko/Alamy

Shiba inu coin, a meme cryptocurrency, hits all-time high

The parody cryptocurrency shiba inu coin just climbed to an all-time high and is one of the biggest digital currencies by market value. Shiba coin — which appears to be inspired by dogecoin, itself a meme currency — is up more than 40% over the last seven days, according to CoinGecko. The website ranks the…MORE