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The stock market kicked off the week with steep losses Monday after President Trump declined Sunday to rule out the U.S. economy slowing into recession. The Dow Jones Industrial Average closed with a loss of 890 points Monday, falling 2.1 percent. The Nasdaq composite closed with a loss of 4 percent, and the S&P 500 index closed down 2.7 percent. Stocks have fallen steadily since the start of March in response to a string of underwhelming economic data and whipsaw tariff announcements from the Trump administration. But the selloff intensified Monday after Trump demurred on his outlook for the U.S....

The U.S. added 256,000 jobs and the unemployment rate ticked down to 4.1 percent in December, according to data released Friday by the Labor Department. The December jobs report showed the U.S. economy blowing past expectations to end the year. Economists projected the U.S. to gain 155,000 jobs and hold the jobless rate at 4.2 percent, according to consensus estimates. The new jobs data caps off another year of sturdy job gains since the outbreak of the COVID-19 pandemic in 2020. Under President Biden, the labor market powered through an inflation surge and high Federal Reserve interest rates meant to...

Consumer prices rose slightly in September as the Federal Reserve prepared to cut interest rates and ease off the brakes of the U.S. economy. The consumer price index, a closely watched gauge of inflation, rose 0.2 percent in September and 2.4 percent over the previous 12 months, the Bureau of Labor Statistics announced Thursday. The annual inflation rate was the lowest since February 2021. Economists expected prices to rise 0.1 percent in September and 2.3 percent annually, according to consensus estimates, down from 2.5 percent in August. The new inflation data comes less than a month before the election, in...

President Biden is confident in the U.S. economy’s ability to avoid a recession despite a rough week. We’ll also look at another stock market slide, rising mortgage rates and pushback to the White House from the oil industry. But first, a hush money probe in the WWE. President Biden is confident in the U.S. economy’s ability to avoid a recession despite a rough week. We’ll also look at another stock market slide, rising mortgage rates and pushback to the White House from the oil industry. But first, a hush money probe in the WWE. Welcome to On The Money, your...

President Biden’s pick to lead a top bank regulator withdrew her nomination Tuesday after blistering attacks from Republicans and concerns among moderate Democrats. Saule Omarova, who Biden nominated to lead the Office of the Comptroller of the Currency (OCC), pulled herself from consideration in a letter Biden released Tuesday, calling her nomination “untenable.” “As a strong advocate for consumers and a staunch defender of the safety and soundness of our financial system, Saule would have brought invaluable insight and perspective to our important work on behalf of the American people,” Biden said in a statement.

Goldman Sachs CEO David Solomon said Thursday that the powerful investment bank will only finance initial public offerings (IPOs) for companies that have at least one nonwhite male board member. Solomon said during a Thursday interview with CNBC that as of July 1 in the U.S. and Europe, Goldman “is not going to take a company public unless there is at least one diverse board candidate, with a focus on women.” “Diversity on boards is a very very important issue, and we've been very very focused on it and so we're trying to find ways to encourage that,” Solomon told...