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Fed confident about U.S. growth, opens door wider to rate hike

WASHINGTON - The Federal Reserve on Wednesday offered a strong signal that it was on track to raise interest rates sometime next year, altering a pledge to keep them near zero for a "considerable time" in a show of confidence in the U.S. economy.

Recent Business News

General Mills profit beats estimates due to cost cuts

- General Mills Inc affirmed its full-year forecast and reported a higher-than-expected quarterly profit on Wednesday, and the maker of Cheerios cereal and Betty Crocker cake mixes said it would increase sales through new products.

11:37am EST

PepsiCo earnings may be pressured by currency fluctuations

- PepsiCo Inc earnings could come under pressure in the fourth quarter due to currency fluctuations, investors said, as the company's biggest foreign markets - Russia, Mexico and Canada - have all taken hits to their currencies in recent months.

11:17am EST

Airbus reshuffle prepares planemaker for record jet output

PARIS - A management reshuffle at Airbus this week marks another step towards focusing Europe's biggest aerospace company on industrial performance rather than the political interests of key shareholders France and Germany, industry sources said.

2:12pm EST

U.S. consumer prices fall on gasoline; rate hike likely in 2015

WASHINGTON - U.S. consumer prices recorded their biggest drop in nearly six years in November as gasoline prices tumbled, but did little to change views the Federal Reserve would start raising interest rates in mid-2015.

4:39pm EST

Oil surges in about-face as some bet sub-$60 Brent won't last

NEW YORK - World oil prices jumped as much as 6 percent on Wednesday before closing off their peaks as weeks of nearly non-stop selling abruptly halted, and traders said failure to break below key chart support levels meant a long rout may be running out.

3:40pm EST

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