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Wall Street hits record highs; tax plan hopes fuel optimism

NEW YORK U.S. stocks hit record closing highs on Friday and the S&P 500 posted a sixth week of gains after the U.S. Senate passed a budget resolution, lifting hopes that President Donald Trump's tax-cut plan may move forward. | Video

Recent Business News

Snap lays off 18 employees in recruiting division

SAN FRANCISCO Social media company Snap Inc said on Friday it had laid off 18 people in its recruiting division, an unusual move for a young company with ambitious growth plans and a likely reflection of tough competition from Facebook Inc .

5:26pm EDT

Tesla raises borrowing capacity for car leases to $1.1 billion

Tesla Inc said on Friday it has increased its borrowing capacity for a car lease program to $1.1 billion from $600 million.

7:36pm EDT

GE vows $20 billion asset sales, 'sweeping change' as profit falls

NEW YORK General Electric Co's new chief executive vowed on Friday to shed more than $20 billion worth of assets and hold executives accountable for failing to deliver profits after what he called "horrible" results in the third quarter. | Video

6:28pm EDT

Consumer Reports says Tesla misunderstands 'positive' Model 3 rating

DETROIT Consumer Reports said on Friday that Tesla Inc had apparently misunderstood the "average" reliability rating the magazine assigned to the electric carmaker's Model 3 sedan this week, calling it generally "positive" for an all-new vehicle.

3:26pm EDT

U.S. existing home sales unexpectedly rebound in September

WASHINGTON U.S. home resales unexpectedly increased in September as the effects of Hurricanes Harvey and Irma began to dissipate, but a persistent dearth of properties for sale continued to weigh on overall activity.

10:05am EDT

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