Business News Headlines

Wall St. closes down for January, Shake Shack rallies in debut

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NEW YORK - U.S. stocks closed down on Friday after a volatile session as investors worried at the end of a rough month for the market about weak U.S. growth data and whether instability in Europe could hurt corporate earnings in the United States. | Video

6:00pm EST

U.S. economy cools in fourth quarter, but consumer spending shines

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WASHINGTON - U.S. economic growth slowed sharply in the fourth quarter as weak business spending and a wider trade deficit offset the fastest pace of consumer spending since 2006.

12:37pm EST

Shake Shack IPO vaults shares into 'nosebleed' territory

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- Shares of Shake Shack Inc more than doubled on Friday, putting a nearly $2 billion price tag on the small cult hamburger chain, in a huge bet that its growth can match top performers in the crowded "fast-casual" dining space. | Video

4:59pm EST

Oil surges 8 percent as U.S. rig count plunges, shorts scramble

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NEW YORK - Oil prices roared back from six-year lows on Friday, rocketing more than 8 percent as a record weekly decline in U.S. oil drilling fueled a frenzy of short-covering.

4:28pm EST

AT&T top buyer at U.S. airwaves auction; Verizon, Dish spend big

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WASHINGTON/SAN FRANCISCO - AT&T Inc spent close to half the total in the record-setting U.S. sale of airwaves for mobile data, with Verizon Communications Inc and bidding partners of Dish Network Corp also spending heavily, results showed on Friday.

4:15pm EST

Fed's Fisher: stronger dollar good for U.S. jobs

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SAN FRANCISCO - Sharp gains in the U.S. dollar are good for the U.S. labor market, a top Federal Reserve official said on Friday, downplaying a crescendo of complaints from top executives over the dent to their profits.

2:08pm EST

Chevron's profit beats as chemical sales offset cheap oil

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WILLISTON, N.D. - Chevron Corp , the second-largest U.S. oil producer, reported a higher-than-expected quarterly profit on Friday as sales of chemicals, lubricants and other refined products helped offset plunging crude prices .

2:36pm EST

McDonald's franchisees to new CEO: back-to-basics, fast

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LOS ANGELES - McDonald's Corp franchisees have an urgent order for the fast-food giant's new CEO - get back-to-basics. In interviews, franchisees and advisors to restaurant owners say they hope the new chief will shrink its huge menu to concentrate on burgers and fries. 

11:40am EST

Mattel CEO feels 'sense of urgency' for new toys as Barbie ages

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- Mattel Inc needs to move with a "sense of urgency" to create toys that connect with young customers, its interim CEO said, as dolls based on Disney's blockbuster film "Frozen" stole the show from its Barbie dolls in the holiday quarter.

12:07pm EST

Exxon adds discrimination protections in U.S. for LGBT workers

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HOUSTON - Exxon Mobil Corp , the world's largest publicly traded oil company, has changed its U.S. employment policies to prohibit discrimination based on sexual orientation and gender identity as now required by federal law.

4:21pm EST
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Key retirements mean a changing of the guard next year in U.S. Congress

Regardless what voters decide in the November elections, there will be a major changing of the guard next year in the U.S. Congress as result of a number of key retirements.