Retail traders scored against Wall Street professionals as GameStop shares surged and hedge funds retreated with heavy losses on short positions in the company.
Business & Financial News, U.S & International Breaking News
Fed remains in crisis-fighting mode as recovery appears to moderate
The Federal Reserve on Wednesday left its key overnight interest rate near zero and made no change to its monthly bond purchases, pledging again to keep those economic pillars in place until there is a full rebound from the pandemic-triggered recession.
Stocks slump to worst day in three months in wake of Fed statement
U.S. stocks suffered their biggest one-day percentage drop in three months on Wednesday, adding to losses after the latest Fed statement as major indexes were also pressured by a slump in Boeing and a selling of long positions by hedge funds.
Explainer: Why Trump's post-presidency perks, like a pension and office, are safe for the rest of his life
The impeachment proceeding against Donald Trump on a charge of inciting the Jan. 6 attack on the U.S. Capitol has fueled speculation online that he could lose some of the benefits extended to former presidents.
Fiat Chrysler to plead guilty, pay $30 million to resolve U.S. criminal labor probe
Fiat Chrysler said on Wednesday it will plead guilty to charges it conspired with company executives to make illegal, lavish gifts to United Auto Workers (UAW) leaders and undermined workers' confidence in collective bargaining.
U.S. faces higher risk of domestic extremist violence after Capitol assault, says gov't
The United States could face a heightened threat of domestic extremist violence for weeks from people angry at Donald Trump's election defeat and inspired by the deadly storming of the U.S. Capitol, the Department of Homeland Security warned on Wednesday.
U.S. private prison revenue under pressure from new Biden rules
CoreCivic and the GEO Group, two of the largest U.S. private prison companies, could lose as much as a quarter of their revenue, about $1 billion a year between them, under new limits on the sector from President Joe Biden.
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