Economy
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Cannabis company offers jobs to laid-off Burger King employees in Michigan
A cannabis business operating in Michigan said it would hire laid-off Burger King employees to roll marijuana joints for $16 an hour, although the job picture remains mixed in the cannabis sector depending on the state. As Shryne Group Inc.’s Stiiizy cannabis business expands in Michigan, the company has offered to hire hundreds of Burger…
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Dow ends up more than 500 points, U.S. stocks snap 4-day losing streak after jobs report, Apple earnings
U.S. stocks closed sharply higher Friday, with all three major benchmarks snapping four straight days of losses, after strong jobs data for April, Apple Inc.’s better-than-forecast earnings report and a rebound in shares of regional banks. How stocks traded For the week, the Dow fell 1.2%, the S&P 500 declined 0.8% and the Nasdaq edged…
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U.S. bank deposits edge down in latest week while lending rises
The numbers: Deposits at commercial U.S. banks declined in the week ending April 26, according to a report from the Federal Reserve on Friday. Deposits fell to $17.17 trillion from $17.18 trillion in the prior week, the Fed said. At the same time, lending at commercial banks rose to $12.14 trillion from $12.1 trillion in…
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Stocks are trying to break out of a trading range but resistance is too strong
The stock market, as measured by the S&P 500 Index SPX, -0.72%, has failed to overcome resistance at 4200. That is bearish, and SPX has backed off sharply since the most recent attempt to challenge 4200 occurred late last week. That attempt was spurred by positive earnings from Meta Platforms META, -1.48% and others. Now…
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Silver hit a 1-year high. Here’s why it can keep climbing.
[]Gold isn’t the only precious metal benefitting from economic uncertainty and the crisis in the banking sector. Silver prices last month climbed to their highest in a year, with room to move higher as the global market for the metal this year looks to post its second largest supply deficit in 20 years. []“Demand for…
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10-year-olds were found working at a Kentucky McDonald’s without pay —sometimes until 2 a.m., Labor Department reports
Two 10-year-olds were found working at a McDonald’s in Louisville, Ky., the U.S. Department of Labor reports, sometimes until 2 a.m. Not only is this illegal, but the kids also weren’t being paid. They were among 305 children that a Labor Department investigation found working illegally at three McDonald’s MCD, -0.20% franchises, which run 62…
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‘Deposits are going to keep drifting out,’ says DoubleLine’s Gundlach, warning of echoes of S&L crisis at banks
“I’m really turning more bearish,” Jeffrey Gundlach, CEO of DoubleLine, told CNBC on Wednesday, after the Federal Reserve raised rates by another 25 basis points to the highest level since 2007. “It just seems to me that deposits are going to keep drifting out,” Gundlach told the business network. “I don’t think this is the…
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‘Generous but expensive’: The costs of helping banks alleviate deposit stress don’t come cheap
The costs of powerful backstops for banks are in the spotlight after First Republic Bank’s failure and sale to JPMorgan Chase pushed the tally of recent assets seized by regulators from three banks above the 2008 crisis peak. The Federal Reserve created a new Bank Term Funding Program in early March, with the aim of…
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Why stock-market bulls can’t celebrate as Fed hints at pause in rate hikes
Stock-market traders were in no mood for subtlety Wednesday. The Federal Reserve and its leader, Chair Jerome Powell, left the door open to a halt in rate increases after delivering, as expected, a 10th straight hike that lifted the fed-funds rate to a range of 5% to 5.25%, its highest since 2007. To be sure,…
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Unity Software to lay off another 600 workers
Unity Software Inc. will cut about 600 jobs in its third and largest round of layoffs over the past year. A filing with the Securities and Exchange Commission on Tuesday said San Francisco-based Unity will trim about 8% of its workforce, and expects to incur about $26 million in charges associated with the restructuring, including…