Frustrated Americans await the economic changes they voted for with Trump
WASHINGTON (AP) -- Fed up with high prices and unimpressed with an economy that by just about any measure is a healthy one, Americans demanded change when they voted for president. They could get it. President-elect Donald Trump has vowed to topple many of the Biden administration's policies. Trump campaigned on promises to impose huge tariffs on foreign goods, slash taxes on individuals and businesses and deport millions of undocumented immigrants working in the United States. With their votes, tens of millions of Americans expressed confidence that Trump can restore the low prices and economic stability they recall from his first term -- at least until the COVID-19 recession of 2020 paralyzed the economy and then a powerful recovery sent inflation soaring.
Stock market today: Wall Street cruises to more records as it closes its best week in a year
NEW YORK (AP) -- U.S. stocks cruised to more records as they closed their best week in a year. The S&P 500 rose 0.4% Friday to cap its biggest weekly gain since early November 2023. It also briefly crossed above the 6,000 level for the first time. The Dow Jones Industrial Average climbed 0.6%, while the Nasdaq composite added 0.1%. The relatively quiet trading followed huge gains earlier in the week after Donald Trump won the presidential election and the Federal Reserve cut interest rates again to make things easier for the economy. Long-term Treasury yields eased in the bond market.
Trump's win brings uncertainty to borrowers hoping for student loan forgiveness
President-elect Donald Trump has not said what he would do on student loan forgiveness, leaving millions of borrowers facing uncertainty over what will happen with their payments once President Joe Biden leaves office. Biden promised the student loan cancellation program during his run for the presidency and Trump has criticized his efforts. From its launch, Biden's loan forgiveness faced relentless pushback from Republican opponents. They say it heaps advantage on elites and comes at the expense of those who repaid their loans or did not attend college. Borrowers around the country are worried, student loan experts say.
Newly inaugurated Indonesian President Subianto visits China in first overseas trip
BEIJING (AP) -- Indonesian President Prabowo Subianto has pledged to maintain close ties with China during a meeting with Chinese leader Xi Jinping in Beijing, his first overseas stop since he took office three weeks ago. Subianto is seeking to strengthen relations with China, Indonesia's largest trading partner. Saturday's visit to Beijing is Subianto's second this year, following a visit in April as president-elect after winning the Indonesian presidential election in February. Subianto is scheduled to visit four other nations, including the U.S. and the U.K., suggesting that Indonesia will continue its longstanding stance of neutrality between Beijing and Washington.
Federal Reserve cuts its key interest rate by a quarter-point amid postelection uncertainty
WASHINGTON (AP) -- The Federal Reserve cut its key rate by a quarter-point in response to the steady decline in the once-high inflation that had angered Americans and helped drive Donald Trump's presidential election victory this week. The rate cut follows a larger half-point reduction in September, and it reflects the Fed's renewed focus on supporting the job market as well as fighting inflation, which now barely exceeds the central bank's 2% target. Annual inflation has since fallen from a 9.1% peak in 2022 to a 3 1/2-year low of 2.4%. Asked how Trump's election might affect the Fed's policymaking, Chair Jerome Powell said that "in the near term, the election will have no effects on our [interest rate] decisions."
US agency says Tesla's public statements imply that its vehicles can drive themselves. They can't
DETROIT (AP) -- The U.S. government's highway safety agency says Tesla is telling drivers in public statements that its vehicles can drive themselves. That conflicts with owners manuals that say the vehicles need human supervision. The National Highway Traffic Safety Administration is asking the company to make sure its messages are consistent with instructions to drivers. The request came in a May email to the company. It was attached to a letter seeking information on a probe into crashes involving Tesla's "Full Self-Driving" system in low-visibility conditions. The letter was posted Friday on the agency's website. A message was left seeking comment from Tesla.
Restaurants, other services still in grip of high inflation even as overall rate slows
NEW YORK (AP) -- While prices for most goods have been falling throughout the year, inflation for a wide range of services remains high. That's straining consumers eating out, servicing their cars and paying for various kinds of insurance. Prices for services rose 3.7% in September from a year ago, according to the personal consumption expenditures price index.
My 8 Biggest Financial Mistakes
As a person who writes about investing for a living, it's helpful (if humbling) to take a hard look at my own decisions from time to time. I'm fortunate to be surrounded by some of the industry's best thinkers on investing and personal finance issues. And whenever I learn something new, I usually try to implement it if it makes sense for my own situation. That said, I don't have a perfect record when it comes to financial decisions. In the spirit of continuous learning and improvement, I present some of my personal shortcomings.
Arizona regulators fine natural gas utility $2 million over defective piping
PHOENIX (AP) -- A natural gas utility that serves more than 2 million customers in Arizona, Nevada and parts of California is being fined $2 million by regulators in Arizona. The Arizona Corporation Commission on Friday announced it reached a consent agreement with Southwest Gas that includes the civil penalty and requires more inspections. At issue is a kind of piping that can degrade in hot areas. Arizona investigators have concluded that Southwest Gas failed to properly map where such piping was installed. Southwest Gas estimates there are more than 10,000 miles of it throughout Arizona. The utility says it has a plan to target high-risk areas for replacement or abandonment.
Elwood Edwards, the man behind the voice of AOL's 'You've got mail' greeting, dies at 74
The man who voiced America Online's famous "You've got mail" greeting has died at age 74. Elwood Edwards died Tuesday at his home in New Bern, North Carolina. His daughter says the cause was complications from a stroke. Edwards taped his AOL greeting in 1989 while sitting in the living room of his home. "You've got mail" became a pop culture catchphrase in the late 1990s and served as the title of the 1998 film starring Tom Hanks and Meg Ryan. Edwards was also the voice of AOL's "Welcome," "Goodbye" and "File's Done" messages. He was paid $200 for the recordings.