WASHINGTON (AP) — Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows and consumers grow more cautious. Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September. The year-over-year increase, a slowdown from 8.2% in September, was the smallest rise since January. A measure called core inflation, which excludes volatile food and energy, rose 6.3% in the past 12 months and 0.3% from September. The numbers were all lower than economists had expected, and they raised the possibility that the Federal Reserve could decide to slow its interest rate hikes.
Wall Street surges, Dow up 1,200 points on cooling inflation
NEW YORK (AP) — Wall Street soared to its best day in more than two years after a report showed U.S. inflation eased last month. The S&P 500 surged 5.5% Thursday, and the Nasdaq packed a year’s worth of gains into one day by roaring 7.4% higher as investors took the data as a sign that the worst of high inflation may have finally passed. Even bitcoin rose on hopes a slowdown in inflation could mean the Federal Reserve won’t have to be so aggressive about raising rates. Such hikes have been the main reason for Wall Street’s troubles this year and are threatening a recession.
AP source: US authorities investigate crypto exchange FTX
NEW YORK (AP) — The swift collapse of crypto exchange FTX sent more shockwaves through the cryptocurrency world on Thursday, with authorities now investigating the firm for potential securities violations and analysts bracing for a further downturn in crypto prices. A person familiar with matter said that the Department of Justice and the Securities and Exchange Commission are examining FTX to determine whether any criminal activity or securities offenses were committed. Meanwhile, cryptocurrency prices rose after days of selling after a report showing that inflation cooled off a bit last month gave a boost to riskier assets.
Trump Org. executive says he helped colleagues dodge taxes
NEW YORK (AP) — One of Donald Trump’s top moneymen has admitted to breaking the law to help fellow Trump Organization executives avoid taxes on company-paid apartments and other perks. Senior Vice President and Controller Jeffrey McConney gave his testimony at the company’s criminal tax fraud trial on Thursday. He admitted to preparing misleading tax returns and failing to report the benefits to tax authorities. McConney is in his third day on the witness stand. He said that a few years before Trump became president, the company’s accountant raised concerns about the way it paid out holiday bonuses — a topic that has consumed hours of trial testimony. McConney was granted immunity to testify as a prosecution witness.
Slightly more Americans apply for jobless benefits last week
WASHINGTON (AP) — The number of Americans applying for jobless benefits rose slightly last week, but the labor market remains healthy despite recent job cuts that have begun to spread across sectors most affected by soaring interest rates, such as housing and technology. Unemployment claims for the week ending Nov. 5 rose by 7,000 to 225,000 from 218,000 the previous week, the Labor Department reported Thursday. The four-week moving average declined by 250 to 218,750. Facebook, Twitter and online real estate broker Redfin are among the companies that have announced significant layoffs in the past week, but overall, the U.S. labor market remains healthy.
Vaping company Juul cuts 400 jobs amid growing setbacks
WASHINGTON (AP) — Embattled vaping company Juul Labs is announcing layoffs as the company tries to navigate growing setbacks to its electronic cigarette business. The company also said Thursday it has obtained new financing from several investors that will allow the company to stay in business. For weeks, industry analysts have speculated that Juul could soon declare bankruptcy or sell itself to another company. Thursday’s news appears to have put those plans on hold. Juul was once the leading U.S. vaping company, but its prospects have dimmed amid a political backlash to underage use of its products. U.S. regulators are currently seeking to ban Juul’s e-cigarettes from the market. The company is appealing that decision.
Musk ends remote work at Twitter, warns of troubles ahead
Elon Musk has emailed Twitter employees ordering them to return to the office for at least 40 hours a week and warning of “difficult times ahead.” A pair of Wednesday night missives seen by The Associated Press marked Musk’s first companywide message to employees who survived last week’s mass layoffs. Many have had to rely on the billionaire Tesla CEO’s public tweets for clues about Twitter’s future. The exodus at Twitter is ongoing, including the company’s chief information security officer Lea Kissner.
California sues over ‘forever chemicals’ that taint water
SAN FRANCISCO (AP) — A lawsuit filed by the state of California accuses 3M, Dupont and 16 smaller companies of covering up the harm caused to the environment and the public from chemicals that have over decades found their way into waterways and human bloodstreams. Attorney General Rob Bonta announced the lawsuit Thursday against the manufacturers of compounds that have been used in consumer goods and industry since the 1940s. The chemicals are found in firefighting foams, nonstick frying pans, cleaning sprays, rugs, cosmetics and countless other products. 3M says it acted responsibly in its manufacturing. Dupont says it looks forward to defending its record of safety.
The S&P 500 rose 207.80 points, or 5.5%, to 3,956.37. The Dow Jones Industrial Average rose 1,201.43 points, or 3.7%, to 33,715.37. The Nasdaq rose 760.97 points, or 7.4%, to 11,114.15. The Russell 2000 index of smaller companies rose 107.53 points, or 6.1%, to 1,867.93.