Category Archives: CNN – Business News

Bank of America rakes in record profit driven by strength from US households

Bank of America rakes in record profit driven by strength from US households

Bank of America hauled in its fattest profit ever during the second quarter thanks to sturdy spending from households that offset trouble in markets. The results from one of the nation’s largest banks paint an optimistic picture about the American economy even as the Federal Reserve prepares a rescue aimed at speeding growth up. Bank…MORE

Bitcoin and Facebook; More earnings; Markets lose direction

Bitcoin and Facebook; More earnings; Markets lose direction

1. Bitcoin and Facebook: Investors are worried that Facebook’s move into cryptocurrency could spark a new wave of regulation, sending Bitcoin prices below $10,000 for the first time in two weeks. Lawmakers in the US Senate grilled Facebook executive David Marcus about the Libra cryptocurrency project on Tuesday, voicing major concerns about Facebook’s ability to…MORE

LVMH boss Bernard Arnault overtakes Bill Gates as world’s second-richest person

LVMH boss Bernard Arnault overtakes Bill Gates as world’s second-richest person

Bill Gates is no longer the world’s second-richest person. That title now belongs to French billionaire Bernard Arnault. Arnault, the CEO of luxury goods maker LVMH, overtook Gates Tuesday on the Bloomberg Billionaires Index. It’s the first time since the index was created seven years ago that Gates has dropped out of the top two.…MORE

The stock market is all about the Fed and FAANG. That’s a risky strategy

The stock market is all about the Fed and FAANG. That’s a risky strategy

Tech stocks are soaring and investors are salivating about the possibility of lower interest rates from the Federal Reserve. That pretty much sums up how the market has been doing lately. But Phi Bak, CEO of investment firm Exponential ETFs, thinks that investors may be taking on a little too much risk these days. The…MORE

Oil prices sink on signs of easing Iran tensions

Oil prices sink on signs of easing Iran tensions

US oil prices tumbled on Tuesday after Secretary of State Mike Pompeo hinted at thawing tensions between the United States and Iran. Crude plunged as much as 4.2% after Pompeo said at a Cabinet meeting that Iran is ready to negotiate about its missile program. Crude finished the day at $57.62 a barrel, down 3.3%.…MORE

Nestle introduces a new kind of chocolate

Nestle introduces a new kind of chocolate

Nestle has introduced a new chocolate bar without added sugar, as the company tries to stay ahead of changing consumer tastes and trends. The Swiss company announced Tuesday a new KitKat bar that distills its sweet flavor from a cocoa fruit without any added refined sugar. The 70% dark chocolate bar is made using the…MORE

Abigail Disney visited Disneyland. She is ‘livid’ about what she saw

Abigail Disney visited Disneyland. She is ‘livid’ about what she saw

Disneyland calls itself “The Happiest Place on Earth,” but family heiress Abigail Disney said she found workers struggling when she recently visited the park. In an interview with Yahoo this week, Abigail Disney said she decided to check out Disneyland’s worker conditions after a worker sent her a Facebook message. She said every employee delivered…MORE

S&P 500 snaps five-day winning streak

S&P 500 snaps five-day winning streak

Stocks finished lower on Tuesday. Although they remained close to the all-time highs they recorded at the start of the week, major stock indexes snapped multi-day winning streaks. The S&P 500 closed in the red for the first time in six days, down 0.3%. The Dow finished 0.1%, or 24 points lower, ending a four-day…MORE

Goldman Sachs’ sales slump, but it remains the king of Wall Street

Goldman Sachs’ sales slump, but it remains the king of Wall Street

Goldman Sachs is still the king of Wall Street — even though the investment banking powerhouse reported a slight drop in revenue and profit for the second quarter compared to a year ago. The slight declines were not as bad as investors had expected. Goldman Sachs can continue to boast that it’s the top bank…MORE

JPMorgan’s earnings beat forecasts, but rate cuts cut into its outlook

JPMorgan’s earnings beat forecasts, but rate cuts cut into its outlook

JPMorgan’s second-quarter earnings were better than expected, but the company slightly downgraded its outlook on the Federal Reserve’s expected interest rate cuts. JPMorgan highlighted strength in its consumer and community banking business. However, the bank also cut its expected 2019 net interest income — the gap between what banks make on loans and what they…MORE

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