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An inflation gauge closely tracked by the Federal Reserve rose 6.3% in April from a year earlier, just below a four-decade high set in March and the first slowdown since November 2020. The report added to other recent signs showing that while high inflation continues to cause hardships for millions of households, it may finally be moderating, at least for now. The report also showed that consumer spending rose by a healthy 0.9% from March to April, outpacing the month-to-month inflation rate for a fourth straight time. The ongoing willingness of the nation’s consumers to keep spending freely despite inflated prices is helping sustain the economy.

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Stocks rose broadly on Wall Street Wednesday after minutes from the Federal Reserve’s most recent meeting indicate the central bank intends to move "expeditiously" to raise interest rates back to more neutral levels in its fight to tame inflation. The S&P 500 rose 0.9%, the Dow Jones Industrial Average rose 0.6% and the Nasdaq rose 1.5%. Small-company stocks rose far more than the rest of the market, a sign of bullishness on the economy. Retailers had some of the strongest gains after getting beaten down in recent days over concerns that soaring inflation was eating into their profits.

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A slump in several big companies weighed down the stock market Tuesday, leaving most major indexes lower. The S&P 500 index fell 0.8% and the Nasdaq composite, which is heavily weighted with technology companies, lost 2.3%. Big gains for McDonald's and UnitedHealth helped push the Dow Jones Industrial Average up 0.2%. A stark profit warning from Snapchat's parent company spooked investors into dumping the stocks of major social media companies. Snap sank 43.1%, while Facebook's parent company lost 7.6%. Retailers and banks also fell. The yield on the 10-year Treasury fell sharply, to 2.76%.

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Nineteen people have been indicted in a complex money laundering scheme to move millions of dollars in drug proceeds from Colombian cartels through U.S. banks. Federal prosecutors said Tuesday that the charges brought in Massachusetts are the result of a five-year investigation into the money laundering organization based in Colombia. Authorities say they laundered at least $6 million through the U.S. banking system. Massachusetts U.S. Attorney Rachael Rollins says nearly 3,000 kilograms of seized cocaine has been traced back to the money laundering organization.  Rollins says those charged played a variety of roles in the conspiracy, including drug suppliers and dollar purchasers.

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The stock market’s slump this year briefly pulled the S&P 500 into what’s known as a bear market Friday, before a late rally put the index in the green. Rising interest rates, high inflation, the war in Ukraine and a slowdown in China’s economy have caused investors to reconsider the prices they’re willing to pay for a wide range of stocks. A bear market is a Wall Street term for an index that's fallen 20% or more from a recent high. At Friday's close, the S&P 500 was down 18.7% from the record high set on Jan. 3.

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Stocks ended another volatile day lower on Wall Street Thursday, bringing the market closer to its first bear market since the beginning of the pandemic. The S&P 500, the benchmark for many index funds, fell 0.6%. It's now down 18.7% from the record high it set early this year, nearly at the 20% threshold that defines a bear market. Investors are worrying that the soaring inflation that's hurting people shopping for groceries and filling their cars up is also walloping profits at U.S. companies. Target fell again, a day after losing a quarter of its value on a surprisingly large drop in earnings.

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Stocks closed sharply lower on Wall Street Wednesday as dismal results from Target renewed fears that inflation is battering U.S. companies. The S&P 500, the benchmark for many index funds, fell 4%. Target lost a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked. That comes a day after Walmart cited inflation for its own weak results. The Dow Jones Industrial Average dropped 1,164 points, or 3.6% and the tech-heavy Nasdaq pulled back 4.7%. Treasury yields fell as investors sought safer ground.

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Stocks rose steadily throughout the day and ended Tuesday with broad gains as traders got back to buying again after a mostly miserable few weeks on Wall Street. Tech giants like Apple and Microsoft were among the biggest winners, and video game maker Take-Two Interactive jumped after forecasting better results than analysts were expecting. Paramount soared after Warren Buffett's Berkshire Hathaway disclosed a new stake in the media company. The S&P 500 rose 2% and the tech-heavy Nasdaq added 2.8%. Small-company stocks rose more than the rest of the market, a signal investors are feeling bullish on the economy. Treasury yields rose.   

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Shares are higher in Asia after another wobbly day on Wall Street extended a losing streak for markets. Hong Kong advanced nearly 2.5% and other benchmarks were moderately higher. Oil prices slipped. On Monday, the S&P 500 failed to hold onto an afternoon gain, losing 0.4%. The benchmark index is coming off a six-week losing streak. Tech companies were among the biggest losers, pulling the Nasdaq down 1.2%. The Dow Jones Industrial Average ended barely in the green. Spirit Airlines jumped after JetBlue said it would make a hostile offer for the budget carrier. ManTech surged after investment firm Carlyle Group said it will buy the defense contractor. 

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A federal trial for reality television stars Todd and Julie Chrisley on charges including bank fraud and tax evasion is set to get underway Monday in Atlanta. The Chrisleys were initially indicted in August 2019 and a new indictment was filed in February of this year. Prosecutors say the stars of “Chrisley Knows Best” submitted false documents to banks to get loans and failed to pay federal income taxes for multiple years. An accountant who worked for them also faces charges. All three have pleaded not guilty. Jury selection is set for Monday with opening statements expected Tuesday.