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Stocks rise for a 5th straight day to close volatile month

Wall Street rose for a fifth straight day to put the wraps on a volatile month. The S&P 500 rose 0.5% in abbreviated trading Friday and closed out November with a slim gain of 0.1%. The Dow Jones Industrial Average rose 289 points, or 0.6%. The Nasdaq gained 0.7% but ended November with a drop of 1.5% because of losses for some big tech stocks. Stocks swooned in mid-month as investors worried that stocks boosted by the frenzy around artificial intelligence such as Nvidia had gotten too expensive. Nvidia lost 1.8% Friday and closed the month with a double-digit loss. Oracle fell 23% ...

Average mortgage rate drops slightly to 6.23%

The average rate on a 30-year U.S. mortgage ended a three-week streak of increases, reflecting a pullback in long-term U.S. Treasury bond yields. The average long-term mortgage rate fell to 6.23% from 6.26% last week, mortgage buyer Freddie Mac said Wednesday. A year ago, the rate averaged 6.81%. Just four weeks ago, the average rate was at 6.17%, its lowest level in more than a year. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week. The rate averaged 5.51%, down from 5.54% last week. A year ago, it was ...

US retail sales rose slightly in September

WASHINGTON (AP) — Sales at U.S. retailers and restaurants increased modestly in September as resilient consumers moderated their spending after splurging over the summer. Sales rose 0.2% in September from the previous month, the Commerce Department said Tuesday, in a report delayed more than a month because of the government shutdown. Sales jumped 0.6% in July and August and 1% in June. Numerous reports on inflation, employment, spending, and growth remain delayed and the government won’t likely be caught up until late December. The retail sales figures, which aren’t adjusted ...

Kohl’s promotes interim CEO

Kohl’s has named its fourth CEO in as many years, attempting to staunch an extended sales slide. The company named Michael Bender as its permanent CEO Monday, nearly seven months after he took over on an interim basis. Bender replaced Ashley Buchanan who was fired in May after an internal investigation found that he had directed the company to do business with a vendor founded by someone with whom he had a personal relationship. “Over the past several months as interim CEO, Michael has proven to be an exceptional leader for Kohl’s — progressively improving results, driving ...

Another rally for Alphabet leads the US stock market higher

NEW YORK (AP) — The U.S. stock market rallied on Monday, at the start of a week with shortened trading because of the Thanksgiving holiday. The S&P 500 climbed 1.5% for one of its best days since the summer and added to its jump from Friday, finding some strength following a shaky few weeks. The Dow Jones Industrial Average rose 202 points, or 0.4%, and the Nasdaq composite jumped 2.7%. Stocks got a lift from rising hopes that the Federal Reserve will cut its main interest rate again at its next meeting in December, a move that could boost the economy and investment prices. The ...

Lake to River introduces new CEO

YOUNGSTOWN — Lake to River Economic Development officials said economic development isn’t limited to buildings and incentives while introducing its first permanent CEO on Friday. Dani Robbins spoke to the news media during an agency briefing at its downtown Youngstown office. She will replace Alexa Sweeney Blackann on Dec. 1. Blackann has held the unpaid, interim leadership post since April 2024. “This was not a process of compromise. It was a process of conviction,” said Greg Myers, Lake to River board member and executive director / chief administrative officer of Growth ...