Finance
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US officially stops penny production
The US minted pennies for over 230 years
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Trump admin warns that military service members may not be paid if shutdown continues next month
The White House was able to pull enough money from a mix of defense and legislative funds in order to pay troops this week, and was also able to compensate service members on Oct. 15. But the next payday is Nov. 15.
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Stock market closes with new highs after US, China reach a framework in trade deal
The S&P 500 climbed 1.23% to 6,875.16, marking the first time it's ever closed above 6,800 points. The Nasdaq Composite rose 1.86% to 23,637.46, and the Dow Jones Industrial Average jumped 337.47 points to 47,544.59.
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Treasury Department sanctions Colombian President Gustavo Petro and network
The Treasury Department said the sanctions stem from an executive order that targets people involved in the global drug trade. Colombia is considered the top producer and exporter of cocaine.
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Media giant Warner Bros. Discovery puts itself up for sale
Company valued at over $45 billion ahead of announcement
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Elon Musk becomes first person in history to be worth over $500 billion
Musk, the richest man in the world, is now worth an estimated $150 billion more than the world's second-richest man, Oracle co-founder and chief technology officer Larry Ellison.
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Senate confirms Stephen Miran's nomination to serve on Federal Reserve board
Miran's confirmation, which passed primarily in a party-line 48-47 split, comes ahead of a two-day meeting where the board is expected to consider lowering interest rates. The meeting begins on Tuesday.
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Apple won't raise price of next-gen devices despite tariffs
Apple follows Google's lead, holding prices steady for next wave of products
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Treasury Secretary Scott Bessent calls for review of Federal Reserve
Bessent argued that the core missions of the banking system are promoting full employment, stable prices and moderate long-term interest rates and that it has been distracted from these missions.
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Congressional Budget Office says Trump tariffs will reduce deficits by $4 trillion over next decade
The number is an increase from the budget office's previous prediction in June, which found that it would reduce federal deficits by $2.8 trillion over the next decade.
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Commerce Sec Howard Lutnick signals Intel deal has been completed: US 'now owns 10%' of company
Lutnick said the agreement is beneficial to both parties but no details on the arrangement have been released so far.
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Treasury Department confirms US has surpassed $37 trillion in debt
The United States reportedly reached $34 trillion in debt in January 2024, $35 trillion in July 2024, and $36 trillion in November.
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Jamie Dimon appears less skeptical of new Trump tariffs: 'So far, so good'
The comments occurred the same day Trump revealed the latest tariff rates on over 70 countries, which included 35% tariffs on Canadian goods and 10% for the United Kingdom.