WASHINGTON (AP) — Average long-term U.S. mortgage rates made their biggest one-week jump in 35 years, one day after the Federal Reserve raised its key rate by three-quarters of a point in bid to tame high inflation. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate climbed from 5.23% last week to 5.78% this week, the highest its been since November of 2008 during the housing crisis.

NEW YORK (AP) — Wall Street tumbled Thursday as worries roared back to the fore that the world’s fragile economy may buckle under higher interest rates. The S&P 500 fell 3.3% to more than reverse its brief rally from a day before. Analysts had warned of more big swings given deep uncertainties about whether other central banks can tiptoe the narrow path of hiking interest rates enough to get inflation under control but not so much that they cause a recession.

In an unusual move for what’s been an unusual takeover bid for Twitter by the world’s richest man, Tesla CEO Elon Musk addressed the social platform’s employees Thursday, even though his $44 billion offer has not yet been completed.

NEW YORK (AP) — Revlon, a cosmetics maker that broke racial barriers and dictated beauty trends for much of the last century, is filing for Chapter 11 bankruptcy protection. The company has been a mainstay on store shelves since its founding 90 years ago in New York City as it oversaw a stable of household names, from Almay to Elizabeth Arden.

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell has pledged to do whatever it takes to curb inflation, now raging at a four-decade high and defying the Fed’s efforts so far to tame it. Increasingly, it seems, doing so might require the one painful thing the Fed has sought to avoid: A recession. A worse-than-expected inflation report for May helped spur the Fed to raise its benchmark interest rate by three-quarters of point Wednesday and to signal that more large rate hikes are likely coming.

NEW YORK (AP) — U.S. markets are heading for a sharply lower open on Thursday, one day after the Federal Reserve raised its key interest rate by three-quarters of a point and signaled more rate hikes were coming to fight inflation.

NEW YORK (AP) — Stocks rallied in a roller-coaster day of trading on Wall Street Wednesday after the Federal Reserve hiked interest rates by the biggest margin since 1994, but also said such mega-hikes would not be common. The Fed did signal that more increases are on the way as it tries to tackle the worst inflation in four decades.

WASHINGTON (AP) — The Federal Reserve intensified its drive to tame high inflation by raising its key interest rate by three-quarters of a point — its largest hike in nearly three decades — and signaling more large rate increases to come that would raise the risk of another recession. The move the Fed announced after its latest policy meeting will increase its benchmark short-term rate, which affects many consumer and business loans.

NEW YORK (AP) — Independent booksellers are growing in number and becoming more diverse. Membership in the American Booksellers Association currently stands at just over 2,000. That's its highest total in years and more than 100 over the previous summer.

NEW YORK (AP) — Stocks are opening higher on Wall Street Wednesday but remain sharply lower for the week as trading remains volatile ahead of a closely watched decision later in the day on interest rates from the Federal Reserve. Treasury yields were easing but remain at the highest level in more than a decade as investors expect inflation to remain difficult to control for some time.

NEW YORK (AP) — Wall Street is closing mostly lower on Tuesday, a day after tumbling into a bear market on worries that high inflation will push central banks to clamp the brakes too hard on the economy. The S&P 500 slipped 0.4% after another day of unsteady trading. Investors are bracing to see how big of an interest rate hike the Federal Reserve will make on Wednesday.

ALBUQUERQUE, N.M. (AP) — A technology company that wants to bring broadband to more remote areas and monitor emissions from the oil and gas industry has launched one of its airships from the New Mexico desert. Tuesday's liftoff by Sceye Inc. is the latest test of the company's high-altitude platform station.

NEW YORK (AP) — Wall Street is wobbling Tuesday in its first trading after tumbling into a bear market on worries central banks will clamp the brakes too hard on the economy. The S&P 500 was 0.2% lower in midday trading as investors brace for the Federal Reserve’s announcement on Wednesday about what it will do with interest rates.

NEW YORK (AP) — Wall Street tumbled into a bear market Monday after fears about a fragile economy sent the S&P 500 more than 20% below its record set early this year. The index sank 3.9% in the first chance for investors to trade after getting the weekend to reflect on the stunning news that inflation is getting worse. The Dow was briefly down more than 1,000 points.

NEW YORK (AP) — Wall Street is tumbling Monday amid fears a recession is more likely given how unshakeable inflation has become. The S&P 500 was 2.7% lower in the first trading after investors had the weekend to reflect about a stunning report that showed inflation is getting worse, not better as some had hoped.

NEW YORK (AP) — Wall Street’s shuddering realization that inflation got worse last month, not better as hoped, sent markets reeling on Friday. The S&P 500 sank 2.9% to lock in its ninth losing week in the last 10. Tumbling bond prices sent Treasury yields to their highest levels in years. Wall Street took Friday’s worse-than-expected reading on inflation to mean the Fed’s foot will remain firmly on the brake for the economy.

WASHINGTON (AP) — The prices of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6% last month from 12 months earlier, faster than April’s year-over-year increase of 8.3%.

NEW YORK (AP) — Small businesses that depend on outdoor crowds and free-spending tourists aren’t sure what to expect this summer. Consumers likely have a lot of pent-up demand after more than two years of the pandemic. The U.S. Travel Association predicts travel spending will be slightly above pre-pandemic levels. But consumers are also facing some significant financial headwinds.

NEW YORK (AP) — U.S. futures slipped Friday after the government reported that inflation surged 8.6% last month, more than analysts were expecting. Futures for the Dow Jones industrials slid 1% and futures for the S&P 500 skidded 1.2% after the government released its consumer price index report. U.S. benchmarks are headed for their eighth week of losses in the past nine weeks.

NEW YORK (AP) — Stocks on Wall Street tumbled Thursday following the latest reminder that central banks now care more about fighting inflation than propping up markets. The S&P 500 dropped 2.4%, putting it on track for its ninth losing week in the last 10.

DETROIT (AP) — Teslas with partially automated driving systems are a step closer to being recalled after the U.S. elevated its investigation into a series of collisions with emergency vehicles or trucks with warning signs. The National Highway Traffic Safety Administration says Thursday that it's upgrading the probe to an engineering analysis, another sign of increased scrutiny of the electric vehicle maker and automated systems that perform at least some driving tasks.

WASHINGTON (AP) — Average long-term U.S. mortgage rates jumped back up ahead of next week’s Federal Reserve meeting where it’s expected to announce another increase to its main borrowing rate. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate jumped to 5.23% this week from 5.09% last week.

WASHINGTON (AP) — More Americans applied for jobless aid last week but the total number of Americans collecting unemployment remains at a five-decade low. Applications for unemployment benefits rose by 27,000 to 229,000 for the week ending June 4, the most since mid-January, the Labor Department reported Thursday.

AMSTERDAM (AP) — The European Central Bank said it would carry out its first interest rate increase in 11 years next month, followed by another hike in September. The bank made the surprise move Thursday, saying that inflation had become a “major challenge” and that those forces had “broadened and intensified.”

NEW YORK (AP) — U.S. markets appear to be heading for gains Thursday with European Central Bank announcing its first interest rate hike in 11 years. The bank will make two quarter-point increases, with the second arriving in September. The surprise decision is in reaction to inflation that has become a “major challenge,” with the central bank believing that forces pushing costs higher had “broadened and intensified.”