US economy returned to growth last quarter, expanding 2.6%

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  U.S. economy
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US economy returned to growth last quarter, expanding 2.6%

By PAUL WISEMAN2 hours ago

WASHINGTON (AP) — The U.S. economy grew at a 2.6% annual rate from July through September, snapping two straight quarters of contraction and overcoming high inflation and interest rates just as voting begins in midterm elections in which the economy’s health has emerged as a paramount issue.

Musk doesn’t seek a “free-for-all hellscape” for Twitter

By MATT O’BRIEN and TOM KRISHERan hour ago

Elon Musk attempted to soothe leery Twitter advertisers Thursday, a day before a deadline to close out on his $44 billion acquisition of the social media platform, saying that he is buying the platform to “help humanity” and doesn’t want it to become a “free-for-all hellscape.”

Europe sees fastest pace of rate hikes since euro launched

By DAVID McHUGHan hour ago

FRANKFURT, Germany (AP) — The European Central Bank piled on another outsized interest rate hike aimed at squelching out-of-control inflation, increasing rates at the fastest pace in the euro currency’s history and underscoring the bank’s determination to control prices despite the threat of recession.

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FINANCIAL MARKETS

Stocks waver on Wall Street, Facebook parent company slumps

• Asian stocks mixed ahead of US GDP update, Europe rates call
• How major US stock indexes fared Wednesday 10/26/2022
• Closing prices for crude oil, gold and other commodities
• Asian stocks follow Wall St up on hopes of rate hikes easing

BUSINESS HIGHLIGHTS

Business Highlights: Bank fees, Musk brings sink to TwitterBusiness Highlights: Adidas split with Ye, Google ad slumpBusiness Highlights: China’s growth, Credit Suisse finedBusiness Highlights: Social media concerns, deficit numbers

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OFF THE CHARTS

Energy stocks get oil price support as recession looms

• Post-election rally unlikely amid Fed rate outlook
• Had enough? S&P plunge could deepen if recession takes hold
• Homeowners see slower equity gains as housing market cools
• Rare bear market in bonds strips investors of safe haven

Europe’s energy crisis raises firewood prices, theft fears

By VANESSA GERA, DAVID McHUGH and AUREL OBREJAtoday

CHISINAU, Moldova (AP) — Tudor Popescu swings his ax down on a log, then feeds the split wood into a stove that heats his home in the capital of Moldova. As the nights turn chilly, the stack of firewood has been growing higher around him — his provisions for the coming winter.

Auto prices finally begin to creep down from inflated highs

By TOM KRISHER3 minutes ago

DETROIT (AP) — All summer long, Aleen Hudson kept looking for a new minivan or SUV for her growing passenger shuttle service.She had a good credit rating and enough cash for a down payment. Yet dealerships in the Detroit area didn’t have any suitable vehicles.

ECONOMY

Biden zeroes in on economic message as campaign winds down

• McDonald’s Q3 sales boosted by higher prices, promotions
• Lawmakers send Wolf large package of energy tax credits
• US mortgage rates top 7% for the first time in 2 decades
• US unemployment claims inched higher, but remain very low

SMALL BUSINESS

Small businesses brace for cautious holiday shoppers

• Mississippi residents accused of defrauding federal program
• Small business group files suit over Biden student loan plan
• Small business loan deadline approaching in Tennessee
• ‘Big impact’: UK economic chaos, pound plunge hit businesses

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