Breaking News

Business News

Retail sales slow in December as 2025 closes on a lackluster tone

NEW YORK (AP) — Shoppers unexpectedly paused their spending in December from November, closing out the holiday shopping season and the year on a lackluster tone. The report, issued by the Commerce Department on Tuesday, surprised economists who were looking for growth despite mounting concerns about slowing job growth, uncertainty about President Donald Trump’s tariffs and other economic headwinds. And it raised questions about shoppers’ ability to spend after they have remained resilient for months despite souring consumer confidence, economists said. Retail sales were flat in ...

Cleveland-Cliffs reports fourth quarter earnings snapshot

CLEVELAND (AP) — Cleveland-Cliffs Inc. on Monday reported a loss of $243 million in its fourth quarter. On a per-share basis, the Cleveland-based company, which operates a coke plant in Warren, said it had a loss of 44 cents. Losses, adjusted for nonrecurring costs and to account for discontinued operations, came to 43 cents per share. The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 62 cents per share. The mining company posted revenue of $4.31 billion in the period, which fell short of ...

Valley dealers shake off January chill

Staff report January’s snow-covered deep freeze stifled sales in the Greater Cleveland Automobile Dealers’ Association’s 21-county area. Despite the conditions, the Mahoning Valley plowed through with positive gains. The association reported last week that new vehicle sales for the month fell 10.6% compared to January 2025. A total of 19,442 new vehicle registrations were recorded in the first month of 2025, compared to 17,370 last month. Used vehicle sales in the region totaled 16,441 in January, a decrease of 4.77% from the same month last year. Dealers in Mahoning, ...

Think gas prices are higher? You’re right

Staff report Gas prices are 8 cents higher in Northeast Ohio this week at $2.847 per gallon, according to AAA East Central’s Gas Price Report released Monday. The month of February is bringing slightly higher gas prices as the national average for a gallon of regular is up 3 cents from last week to $2.90. Gasoline demand is down, as fewer drivers hit the road during the recent winter storms. But this is the time of year when pump prices start nudging higher, as spring approaches and refineries start making the switch to summer-blend gasoline production. Current prices remain below ...

US stocks soar to their best day since May

NEW YORK (AP) — The U.S. stock market roared back on Friday, as technology stocks recovered much of their losses from earlier in the week and bitcoin halted its plunge, at least for now. The S&P 500 rallied 2% for its best day since May. The Dow Jones Industrial Average soared 1,206 points, or 2.5%, and topped the 50,000 level for the first time, while the Nasdaq composite leaped 2.2%. Chip companies helped drive the widespread rally, and Nvidia jumped 7.8% to trim its loss for the week, which came into the day at just over 10%. Broadcom climbed 7.1% and erased its drop for the ...

Here’s when you’ll get your tax refund

NEW YORK (AP) — Tax filing season is underway, and the IRS expects 164 million people will file returns by April 15. The average refund last year was $3,167. This year, analysts have projected it could be $1,000 higher, thanks to changes in tax law. More than 165 million individual income tax returns were processed last year, with 94% submitted electronically. People with straightforward returns should not encounter delays, but because of an exodus of IRS workers since the start of the Trump administration, the national taxpayer advocate has cautioned that the 2026 tax filing ...