Roughly 90% of the stocks in the S&P 500 rose, with technology companies, banks and retailers driving much of the rally.
Business
Local, state and national business news from the Kennebec Journal and Morning Sentinel.
Posted inBusiness, Nation & World
U.S. economy shrank by 1.5% in Q1 but consumers kept spending
Last quarter’s drop in the U.S. gross domestic product – the broadest gauge of economic output – does not likely signal the start of a recession.
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Posted inBusiness, Nation & World
Worry about stagflation, a flashback to ’70s, begins to grow
It’s the bitterest of economic pills: High inflation mixes with a weak job market to cause a toxic brew that punishes consumers and befuddles economists.
Posted inBusiness, Maine
CMP to seek 3-year rate hike that would raise average bill by $10
Gov. Janet Mills staunchly opposes the utility’s plan for reliability and grid upgrades, saying, ‘I will fight this.’
Posted inBusiness, Maine
Sen. Susan Collins blocks NOAA nominee’s confirmation to protest new lobstering rules
Collins blocked the Senate confirmation of Jainey Kumar Bavishi to serve as an assistant secretary of the National Oceanic and Atmospheric Administration.
Posted inBusiness, Nation & World
More Americans applied for jobless benefits last week but total is at 53-year low
Earlier this month, the government reported America’s employers added 428,000 jobs in April, leaving the unemployment rate at 3.6%.
Posted inBusiness, Nation & World
CEO pay rose 17% in 2021 as profits soared; workers trailed
The gain towers over the 4.4% increase in wages and benefits netted by private-sector workers last year.
Posted inBusiness, Maine, Morning Sentinel
Hepatitis A exposure warning at Oakland restaurant is second this week involving food service in central Maine
A case of acute hepatitis was identified in a worker who handled food at the Waterville Country Club’s Nineteen 16 Restaurant in Oakland between April 26 and May 17, according to the Maine Center for Disease Control & Prevention.
Posted inBusiness, Maine
Downeaster resumes summer schedule
Stops in Old Orchard Beach are added to the service between Brunswick and Boston, as are late trains on the days of concerts or when the Red Sox play home games at night.
Posted inBusiness, Nation & World
Stocks climb as Fed minutes show determination on rates
The indexes, which recovered after being in the red in the early going, are on pace for a weekly gain, despite more up-and-down trading this week.