Editor

By Chuck Mikolajczak NEW YORK (Reuters) -U.S. stocks briefly shot higher on Wednesday after the Federal Reserve cut interest rates by 50 basis points, the high side of estimates for its first cut in more than four years. Citing a “greater confidence” that inflation is moving toward the central bank’s 2% target, the Fed cut rates by half of a percentage point, as it now focuses on keeping the labor market healthy. Trading was choppy. … Read more…

By Lucia Mutikani WASHINGTON (Reuters) – U.S. single-family homebuilding rebounded sharply in August, but a moderate increase in building permits suggested that the momentum was unlikely to be sustained against the backdrop of rising supply of new homes on the market. The jump in single-family housing starts reported by the U.S. Commerce Department on Wednesday probably reflected the fading drag from Hurricane Beryl, which had depressed homebuilding in the South. Homebuilders could also face a … Read more…

By Lucia Mutikani WASHINGTON (Reuters) – U.S. retail sales unexpectedly rose in August as a decline in receipts at auto dealerships was more than offset by strength in online purchases, suggesting that the economy remained on solid footing through much of the third quarter. The report from the Commerce Department on Tuesday also showed retail sales were a bit stronger than initially thought in July. It combined with the decline in the unemployment rate last … Read more…

(Reuters) -JPMorgan Chase is in talks with Apple about replacing Goldman Sachs as the tech giant’s credit-card partner, a source familiar with the matter said on Tuesday. The discussions started earlier this year and have advanced in recent weeks, but any potential deal could still be months away, said the source, who asked not to be named because the discussions are private. The Wall Street Journal reported the news earlier. Goldman Sachs declined to comment, … Read more…