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Top News & Analysis United States

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  • *Gasoline rally, Yemen tensions and storm watch fuel gains. NEW YORK, Aug 28- U.S. crude jumped 6 percent on Friday as a rally in gasoline prices and air raids in Yemen prompted traders to scramble for a second day to cover short positions, while market players also kept an eye on a storm that appeared to be approaching the oil-rich U.S. U.S. crude's front-month was up...

  • WASHINGTON— Federal Reserve Vice Chairman Stanley Fischer says that incoming economic data and market developments will likely determine whether the Fed boosts interest rates in September. Fischer says that before the recent turbulence in financial markets, there was a "pretty strong case" for starting to hike rates in September. Fischer says that central...

  • NEW YORK— Shares of Freeport-McMoRan jumped Friday, a day after it announced cost-cutting plans and activist investor Carl Icahn disclosed that he bought a stake in the mining company. Freeport-McMoRan said Thursday that it would cut costs and reduce spending due to falling copper prices and soft economic conditions around the world. Shares of...

  • *Consumer spending rises 0.3 percent in July. WASHINGTON, Aug 28- U.S. consumer spending rose in July as households stepped up automobile purchases, offering further evidence of strength in the economy that could keep the door open to a Federal Reserve interest rate hike this year. The Commerce Department said consumer spending, which accounts for more than...

  • *Freeport-McMoRan rises after Icahn discloses stake. "Today's selloff is normal after the two enormous upward days that we had," said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas. Data for August 20-26 showed a record $28 billion in outflows from equity funds.

  • LONDON, Aug 28- Regulators and central bankers should rethink how rules are applied to stop extremist financing and money laundering, or some emerging market economies risk grinding to a halt, an official of the World Economic Forum think-tank said. Banks are under pressure to make burdensome checks on cross-border financial transactions, at the risk of...

  • TORONTO, Aug 28- Noel Biderman, the chief executive of infidelity website Ashley Madison's parent company Avid Life, has left the company, weeks after hackers launched a cyber assault that leaked sensitive data about millions of clients. The Canadian company was rocked by the release of Ashley Madison customer data on Aug. 18 by hackers who claimed to be unhappy...

  • NEW YORK, Aug 28- The short-covering frenzy in global oil markets extended for a second straight day on Friday, pushing U.S. crude up as much as 5 percent in morning trade, getting extra support from a rally in gasoline futures, before both began consolidating. "A severely oversold and shorted oil market is creating a bid for covering in U.S. crude," said Chris Jarvis,...

  • WASHINGTON— Plummeting stock prices have taken a toll on U.S. consumer confidence, though there are signs the setback may be temporary. The University of Michigan says its consumer sentiment index fell to 91.9 this month from 93.1 in July. The University of Michigan surveys consumers throughout the month and so some of the responses were tallied as stock prices...

  • Aug 28- Any appreciation in the U.S. dollar in response to a Federal Reserve rate hike is unlikely to generate major disinflationary concerns in the United States but could create inflationary pressures in other countries, according to a paper presented to a global gathering of central bankers. In the United States, where the vast majority of imports are...

  • WASHINGTON— A federal appeals court on Friday ruled in favor of the Obama administration in a dispute over the National Security Agency's bulk collection of telephone data on hundreds of millions of Americans. But the impact of the appeals court's ruling is uncertain because Congress has passed legislation designed to replace the program over the next few...

  • NEW YORK— You, your mom, your grandma and elementary school buddy Lawrence might have been some of the billion people who logged in to Facebook on Monday— the first time that has happened in a single day. CEO Mark Zuckerberg marked the occasion with a Facebook post. Most of the billion people who logged in on Monday were outside the U.S. and Canada.

  • *Dollar index on track for largest weekly gain in a month. NEW YORK, Aug 28- The dollar gained for a fourth straight session on Friday, buoyed by calmer financial markets and generally positive U.S. data that supported the notion that the world's largest economy was on a stable growth path. "Overall, markets are finally starting to calm down and the economic data is...

  • NEW YORK— Forget the Big Mac attack. This week, Arby's introduced a lineup of sliders, with the miniature versions of its regular sandwiches costing less than $2 each. Taco Bell is promoting its "Dare Devil Loaded Grillers," which are smaller burritos for about a buck.

  • *Doubts about China persist despite stabilization. NEW YORK, Aug 28- U.S. The index buyers want to get it over with before the weekend, "said Stanley Sun, interest rate strategist at Nomura Securities International in New York.

  • NEW YORK— The CEO of the company that runs adultery website Ashley Madison is stepping down in the wake of the massive breach of the company's computer systems and outing of millions of its members. Avid Life Media Inc. says Noel Biderman's departure is effective immediately and was a mutual decision. Privately held Toronto- based Avid Life grossed $115 million...

  • PITTSBURGH— Nine western Pennsylvania publications, including four daily newspapers, are up for sale as Trib Total Media implements a strategic plan. The company said Friday it was selling The Valley Independent in Monessen, the Leader Times in Kittanning, The Daily News in McKeesport and the Daily Courier in Connellsville. They are The Mount Pleasant Journal,...

  • PROVIDENCE, R.I.— The state agency that owns the waterfront land where the Pawtucket Red Sox want to build a stadium racked up nearly $150,000 by mid-July in legal and consulting fees to review the proposal, according to documents obtained by The Associated Press through a records request. As of July 15, the I-195 Redevelopment District Commission had been...

  • JACKSON HOLE, Wyo., Aug 28- Recent market turmoil should not delay the Federal Reserve from raising interest rates at least once, given that the global equities selloff and China's economic slowdown have had little effect on the U.S. economy, a top Fed official said on Friday. Market volatility has sowed doubts over the timing of the rates "liftoff," particularly...

  • Aug 28- Charles Schwab Corp said that customer access to online accounts was restored on Friday morning, just minutes before U.S. stock markets opened for trading. Earlier, the company said access to accounts and online trading platforms were unavailable. Earlier in the week, discount brokers Scottrade Inc and TD Ameritrade reported some order processing...