The Dow fell by more than 1,000 points as retailers' earnings reports reflected difficulty navigating higher prices and supply chain bottlenecks.

Jerome Powell was confirmed to a second term as Federal Reserve chairman. The Senate vote comes as the central bank faces intense pressure to bring down inflation.

The annual inflation rate eased somewhat in April, but not enough to meaningfully reduce the burden on lower-income Americans.

In an address from the White House Tuesday, President Biden contrasted his administration's plans to tackle rising costs with what he called Republicans' "ultra-MAGA" plan.

A variety of items will be tax-free in the state over coming months. The move comes as Americans are facing soaring inflation and high gas prices.

U.S. employers added 428,000 jobs in April, as the unemployment rate held steady at 3.6%.

Markets jumped after Fed Chair Jerome Powell said the central bank was not contemplating bigger rate hikes than the half-a-percentage-point increase it delivered on Wednesday.

The Federal Reserve raised interest rates by half a percentage point Wednesday, in an effort to cool off demand and lower inflation. Consumer prices have been rising at the fastest pace in 40 years.

The Federal Reserve is expected to approve its largest interest rate hike in more than two decades this week. Additional rate increases are likely, as the Fed tries to regain control over inflation.

U.S. GDP growth likely slowed sharply in the first few months of the year, but the economy may be sturdier than it looks.

U.S. GDP growth likely slowed sharply in the first few months of the year, but the economy may be sturdier than it looks.

With inflation at a four-decade high, a growing number of forecasters worry the U.S. economy may be headed to a recession as the Fed gears up to raise interest rates aggressively.

Inflation in March was the highest since December of 1981, with prices up 8.5% from a year ago. Rising prices are especially hard on low-income people, who spend more of their money on necessities.

U.S. employers added 431,000 jobs in March, as the unemployment rate fell to 3.6% from 3.8% in February. The tight job market is putting upward pressure on both wages and prices.

The central bank raises its benchmark rate by a quarter percentage point in an effort to tamp down inflation. Additional rate hikes are likely in the months to come.