1. Fed keeps rates unchanged in new 'patient' approach
The Federal Reserve kept interest rates unchanged and signaled that it's done with its steady pace of hikes, for now. In a shift, the Federal Open Market Committee said it "will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate." The news sent stocks rising sharply, with the Dow Jones Industrial Average rising 1.8 percent to close above 25,000 for the first time since Dec. 4. The broader S&P 500 closed up by 1.6 percent, while the tech-heavy Nasdaq surged by 2.2 percent. U.S. stock index futures were mixed early Thursday ahead of weekly jobless claims and other economic data.
2. Facebook shares jump after earnings beat expectations
Facebook shares jumped by 8 percent in after-hours trading on Wednesday after the social media giant reported quarterly results that beat expectations, despite privacy scandals. Facebook shares had closed up by 4.3 percent in regular trading. The company said its net income rose to $2.38 per share in the fourth quarter, up from $1.44 per share a year earlier and higher than the $2.19 per share analysts expected on average, according to IBES data from Refinitiv. Total revenue rose by 30 percent to $16.9 billion, beating analysts' expectations of $16.4 billion. "The worst is over for this social media giant," said Haris Anwar, an analyst at Investing.com. "Its ad business and user engagement haven't been affected despite all the negative blows of the past year."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Tyson Foods recalls 18 tons of frozen chicken nuggets
The USDA this week announced that Tyson Foods is recalling more than 18 tons of frozen chicken nuggets after consumers complained of finding soft, blue pieces of rubber inside. No one has reported health problems from eating the product, "Tyson White Meat Panko Chicken Nuggets." The popular food was sold in five-pound plastic bags in grocery stores all across the country. Tyson had to make a similar recall last June, one in a series of notable food recalls last year. In December, the USDA recalled nearly 15 tons of Jimmy Dean Sausage. JBS Tolleson has recalled 6,000 tons of beef since October, and Cargill recalled meats twice in the second half of last year.
4. Apple supplier Foxconn changes plans in Wisconsin
Apple supplier Foxconn said Wednesday that it is abandoning a plan to build a major new factory in Wisconsin, a project President Trump had touted as a massive source of new jobs, and will instead build a research and development center. The Taiwanese tech giant said that it still would hire 13,000 people but that they would be engineers and researchers instead of factory workers. "The global market environment that existed when the project was first announced has changed," Foxconn said. Wisconsin had agreed to give the company $3 billion in state tax credits and breaks, although critics complained that the state would make no money on the factory for 25 years. Under the contract, Wisconsin can withhold some of the breaks if Foxconn changes the deal.
5. Tesla shares drop after news CFO is leaving
Tesla shares dropped by 5 percent in after-hours trading Wednesday after the electric-car maker announced that its chief financial officer, Deepak Ahuja, is retiring after almost 11 years. It is the second departure for Ahuja, who left in 2015 only to rejoin the company in 2017. Zach Kirkhorn, previously the company's vice president of finance, will step into the role. "I feel really good about Zach taking over," Ahuja said. "He's proven his self over the years with many tough challenges he's worked on." CEO Elon Musk announced the change in a conference call after Tesla posted quarterly results that missed expectations on earnings, but beat on revenue.
-
Settling the West Bank: a death knell for a Palestine state?In the Spotlight The reality on the ground is that the annexation of the West Bank is all but a done deal
-
Sudoku medium: August 23, 2025The Week's daily medium sudoku puzzle
-
Sudoku hard: August 23, 2025The Week's daily hard sudoku puzzle
-
How China uses 'dark fleets' to circumvent trade sanctionsThe Explainer The fleets are used to smuggle goods like oil and fish
-
One year after mass protests, why are Kenyans taking to the streets again?today's big question More than 60 protesters died during demonstrations in 2024
-
What happens if tensions between India and Pakistan boil over?TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designationThe Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across SyriaTHE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
-
'Like a sound from hell': Serbia and sonic weaponsThe Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
-
The arrest of the Philippines' former president leaves the country's drug war in disarrayIn the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
-
Ukrainian election: who could replace Zelenskyy?The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
