Stocks Finish Lower After Robust Economic Data

Stocks Finish Lower After Robust Economic Data

Stocks fell Thursday after economic data pointed to a strong labor market and faster economic growth than previously thought. The S&P 500 tumbled 56.05 points, or 1.4%, to close at 3822.39. The Dow Jones Industrial Average fell 348.99 points, or 1%, to 33027.49. The technology-focused Nasdaq Composite lost 233.25 points, or 2.2%, to close at … Read more

Crypto’s Onetime Fans Are Calling It Quits After FTX Collapse

Crypto’s Onetime Fans Are Calling It Quits After FTX Collapse

Buying crypto was so much fun when it was going up. Now, many onetime fans are getting out. This year has brought crisis after crisis, raising questions about the industry’s long-term prospects. Two major lenders, Voyager Digital VYGVQ -1.52% and Celsius Network, filed for bankruptcy this summer. The price of bitcoin has plunged some 75% … Read more

Fed Rate Increases Are Squeezing Consumer-Finance Companies

Fed Rate Increases Are Squeezing Consumer-Finance Companies

The financial squeeze that started about six months ago for companies that lend to ordinary Americans is getting worse, contrasting sharply with recent rallies in stocks and corporate bonds. The main reason: These finance companies have lost access to easy money. Widespread economic uncertainty has made debt investors less willing to buy the bonds these … Read more

Dow Drops Nearly 500 Points on China Protests, Fed Comments

Dow Drops Nearly 500 Points on China Protests, Fed Comments

U.S. stocks pulled back Monday, pushed down by widespread protests across China and hawkish comments from Federal Reserve officials about the path of interest-rate increases.  The S&P 500 fell 62.18 points, or 1.5%, to 3963.94. The Dow Jones Industrial Average lost 497.57 points, or 1.4%, at 33849.46. The Nasdaq Composite declined 176.86 points, or 1.6%, … Read more

They Lived Together, Worked Together and Lost Billions Together: Inside Sam Bankman-Fried’s Doomed FTX Empire

They Lived Together, Worked Together and Lost Billions Together: Inside Sam Bankman-Fried’s Doomed FTX Empire

The emerging picture suggests FTX wasn’t simply felled by a rival, or undone by a bad trade or the relentless fall this year in the value of cryptocurrencies. Instead, it had long been a chaotic mess. From its earliest days, the firm was an unruly agglomeration of corporate entities, customer assets and Mr. Bankman-Fried himself, … Read more

Bankrupt FTX Fires Three of Sam Bankman-Fried’s Top Deputies

Bankrupt FTX Fires Three of Sam Bankman-Fried’s Top Deputies

FTX, the cryptocurrency exchange launched by Sam Bankman-Fried, said it fired three of the founder’s top deputies. Gary Wang, an FTX co-founder and its chief technology officer; FTX engineering director Nishad Singh; and Caroline Ellison, who ran Mr. Bankman-Fried’s trading arm, Alameda Research, were terminated from those roles after FTX tapped John J. Ray to … Read more

Alameda, FTX Executives Are Said to Have Known FTX Was Using Customer Funds

Alameda, FTX Executives Are Said to Have Known FTX Was Using Customer Funds

Alameda Research’s chief executive and senior FTX officials knew that FTX had lent its customers’ money to Alameda to help it meet its liabilities, according to people familiar with the matter. Alameda’s troubles helped lead to the bankruptcy of FTX, the crypto exchange founded by Sam Bankman-Fried. Alameda is a trading firm also founded and … Read more

First Came the Crypto Crash. Now Comes the Taxman.

First Came the Crypto Crash. Now Comes the Taxman.

The rout in cryptocurrencies worsened this week with the collapse of the offshore exchange FTX. With bitcoin recently down more than 60% in 2022, many crypto investors would surely like to forget about digital assets, at least for now. That would be a mistake. The Internal Revenue Service hasn’t lost interest in cryptocurrencies, and investors … Read more

FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall

FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall

Crypto exchange FTX lent billions of dollars worth of customer assets to fund risky bets by its affiliated trading firm, Alameda Research, setting the stage for the exchange’s implosion, a person familiar with the matter said. FTX Chief Executive Sam Bankman-Fried told an investor this week that Alameda owes FTX about $10 billion, the person … Read more

Dow Closes More Than 800 Points Higher in Volatile Day

Dow Closes More Than 800 Points Higher in Volatile Day

U.S. stocks closed sharply higher Thursday in a head-spinning reversal, after investors decided that fresh evidence of high inflation wasn’t as bad as it initially appeared. It was the first time that the Dow Jones Industrial Average both fell at least 500 points and rose at least 800 points in a single trading day, according … Read more