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Americans face high gas prices, crowded roads this Memorial Day weekend

If you plan to hit the roads this Memorial Day weekend, get ready to pay more at the pump. Gas prices are poised to be the highest for the holiday weekend since 2014, according to travel organization AAA. Those prices averaged $2.93 nationally per gallon as of Tuesday. “Gas prices are nearly 60 cents more expensive than last year and will likely jump a few more pennies heading into Memorial Day weekend,” said AAA spokeswoman Jeanette Casselano. “As nearly 37 million Americans travel by car this weekend, motorists will find gas for $3 or more at 25 percent of all gas stations across the country.” Those costs are not likely to deter many travelers, Casselano said, many of whom booked their trips months in advance. A record number of Americans — more than 41.5 million ...

Weekly mortgage refinances drop to an 18-year low as rates jump

A sharp rise in interest rates last week meant far fewer homeowners could benefit from a mortgage refinance. That was the primary driver behind a 2.6 percent drop in total mortgage application volume last week, according to the Mortgage Bankers Association’s seasonally adjusted report. Volume was 10.5 percent lower than a year ago. Refinance volume has been falling for the past month as rates rise, dipping another 4 percent last week to the lowest level since December 2000. Refinances are 27 percent lower than a year ago and now make up just under 36 percent of mortgage application volume. Most borrowers who were able to qualify, refinanced during the last five years, as rates stalled near record lows. The average contract interest rate for 30-year fixed-rate mortgages with conformin...

Closets are like stock portfolios: Rent the Runway CEO

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Cramer Remix: If we see another pullback, buy this sector

After U.S. crude oil prices hit a three-and-a-half-year high on Tuesday, CNBC’s Jim Cramer drilled down on why investors should’ve seen it coming. The “Mad Money” host pointed to an April conference call at oil giant Schlumberger led by its CEO, Paal Kibsgaard. On the call, Kibsgaard said that supply and demand were in balance, but that global crude stocks were still below the five-year average. The CEO argued that these data signaled that oil prices could move higher soon, which led to the surge higher that occurred in early May, Cramer said, adding that prices could still climb. “Look, without significant new exploration the price of oil will keep drifting higher,” Cramer said. “So if you get any sort of pullback like we got late this afternoon, ...

‘I am worried about NAFTA,’ says CEO of major US railroad serving Mexico and Canada

With U.S. Treasury Secretary Steven Mnuchin admitting on CNBC that there are still some “significant” issues hindering a new NAFTA deal, CEOs like Union Pacific’s Lance Fritz are concerned. “I am worried about NAFTA just overall,” Fritz told “Mad Money” host Jim Cramer on Tuesday. “What concerns me right now is there seems to be this idea that we’ve got to race to a deal, and if we can’t get it done soon, we’re going to have to pause for a while. And that strikes me as an unhealthy place to be.” Fritz, whose railroad company operates in Canada, Mexico and much of the Western United States, said that he has spoken to members of the Trump administration regarding NAFTA. Last Thursday, Canadian Prime Minister Justin Trude...

As Hawaii volcano eruption hits tourism, governor stresses the island is ‘open for business’

The volcano eruption on Hawaii’s Big Island is driving away some tourists from the affected area, but the rest of the island is “open for business,” Gov. David Ige told CNBC on Tuesday. Hawaii Volcanoes National Park, a popular tourist destination, has been shut down since the Kilauea volcano began spewing lava and toxic gases earlier this month. “The actual area of the eruption is a very, very small portion of Hawaii Island. Less than 1 percent of the land mass is actually impacted,” Ige said on “Closing Bell.” For the rest of the island, “visitor arrivals there are still strong,” he added. Tourism is the Big Island’s largest industry. However, some vacationers are now not making the trip. Both Norwegian Cruise Lines and Royal Ca...

Read Mark Zuckerberg’s prepared remarks for his meeting with EU lawmakers

Mark Zuckerberg is meeting with European Union leaders Tuesday in his third appearance before regulators to address Facebook‘s Cambridge Analytica scandal. He’s likely to face harsh questioning about widespread abuse on the platform and foreign meddling in world elections. The meeting will be lived streamed on CNBC starting at 12:15 p.m. ET. Here’s some of what Zuckerberg is prepared to say: Europeans make up a large and incredibly important part of our global community. Many of the values Europeans care most deeply about are values we share: from the importance of human rights and the need for community to a love of technology, with all the potential it brings. In order to realize that potential, we need to make technology a force for good. As Facebook has grown, we̵...

One Facebook executive is so loyal she says she’d agree to ‘cleaning the toilets’ if asked

One of Facebook‘s most senior executives, Naomi Gleit, believes so deeply in the social media company and her colleagues that she’d agree to “cleaning the toilets” if asked, Gleit told Recode in an interview. “I would kind of do anything with them,” Gleit told the news site. “If they told me … to work on cleaning the toilets, I would say, ‘Okay.'” While it’s unlikely the vice president of social good would be called upon for custodial services, Gleit’s apparent willingness is indicative of the mission-driven mentality that characterizes most senior Facebook executives — and that keeps them from leaving, even amid months of scandal. Nine of Facebook’s top executives have been at the company for more than nine year...

NYSE’s new president takes on challenges as exchanges compete for IPOs, fees

The elevation of Stacey Cunningham to president of the NYSE Group represents a full circle for one of the few women who have worked on the exchange floor. Cunningham is well-known to traders. She started her career on the floor in 1994 as an intern with specialist firm Murphey, Marseilles, Smith & Nammack, but started full-time in 1996 for JJC Specialist, which was a division of Quick & Reilly. She became COO in 2015, not long after Intercontinental Exchange acquired the Big Board. Since then, she has played a crucial role in modernizing NYSE’s trading operations, including the roll-out of Pillar, an integrated trading platform that connects all the NYSE’s markets. While there have been some glitches and delays in the roll-out, it has been the most ambitious technology ...