Business Highlights: More rate hikes possible, Fed's Powell says; Tax preparers under fire

NEW YORK — Stocks rose to send Wall Street to its first winning week since July. The S&P 500 climbed 0.7% Friday after flipping between small gains and losses a few times through the day. The Dow Jones Industrial Average added 247 points, and the Nasdaq composite rose 0.9%. The gains came after the head of the Federal Reserve said it will proceed carefully as it decides what to do with interest rates.

WASHINGTON — Congressional Democrats are accusing big tax preparation firms including Intuit and H&R Block of undermining the federal government’s upcoming electronic free file tax return system. Letters obtained by The Associated Press show the lawmakers accuse the tax prep companies of lobbying against the new program, hiring former government workers to sway public interest against free file for all, and deliberately sabotaging a government program that offered free tax prep services.

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

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