How the stock market defied expectations again this year, by the numbers NEW YORK (AP) — What a wonderful year 2024 has been for investors. U.S. stocks ripped higher and carried the S&P 500 to records as the economy kept growing and the Federal Reserve began cutting interest rates. The benchmark index posted its first back-to-back annual gains of more than 20% since 1998. The year featured many familiar winners, such as Big Tech, which got even bigger as their stock prices kept growing. But it wasn’t just Apple, Nvidia and the like. Bitcoin and gold surged and “Roaring Kitty” reappeared to briefly reignite the meme stock craze. Stock market today: Wall Street drifts to a mixed close in thin trading following a holiday pause Stock indexes drifted to a mixed finish on Wall Street as some heavyweight technology and communications sector stocks offset gains elsewhere in the market. The S&P 500 slipped less than 0.1% Thursday, its first loss after three straight gains. The Dow Jones Industrial Average added 0.1%, and the Nasdaq composite fell 0.1%. Gains by retailers and health care stocks helped temper the losses. Trading volume was lighter than usual as U.S. markets reopened following the Christmas holiday. The Labor Department reported that U.S. applications for unemployment benefits held steady last week, though continuing claims rose to the highest level in three years. Treasury yields fell in the bond market. Israel strikes Houthi rebels in Yemen's capital while the WHO chief says he was meters away JERUSALEM (AP) — A new round of Israeli airstrikes in Yemen have targeted the Houthi rebel-held capital of Sanaa and multiple ports. The World Health Organization’s director-general said the bombardment on Thursday took place just “meters away” as he was about to board a flight in Sanaa. He says a crew member was hurt. The strikes followed several days of Houthi attacks and launches setting off sirens in Israel. Israel's military says it attacked infrastructure used by the Houthis at the international airport in Sanaa, power stations and ports. The Israeli military later said it wasn’t aware that the WHO chief was at the location in Yemen. Holiday shoppers increased spending by 3.8% despite higher prices New data shows holiday sales rose this year even as Americans wrestled with still high prices in many grocery necessities and other financial worries. According to Mastercard SpendingPulse, holiday sales from the beginning of November through Christmas Eve climbed 3.8%, a faster pace than the 3.1% increase from a year earlier. The measure tracks all kinds of payments including cash and debit cards. This year, retailers were even more under the gun to get shoppers in to buy early and in bulk since there were five fewer days between Thanksgiving and Christmas. Mastercard SpendingPulse says the last five days of the season accounted for 10% of the spending. Sales of clothing, electronics and Jewelry rose. Finland stops Russia-linked vessel over damaged undersea power cable in Baltic Sea FRANKFURT, Germany (AP) — Finnish police say authorities detained a ship linked to neighboring Russia as they investigate whether it damaged a Baltic Sea power cable and several data cables. It was the latest incident involving disruption of key infrastructure. Police and border guards boarded the Eagle S and took control as they investigate damage to the Estlink-2 undersea power cable. The cable brings electricity from Finland to Estonia across the Baltic Sea. The cable went down on Wednesday. The incident follows damage to two data cables and the Nord Stream gas pipelines. Both have been termed sabotage. Russian ship that sank in the Mediterranean was attacked, owner says MOSCOW (AP) — The Russian operator of a cargo ship that sank in the Mediterranean Sea between Spain and Algeria says it has been hit by a series of explosions in an act of sabotage. Oboronlogistica is a state-controlled company that operated the Ursa Major freighter. The company said the vessel was wrecked by three powerful explosions just above the water line in what it described as a “terrorist attack” that caused it to sink on Monday. The company said in a statement carried by Russia’s state RIA Novosti news agency on Thursday that the explosions left a hole in the ship’s starboard and filled the engine room with acrid smoke. That hampered the crew’s attempts to access it. Undersea power cable linking Finland and Estonia hit by outage, prompting investigation FRANKFURT, Germany (AP) — Finland’s prime minister says authorities are investigating an interruption in a power cable under the Baltic Sea between his country and Estonia. Petteri Orpo said on X that power transmission through the Estlink-2 cable suffered an outage Wednesday. Authorities have been on edge about undersea infrastructure in the Baltic after two international data cables were severed in November and the Nord Stream gas pipelines between Russia and Germany were blown up in September 2022. Japan to maximize nuclear power in clean-energy push as electricity demand grows TOKYO (AP) — A Japanese government panel has largely supported a draft energy policy calling for bolstering renewables up to half of Japanese electricity needs by 2040. It also recommends maximizing the use of nuclear power to accommodate the growing demand for power in the era of AI while meeting decarbonization targets. Cabinet is expected to formally approve the plan by March following a period of public consultation. The policy says nuclear energy should account for 20% of Japan’s energy supply in 2040, with renewables expanded to 40-50% and coal-fired power reduced to 30-40%. Working Well: Returning to the office can disrupt life. Here are some tips to navigate the changes NEW YORK (AP) — Thousands of workers are facing an unsettling reality heading into 2025. After years of working from the comfort of home, they're being told it’s time to return to the office full-time for the first time since the coronavirus pandemic. That can bring a host of challenges, including losing time with family. Workers at Amazon, AT&T and other companies have been called back to the office five days a week. Experts have advice to share about how to navigate the changes when an employer calls you back to the office. Workers can convey what they need, seek flexibility and if all else fails, consider other options. US applications for unemployment benefits hold steady, but continuing claims rise to 3-year high WASHINGTON (AP) — The number of Americans applying for unemployment benefits held steady last week, though continuing claims rose to the highest level in three years. The US Labor Department reported Thursday that jobless claim applications ticked down by 1,000 to 219,000 for the week of Dec. 21. That’s fewer than the 223,000 analysts forecast. Continuing claims, the total number of Americans collecting jobless benefits, climbed by 46,000 to 1.91 million for the week of Dec. 14. That’s more than analysts projected and the most since the week of Nov. 13, 2021. Weekly applications for jobless benefits are considered representative of U.S. layoffs.
The NSE Nifty 50 consolidates between 23,500 support and 23,860 resistance. Analysts highlight that a breakout above 23,860 may target 24,000-24,100, while a drop below 23,500 could signal further downside. "Technically, Nifty managed to cross the 200-day simple moving average, or 200-DSMA, on the daily chart but failed to sustain above it, forming a doji candle. On the weekly chart, the index has formed an inside bar candlestick pattern, indicating strong demand near the 23,500-23,540 zone. The 200-DSMA is placed around 23,860, which will act as an immediate hurdle for Nifty. A sustainable move above this level could drive the index towards 24,000–24,100," according to Hrishikesh Yedve, AVP technical and derivatives research at Asit C. Mehta Investment Interrmediates Ltd. "On the downside, 23,500 remains a key support. In the immediate term, Nifty is expected to consolidate between 23,500 and 23,900, with a breakout on either side defining its next move," said Yedve. "With no significant triggers in the near term, markets are likely to remain range-bound. Pre-quarterly business updates to be released in the first week of January 2025 will provide insights into the upcoming result season and would be keenly tracked by the markets," said Siddhartha Khemka, head of research, wealth management, Motilal Oswal Financial Services Ltd. "After oscillating within a well-established range of 23,650-23,850, the index has formed consecutive doji candles on the daily chart, while the weekly chart shows a spinning top or inside bar candlestick pattern. A decisive move in either direction is required to establish a clear trend," according to Aditya Gaggar, Director of Progressive Shares. Bank Nifty closed marginally higher at 51,311. Yedve noted that on the daily chart, the index formed a small green candle, and on the weekly chart, it displayed an inside bar candlestick pattern. The 200-Day Simple Moving Average, or 200-DSMA, is currently placed around 50,580, which will serve as strong support, while the 100-Day Exponential Moving Average, or 100-DEMA, at 51,630 acts as resistance. "In the short term, Bank Nifty is expected to trade within the 50,550–51,650 range, with a breakout in either direction determining its future trajectory,” he said. Overseas investors stayed net sellers for the ninth consecutive session, and domestic institutional investors stayed net buyers for the eighth straight session on Friday. FPIs offloaded stocks worth Rs 1,323.29 crore, and domestic institutional investors bought stocks worth approximately Rs 2,544.64 crore, according to provisional data from the National Stock Exchange. The Nifty January futures were up by 0.34% to 24,000 at a premium of 187 points, with the open interest up by 4.77%. The open interest distribution for the Nifty 50 Jan. 2 expiry series indicated most activity at 25,000 call strikes, with the 21,600 put strikes having maximum open interest. Indian benchmark indices ended Friday's session higher as Mahindra & Mahindra Ltd. and ICICI Bank Ltd. share prices led. The Nifty 50 ended with gains for the second day in a row. The benchmark indices recouped weekly losses. The Nifty 50 ended 63.20 points, or 0.27%, higher at 23,813.40, and the Sensex ended 226.59 points, or 0.29%, higher at 78,699.07. A few hours into Friday's session, the Nifty 50 had risen 0.79% to the day's high of 23,801.40, and the Sensex had climbed 0.73% to the day's high of 79,043.15. JSW Energy: The company’s arm JSW Neo Energy acquired a 4,696 MW renewable energy platform from O2 Power Midco Holdings and O2 Energy SG for Rs 12,468 crore. OL Chemicals and Pharmaceuticals: The board approved the subdivision of each share into 5. Prestige Estates: The company signed a business transfer agreement to transfer the company’s hospitality undertaking to arm Prestige Hospitality Ventures for Rs 313 crore. Zydus Lifesciences: The company and Sterling Biotech have mutually agreed to extend the deadline for the purchase of the API business of Sterling Biotech from Dec. 31, 2024, to March 31, 2025. Ola Electric: Anshul Khandelwal resigned from the post of Chief Marketing Officer. Suvonil Chatterjee resigned from the post of chief technology and product officer. The Indian rupee weakened sharply on Friday, hitting a fresh record closing low of 85.54 against the US dollar. This marked its steepest single-day decline since February 2023. The domestic currency, during the trading session, had depreciated 53 paise to hit its lowest ever value of 85.81. It had opened at 85.32 per dollar and had closed at 85.26 on Thursday.
There was no sitting room, and barely any standing room, at TinyBrickOven on Thursday, a day after the South Baltimore pizza shop had originally been slated to close. The post-Christmas full house was anticipated after the small Light Street pizza shop got a publicity boost and a on Monday from Barstool Sports founder Dave Portnoy. Jeff Taylor, owner of Westminster-based catering business Staglio Pizza, was in to assist TinyBrickOven owner William Fagg as the team made pies for customers. “His pies are amazing, his attitude’s amazing,” Fagg said of his pizza-tossing friend. Fagg received the five-figure influx of cash after telling Portnoy that he would need roughly $60,000 to stay in business for the next year. Portnoy, a part-time pizza influencer reviewing the Federal Hill shop, replied that it was “done” before offering Fagg a handshake during his “one-bite” critique posted Monday. Fagg has been seeking a liquor license for years after opening up the small New York-style pizza shop in 2019. While cooking pizzas during Thursday’s lunch rush, he said getting a license to serve beer and wine would mean “that we’d be on an even playing field” with competitors in South Baltimore. Chief among the competition is Cross Street Market, which is located next door, and includes a pizza shop that can serve beer with its slices. Fagg said that he has nothing against the market or Pizza di Joey, but thinks that there should be room for his small business to compete. Fagg, a Navy veteran, said that his pizzeria obtaining such a liquor permit hinges on not just the Baltimore City Board of Liquor License Commissioners, but also the state legislature. The Maryland General Assembly would need to pass legislation adjusting certain alcohol control rules before he can be granted an application, he said. As he cooked pizzas on Thursday, Fagg noted that couldn’t completely wrap his head around the specifics of what the state legislation would entail. Federal Hill, already densely packed with noisy bars as well as residential buildings, is a notoriously difficult place to secure a license, and TinyBrickOven is located in a central area close to the main drag. The pizzeria’s urges supporters to contact Maryland Senate President Bill Ferguson and Baltimore Del. Luke Clippinger, who did not return requests for comment on Thursday, about passing legislation needed to grant Fagg a beer and wine license. Fagg said he’s also pitched legislation that would create a “locals-only” liquor permit for small businesses to serve locally made beer and wine. The $60,000 cash infusion from Portnoy should help the shop stay open for at least a year and get its license, Fagg said. His restaurant, previously on the brink of closing, is . Fagg’s restaurant is known for its involvement in the surrounding community, often running fundraisers for people in need. During the holiday season, the restaurant runs a “Pay-It-Forward Program” where donations help provide hot pizzas to struggling families and people experiencing homelessness. The local pizza shop’s booster, Dave Portnoy, is most widely known for the sports and pop culture media brand he founded, Barstool Sports. Starting as a weekly print publication in 2003, Barstool has grown into a national digital media empire churning out sports and pop culture content. Portnoy, who serves as Barstool’s president, has branded himself through a blunt, pizza- and sports-loving persona as “El Presidente.” He has a history of pushing back against critics who have accused him of making racist and . Portnoy recently lost a defamation lawsuit against Insider.com after the outlet published citing women who accused Portnoy of sexual misconduct. On top of being Portnoy, 47, is considered to be one of . His “one bite” pizza reviews, , have enough reach to either rescue a struggling pizza shops or kill business for good when he renders his score on a 0 to 10 scale, including decimals. His verdict after taking multiple bites of a TinyBrickOven pie outside the Baltimore shop this week was a 7.9, praising the pizza’s “nice undercarriage” and Fagg’s “upbeat” spirit. “There’s no way this place should be going out of business,” Portnoy said. “Cost me 60 dimes right there, but whatever,” Portnoy said as he left the shop, using an expletive while commenting that he’s a “nice” person.Bill Plaschke: Most Valuable Ever! Shohei Ohtani wins MVP with best season in LA sports history.