Stocks closed higher on Wall Street, giving the market its fifth gain in a row and notching another record high for the Dow Jones Industrial Average. The S&P 500 rose 0.3% Friday. The Dow added 1%, and the Nasdaq composite tacked on 0.2%. Retailers had some of the biggest gains. Gap soared after reporting quarterly results that easily beat analysts’ estimates. EchoStar fell after DirecTV called off its purchase of that company’s Dish Network unit. European markets closed mostly higher and Asian markets ended mixed. Treasury yields held relatively steady in the bond market. Crude oil prices gained ground. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. Stocks rose on Wall Street in afternoon trading Friday, keeping the market on track for its fifth straight gain. The S&P 500 was up 0.2% and was solidly on track for a weekly gain that will erase most of last week's loss. The Dow Jones Industrial Average climbed 333 points, or 0.8%, and the Nasdaq composite was essentially flat with a gain of less than 0.1% as of 3:07 p.m. Eastern. Markets have been volatile over the last few weeks, losing ground in the runup to elections in November, then surging following Donald Trump's victory, before falling again. The S&P 500 has been steadily rising throughout this week to within close range of its record. “Overall, market behavior has normalized following an intense few weeks,” said Mark Hackett, chief of investment research at Nationwide, in a statement. Several retailers jumped after giving Wall Street encouraging financial updates. Gap soared 10.8% after handily beating analysts' third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 1.5% after raising its earnings forecast for the year. EchoStar fell 2.4% after DirecTV called off its purchase of that company's Dish Network unit. Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 1.8%. A majority of stocks in the S&P 500 were gaining ground, but those gains were kept in check by slumps for several big technology companies. Nvidia fell 3.3%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because of demand for its chips used in artificial-intelligence technology. Intuit, which makes TurboTax and other accounting software, fell 5.6%. It gave investors a quarterly earnings forecast that fell short of analysts’ expectations. Facebook owner Meta Platforms fell 0.8% following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. It stems from the privacy scandal involving the Cambridge Analytica political consulting firm. European markets closed mostly higher and Asian markets ended mixed. Crude oil prices rose. Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury fell to 4.41% from 4.42% late Thursday. In the crypto market, Bitcoin hovered around $99,000, according to CoinDesk. It has more than doubled this year and first surpassed the $99,000 level on Thursday. Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation's largest retailer, reported a quarter of strong sales and gave investors an encouraging financial forecast. Target, though, reported weaker earnings than analysts' expected and its forecast disappointed Wall Street. Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs. Inflation has been easing and the Federal Reserve has started trimming its benchmark interest rates. That is likely to help relieve pressure on consumers, but any major shift in spending could prompt the Fed to reassess its path ahead on interest rates. Also, any big reversals on the rate of inflation could curtail spending. Consumer sentiment remains strong, according to the University of Michigan's consumer sentiment index. It revised its latest figure for November to 71.8 from an initial reading of 73 earlier this month, though economists expected a slight increase. It's still up from 70.5 in October. The survey also showed that consumers' inflation expectations for the year ahead fell slightly to 2.6%, which is the lowest reading since December of 2020. Wall Street will get another update on how consumers feel when the business group The Conference Board releases its monthly consumer confidence survey on Tuesday. A key inflation update will come on Wednesday when the U.S. releases its October personal consumption expenditures index. The PCE is the Fed's preferred measure of inflation and this will be the last PCE reading prior to the central bank's meeting in December.
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Article content Passengers taking to the skies from Edmonton in May will be able to travel non-stop to Houston and Chicago following a recent United Airlines announcement. Edmonton International Airport (YEG) on Friday said that through a partnership with United Airlines, the airport will gain direct flights to Chicago and Houston. The direct flights to Houston will begin takeoff in May, starting with four weekly flights in the summer and increasing to daily winter flights. Director of Aviation for Houston Airports, Jim Szczesniak, said the partnership will increase the bonds between the two cities, “opening doors for cultural exchange and exploration.” YEG president and CEO, Myron Keehn, said the new flights aid the airport in its broad vision of having more flights to more places for those leaving Edmonton. “From important business connections to diverse cultural experiences, we know our passengers will enjoy these new non-stop offerings at YEG,” said Keehn. The airport highlighted the benefits of further connections between Edmonton and Houston due to the two cities’ shared attachment to the energy sector. It said the new flights offer a chance to strengthen business ties between Edmonton and Houston while also opening doors in other industries where the American city leads, like aerospace, healthcare, and technology. Beyond the immediate connection between Edmonton and Houston, the latter also serves as a global hub, particularly to Latin and South America, for United; it hopes to open new travel opportunities for Edmonton customers. “As a global gateway to Latin America and beyond, Houston is proud to serve as a vital link that connects these two corners of the world, fostering growth, innovation and shared experiences,” said Szczesniak. For its part, YEG said the direct Chicago flight offers a “major global hub for finance, manufacturing and technology,” which it said will make the city a key destination for Edmonton businesses to connect with international networks and industry leaders. Chicago flights also begin in May, with three non-stop flights from Edmonton per week over the summer. The two direct flights come on the heels of a similar recent announcement that YEG will also get direct flights to Salt Lake City and Chicago from WestJet, in addition to other expanded offerings domestically.
Founder of failed crypto lending platform Celsius Network pleads guilty to fraud charges NEW YORK (AP) — The founder and former CEO of the failed cryptocurrency lending platform Celsius Network has pleaded guilty to federal fraud charges, admitting that he misled customers about the business. Alexander Mashinsky entered the plea Tuesday in Manhattan federal court to commodities and securities fraud. He admitted illegally manipulating the price of Celsius’ proprietary crypto token while secretly selling his own tokens at inflated prices. A plea agreement Mashinsky reached with prosecutors calls for him to be sentenced to up to 30 years in prison. Sentencing was scheduled for April 8. Celsius filed for bankruptcy in 2022. A judge has once again rejected Musk's multi-billion-dollar Tesla pay package. Now what? DETROIT (AP) — For a second time, a Delaware judge has nullified a pay package that Tesla had awarded its CEO, Elon Musk, that once was valued at $56 billion. On Monday, Chancellor Kathaleen St. Jude McCormick turned aside a request from Musk’s lawyers to reverse a ruling she announced in January that had thrown out the compensation plan. The judge ruled then that Musk effectively controlled Tesla’s board and had engineered the outsize pay package during sham negotiations. Lawyers for a Tesla shareholder who sued to block the pay package contended that shareholders who had voted for the 10-year plan in 2018 had been given misleading and incomplete information. US job openings rose last month, though hiring slowed, in mixed picture for labor market WASHINGTON (AP) — The number of job postings in the United States rebounded in October from a 3 1/2 year low in September, a sign that businesses are still seeking workers even though hiring has cooled. Openings rose 5% to 7.7 million from 7.4 million in September. The increase suggests that job gains could pick up in the coming months. Still, the latest figure is down significantly from 8.7 million job postings a year ago. Last month, job openings rose sharply in professional and business services, a category that includes engineers, managers, and accountants, as well as in the restaurant and hotel and information technology industries. Trump vows to block Japanese steelmaker from buying US Steel, pledges tax incentives and tariffs HARRISBURG, Pa. (AP) — President-elect Donald Trump is underscoring his intention to block the purchase of U.S. Steel by Japanese steelmaker Nippon Steel Corp., and he’s pledging to use tax incentives and tariffs to strengthen the iconic American steelmaker. Trump said during the campaign that he would “instantaneously” block the deal, and he reiterated that sentiment in a Monday night statement. President Joe Biden also opposes Nippon Steel’s purchase of Pittsburgh-based U.S. Steel. A secretive U.S. committee is reviewing the transaction for national security concerns, and federal law gives the president the power to block the transaction. Nippon Steel is pledging to invest in U.S. Steel’s factories and strengthen the American steel industry. Stock market today: Wall Street inches higher to set more records NEW YORK (AP) — U.S. stocks tiptoed to more records after a quiet day of trading. The S&P 500 edged up by 2 points, or less than 0.1%, on Tuesday to set an all-time high for the 55th time this year. The Dow Jones Industrial Average slipped 0.2%, while the Nasdaq composite added 0.4% to its own record set a day earlier. Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. The South Korean won sank against the dollar after its president declared martial law and then later said he’ll lift it. China bans exports to US of gallium, germanium, antimony in response to chip sanctions BANGKOK (AP) — China has announced a ban on exports to the United States of gallium, germanium and other key high-tech materials with potential military applications. The Chinese Commerce Ministry announced the move after the Washington expanded its list of Chinese companies subject to export controls on computer chip-making equipment, software and high-bandwidth memory chips. Such chips are needed for advanced applications. Beijing earlier had required exporters to apply for licenses to send strategically important materials such as gallium, germanium and antimony to the U.S. The 140 companies newly included in the U.S. so-called “entity list” subject to export controls are nearly all based in China. Small business owners brace for Trump's proposed tariffs Small businesses are bracing for stiff tariffs that President-elect Donald Trump has proposed as one of his first actions when he takes office. Trump has proposed importers pay a 25% tax on products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China, as one of his first executive orders. This means small businesses may end up paying more for goods and services. Small business owners say they’re waiting to see what final form the tariffs take, but are bracing for higher costs that they may in turn need to pass on to consumers. A top Fed official leans toward December rate cut but says it depends on economic data WASHINGTON (AP) — A top Federal Reserve official says he is leaning toward supporting an interest rate cut when the Fed meets in two weeks but that evidence of persistent inflation before then could cause him to change that view. Speaking at George Washington University, Christopher Waller, a key member of the Fed’s Board of Governors, said he was confident that inflation is headed lower and that the central bank will likely keep reducing its key rate, which affects many consumer and business loans. But he noted that there’s a risk that inflation “may be getting stuck above” the Fed’s 2% target, which would support an argument for keeping the Fed’s rate unchanged this month. US closes investigation into E. coli outbreak linked to onions in McDonald's Quarter Pounders The federal government has closed its investigation into an E. coli outbreak tied to McDonald’s Quarter Pounder hamburgers after determining there is no longer a safety risk. The outbreak began in late October and sickened at least 104 people in 14 states, including 34 who were hospitalized, according to the U.S. Food and Drug Administration. One person in Colorado died and four people developed a potentially life-threatening kidney disease complication. The FDA linked the outbreak to yellow onions distributed by California-based Taylor Farms and served raw on Quarter Pounders at McDonald’s restaurants in Colorado, Kansas, Wyoming and other states. McDonald’s briefly pulled Quarter Pounders from one-fifth of its U.S. restaurants. Melinda French Gates plans to match $1M in GivingTuesday gifts to groups that support women NEW YORK (AP) — Melinda French Gates is offering to match up to $1 million in gifts to two nonprofit organizations to help spur donations on GivingTuesday. The Tuesday after Thanksgiving, GivingTuesday has become a major annual fundraising day for nonprofits. Through her organization Pivotal Ventures, French Gates will match up to $500,000 in donations to the Vote Mama Foundation and the Rosalynn Carter Institute for Caregivers. In an interview with The Associated Press, she said, “It’s a great time to remind people that we’re better off when we give something back and we all have something to give back."An Ohio teacher is suing her school district after she was reprimanded and ultimately suspended for having books with LGBTQ characters in her classroom. Karen Cahall, an elementary school teacher, filed a federal case against the school board, Superintendent Tracey Miller and board members Todd Wells, Tim DuFau, Robert Wooten, Jonathan Zimmerman and Amy Story, The Cincinnati Enquirer reported Friday. "Cahall maintains sincere and deeply rooted moral and religious beliefs that all children, including children who are LGBTQ+ or the children of parents who are LGBTQ+, deserve to be respected, accepted, and loved for who they are," her lawsuit reads . So far, the school district won't comment. ALSO READ: A mysterious group of Republicans is secretly rewriting the Constitution The report said there is no policy specifically regarding book bans, only a blanket "controversial issues" rule . It says that topics "likely to arouse both support and opposition in the community" are allowed to be taught in classrooms so long as they are related to the class's instructional goals, encourage open-mindedness, and teachers don't "tend to indoctrinate or persuade students to a particular point of view." Anything outside the curriculum has to be approved by a principal. Cahall called the rule unconstitutional and said it was the reason she was suspended without pay. Four books with LGBTQ characters were on the shelf in her classroom, along with about 100 other books available to students. The lawsuit noted they weren't prominently displayed and she never read from or taught them, nor required students to read them. They were simply on the shelf. The lawsuit also said there's no sexual activity in the books, rather their characters "are coming to terms with feeling different and excluded." Parent Kayla Shaw complained. Cahall has taught in the school district for more than 30 years. Conservatives have used their faith to censor books in the past, The Interfaith Alliance noted in September ahead of new congressional legislation. “Censorship is a religious freedom issue — book banning is a political strategy that could silence diverse religious voices and traditions that are a major part of the rich social fabric of America,” said Interfaith Alliance president, Rev. Paul Brandeis Raushenbush. “Sadly, many who want to ban books use religion as their excuse to target LGBTQIA+ voices, communities of color, and many others. In fact, most people of faith and conscience in this country oppose these harmful efforts – and stand firmly behind the right to read.” The superintendent said Cahall knew the books were banned because her request was denied to include them in the library. "You subsequently placed the books in your classroom library without putting them through the established approval process," a disciplinary letter Miller sent to Cahall said. "It is my sincere hope that you will internalize the discipline you are receiving and that you will reflect upon this in order to change," Miller continued. "However, if you continue to behave in this manner in the future, you will be subjected to more severe discipline up to and including termination of your employment."Trump’s picks for top health jobs not just team of rivals but ‘team of opponents’
Indian billionaire Gautam Adani’s feverish push to expand his global energy and infrastructure empire has been knocked by US bribery charges, but analysts believe the tycoon will bounce back. The bombshell indictment in New York on Wednesday accusing Adani and his associates of paying more than $250mn in bribes to secure lucrative government contracts sparked a frenzied sale of stocks. Within hours, India’s opposition leader Rahul Gandhi demanded Adani’s arrest and Kenyan President William Ruto scrapped airport and electricity deals worth about $2.5bn. The Adani Group dismissed the bribery charge as “baseless” but Shriram Subramanian, founder of corporate governance advisory firm, InGovern Research Services, said it has “huge” implications. “They will defend themselves by appealing, or go for a settlement,” Subramanian told AFP from Bengaluru. “It is a big blow to their reputation and corporate governance practices,” he added. The meteoric rise of Adani, once the world’s second-richest man, has been dogged with controversies - and allegations he benefited from his close ties to Hindu nationalist Prime Minister Narendra Modi. The conglomerate weathered previous allegations of impropriety that wiped $150bn from its market value in 2023, after a report by US short-seller Hindenburg Research accused it of “brazen” corporate fraud. “Given Adani’s clout, his resources, and his access, he has the capacity to bounce back, (and) we saw that the last time around,” Michael Kugelman, South Asia Institute Director at The Wilson Center told AFP. Adani’s empire spanning coal, airports, cement, and media has interests in countries ranging from Australia to Bangladesh, Bhutan, Israel, Sri Lanka, Tanzania and Nepal. But Kugelman warned that this time the challenge is “unprecedented”. “If you’re indicted by the US justice system, the seriousness and the scale is altogether different”, Kugelman said. “Hindenburg pales in comparison to what he is facing right now”. The bribery charges are a huge hurdle for key investors, and sparking grassroots demands for greater scrutiny of major projects. In neighbouring Sri Lanka, activists opposing a $442mn wind power project by Adani Green Energy have demanded the deal be stalled. “The tolerance for risk among the investors who stuck with him during Hindenburg would be much lower,” Kugelman said. Adani is India’s largest private port operator, and operates key airports including in the financial capital Mumbai and Ahmedabad, the biggest city in Modi’s home state of Gujarat. The group is also involved in vast coal and renewable energy projects across the world’s fifth-largest economy. In October, Gautam’s nephew and board member Sagar Adani - also named in the indictment - told AFP there was “no political connection” between Adani Group and Modi’s government. Hemindra Hazari, a Mumbai-based markets research analyst, said that the conglomerate, a relatively new player in key infrastructure sectors, was backed by large investors who would otherwise have been cautious because it “was considered to be close to the ruling dispensation”. “Most of them invested despite the group’s limited managerial bandwidth and experience...precisely because...it was seen to be getting highly remunerative terms...which, in any normal market-based economy, would not have been possible,” he told AFP. A “significant component” of Adani debt was raised from foreign sources, including banks and institutional investors, he said, and “everything will slow down for them for now”. India’s government is yet to comment. Opposition leader Rahul Gandhi however was swift to demand Adani be arrested - but telling reporters he knew that would not happen, alleging that “Modi is protecting him”. Modi’s Bharatiya Janata Party (BJP) hit back saying the alleged bribery was linked to Indian states led by opposition parties. Subramanian believes it is just “a dent” to Adani’s reputation and that they will “continue to seek out and win projects across India and rest of the world”. But Kugelman warned the “reputational blows”, not only to the Adani Group but to India, were “severe”. As for the future, how the charges will influence incoming US president Donald Trump remains an “unknown”, Kugelman said. “I don’t think it’d really affect the broader India-US relationship”, he said. But he noted that Trump may eye a wily businessman like Adani “favourably”, or “leverage it for more favourable policies on tariffs”. Related Story MES conducts musical reality show amid anniversary celebrations Katara launches ‘Look Away, Look Again’ art exhibitionWofford vs. Gardner-Webb Predictions & Picks: Spread, Total – December 4
Wade Taylor IV scores 15 points and No. 22 Texas A&M beats Wake Forest 57-44It’s been a day fuelled by weather-related postponements and delays throughout Scottish football. And in the final Scottish Premiership fixture of the weekend, Celtic were 3-1 up against Heart of Midlothian at Tynecastle with a matter of minutes remaining when the game had to be halted because of a bizarre incident. Assistant referee appeared to sustain a thigh injury whilst running the line which resulted in the fourth official taking over the duties late on. “What is going on here, is the fourth official having a massage?,” quipped Chris Sutton on Sky Sports commentary as he attempted to figure out what was happening. “That’s Mickey Mouse, dearie me!” The match ended up at a standstill for four minutes until the replacement, Stevie Kirkland, prepared themselves. Celtic went on to score another with substitute Adam Idah converting from the penalty spot to secure maximum points and go three ahead of Aberdeen in the league table.