Feds suspend ACA marketplace access to companies accused of falsely promising ‘cash cards’
NEW YORK (AP) — Wall Street got back to climbing after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve. The S&P 500 gained 0.8% Wednesday to break a two-day losing streak and finished just short of its all-time high. Big Tech stocks led the way, which drove the Nasdaq composite up 1.8% to top the 20,000 level for the first time. The Dow Jones Industrial Average lagged with a dip of 0.2%. Stocks got a boost as expectations built that the Fed will deliver another cut to interest rates at its meeting next week. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — U.S. stock indexes are rising Wednesday after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve . The S&P 500 gained 0.9% and is on track to break its first two-day losing streak in nearly a month. The Dow Jones Industrial Average fell 7 points, or less than 0.1%, as of 2:45 p.m. Eastern time, and the Nasdaq composite climbed 1.8% and was heading for a record. Treasury yields edged higher in the bond market as expectations built that Wednesday’s inflation data will allow the Fed to deliver another cut to interest rates at its meeting next week. Traders are betting on a 95% probability of that, according to data from CME Group, up from 89% a day before. If they’re correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It’s hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target. Lower rates would give a boost to the economy, but they could also provide more fuel for inflation. Wednesday’s report said U.S. consumers paid prices in November that were 2.7% higher than a year earlier. That’s a slight acceleration from October’s inflation rate of 2.6%, but it was exactly what economists were expecting. Another report on inflation at the wholesale level will arrive on Thursday. “The data have given the Fed the ‘all clear’ for next week, and today’s inflation data keep a January cut in active discussion,” according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times this year , with the latest coming last week. On Wall Street, Stitch Fix jumped 47.8% after the company that sends clothes to your door reported a smaller loss for the latest quarter than analysts expected. It also gave financial forecasts for the current quarter that were better than expected, including for revenue. Albertsons edged down by 0.6% after filing a lawsuit against Kroger, saying it didn’t do enough for their proposed $24.6 billion merger agreement to win regulatory clearance. Albertsons said it’s seeking billions of dollars in damages from Kroger, whose stock rose 0.6%. A day earlier, judges in separate cases in Oregon and Washington nixed the supermarket giants’ merger. The grocers contended a combination could have helped them compete with big retailers like Walmart, Costco and Amazon, but critics said it would hurt competition. After terminating the merger agreement Albertsons said it plans to boost its dividend 25% and increased the size of its program to buy back its own stock. Mondelez, the company behind Oreo and other food brands, climbed 2.2% after announcing a plan to send cash to shareholders by buying back up to $9 billion of its own stock. The program replaces a prior $6 billion plan, which had about $2.8 billion of capacity remaining and would have otherwise expired at the end of next year. On the losing end of Wall Street, Macy’s fell 2.3% after cutting some of its financial forecasts for the full year of 2024, including for how much profit it expects to make off each $1 of revenue. Dave & Buster’s Entertainment sank 18.7% after reporting a worse loss for the latest quarter than expected. It also said CEO Chris Morris has resigned, and the board has been working with an executive-search firm for the last few months to find its next permanent leader. In the bond market, the yield on the 10-year Treasury rose to 4.27% from 4.23% late Tuesday. The two-year Treasury yield, which more closely tracks expectations for the Fed, rose to 4.16% from 4.14%. In stock markets abroad, indexes rose across much of Europe and Asia. Hong Kong’s Hang Seng was an outlier and slipped 0.8% as Chinese leaders convened an annual planning meeting in Beijing that is expected to set economic policies and growth targets for the coming year. South Korea’s Kospi rose 1%, up for a second straight day as it climbs back following last week’s political turmoil where its president briefly declared martial law. ___ AP Writers Matt Ott and Zimo Zhong contributed. Stan Choe, The Associated PressCOLEEN Rooney will have a surprise reunion with her youngest sons in an I’m A Celebrity tear-jerker. The mother of four is expecting a jungle visit from only her mum in a “friends and families” episode. 4 Coleen Rooney is set for a shock reunion with her youngest sons in an I’m A Celebrity tear-jerker Credit: Rex 4 Seeing Kit, 8, will turn Coleen 'into a blubbering mess' Credit: https://www.instagram.com/p/DCe2GbkMTi5/ 4 A visit from son Cass, 6, will be a shock for Coleen as she would only be expecting to see her mum Credit: https://www.instagram.com/p/DCe2GbkMTi5/ A source said seeing Kit, eight, and Cass, six, will turn her “into a blubbering mess”. Friends and relatives of stars were sneaked into camp in last year’s show for the first time since 2018 — but insiders say Coleen would be expecting to see only her mum. A source said: “Everyone knows how much Coleen loves her boys, and it would be one of the most heart-warming moments of the series. “It’s a really special part of the show, and there’s no doubt Coleen would be a blubbering mess — as would the millions of viewers watching at home. It’s going to be such a surprise for her.” Read more on Coleen Rooney SHE'S BACK! I'm A Celeb fans go WILD as Coleen 'turns Wagatha Christie' on camp secret WAG WINDFALL Coleen to become new Holly Willoughby as she’s set to sign big money ITV deal Coleen, wife of former Manchester United and England ace Wayne, is wearing a necklace with their four sons’ names and touches it on screen to let them know she is thinking of them. She revealed before entering the camp that Kai, 15, and Klay, 11, decided to stay at home while Kit and Cass were travelling with her mum to meet her when she leaves. It is believed that ITV bosses and Ant and Dec realised it was a “too good an opportunity” to miss. Wayne, 39, cannot be there due to his commitments as manager of Championship team Plymouth Argyle. The friends and family segment usually happens in the third week, when there are five or six celebs remaining. Most read in I’m A Celebrity 2024 CAMP CHAOS I’m A Celeb’s biggest rule breaks as Dean McCullough brings teabags into camp viewers certain I’m A Celeb fans convinced they’ve worked out star who will quit first SHE'S BACK! I'm A Celeb fans go WILD as Coleen 'turns Wagatha Christie' on camp secret ACTING UP I'm A Celeb fans say campmate 'deserves Oscar' after award-winning performance By that time Coleen, 38, will have been away for nearly three weeks, having flown out a week before the show started on November 17. She left the boys a box of jungle-themed props to wear at home in Cheshire while she is on TV. Coleen Rooney loves her kids so much she installed a BOXING RING in their house A source said: “The boys have some jungle-style hats, and khaki items of clothing and bandanas. “They’re really enjoying seeing her each night, especially as it means the younger ones get to stay up a bit later than usual.” Before the first episode aired last Sunday, Coleen’s Instagram page shared messages of support from her kids. Video showed Kai saying: “Hi Mum. I just want to say good luck.” Cass said: "Good luck, mum. Do your best.” Kit added: “Good luck in the jungle, Mum. Hope you win lots of stars. I love you.” I can’t wait to watch you on the telly later. Klay Rooney And Klay declared: “I can’t wait to watch you on the telly later. Good luck. I love you.” The Sun on Sunday revealed Coleen signed for the show in a deal reputed to be worth more than £1.5million. Last night Wayne urged fans to vote for Coleen to do Bushtucker trials. He posted online: “Proud of @coleen_rooney on @imacelebrity she’s doing great. Read more on the Scottish Sun FESTIVE FIZZ Coca-Cola Christmas truck in Scotland: Dates, locations & all you need to know AND RELAX Scots seaside hotel with outdoor hot tub and firepit named UK's top spa resort “Me and the boys would love to see her doing a trial and we know she’d want to put herself to the test. If you can download the #ImACeleb app and let’s get voting.” 4 Coleen is wearing a necklace with her four sons’ names on while she is in the jungle Credit: Rex I'm A Celebrity 2024 i'm A Celebrity is back for its 24th series, with a batch of famous faces living in the Aussie jungle. The Sun's Jake Penkethman takes a look at the stars on the show this year.. Coleen Rooney - Arguably the most famous name in the camp, the leading WAG, known for her marriage to Wayne Rooney , has made a grand return to TV as she looks to put the Wagatha Christie scandal behind her. The Sun revealed the mum-of-four had bagged an eye-watering deal worth over £1.5million to be on the show this year making her the highest-paid contestant ever. Tulisa - The popstar and former X Factor judge has made her triumphant TV comeback by signing up to this year's I'm A Celeb after shunning TV shows for many years. Known for being a member of the trio, N-Dubz, Tulisa became a household name back in 2011 when she signed on to replace Cheryl on ITV show The X Factor in a multi-million pound deal. Alan Halsall - The actor, known for playing the long-running role of Tyrone Dobbs on ITV soap opera Coronation Street, was originally signed up to head Down Under last year but an operation threw his scheduled appearance off-course. Now he has become the latest Corrie star to win over both the viewers and his fellow celebrities. Melvin Odoom - The Radio DJ has become a regular face on TV screens after rising to fame with presenting roles on Kiss FM, BBC Radio 1 and 4Music. Melvin has already been for a spin on the Strictly dancefloor and co-hosted The Xtra Factor with Rochelle Humes in 2015 but now he is facing up to his biggest challenge yet - the Aussie jungle . GK Barry - The UK's biggest social media personality, GK, whose real name is Grace Keeling, has transformed her TikTok stardom into a lucrative career. Aside from her popular social media channels, she hosts the weekly podcast, Saving Grace, and regularly appears on ITV talk show, Loose Women. She has even gone on to endorse popular brands such as PrettyLittleThing, KFC and Ann Summers. Dean McCullough - A rising star amongst this year's bunch of celebs , Dean first achieved notability through his radio appearances on Gaydio and BBC Radio 1. He was chosen to join the BBC station permanently in 2021 and has featured prominently ever since. He has enjoyed a crossover to ITV over the past year thanks to his guest slots on Big Brother spin-off show, Late & Live. Oti Mabuse - The pro dancer has signed up to her latest TV show after making her way through the biggest programmes on the box. She originally found fame on Strictly Come Dancing but has since branched out into the world of TV judging with appearances on former BBC show The Greatest Dancer as well as her current role on ITV's Dancing On Ice . Danny Jones - The McFly star was drafted into the programme last minute as a replacement for Tommy Fury. Danny is the second member of McFly to enter the jungle , after Dougie Poynter won the show in 2011. He is also considered a rising star on ITV as he's now one of the mentors on their Saturday night talent show, The Voice , along with bandmate Tom Fletcher. Jane Moore - The Loose Women star and The Sun columnist is braving the creepy crawlies this year. The star is ready for a new challenge - having recently split from her husband . It will be Jane's first foray into reality TV with the telly favourite having always said no to reality shows in the past. Barry McGuigan - Former pro boxer Barry is the latest fighting champ to head Down Under following in the footsteps of Tony Bellew and Amir Khan. It comes after a tough few years for Irish star Barry, who lost his daughter Danika to bowel cancer . He told The Late Late Show in 2021: "She was such an intrinsic part of the family that every day we ache." Maura Higgins - The Irish TV beauty first found fame on Love Island where she found a brief connection with dancer Curtis Pritchard . Since then, she has competed on Dancing On Ice as well as hosting the Irish version of the beauty contest, Glow Up. Since last year, she has been working on building up her career in the US by being the social media correspondent and host of Aftersun to accompany Love Island USA. She even guest hosted an episode of the spin-off, Love Island Games, in place of Maya Jama last year. Rev. Richard Coles - Former BBC radio host the Rev Richard Coles is a late arrival on I’m A Celebrity , and he's ready to spill the beans on his former employer. The former Communards and Strictly star , said the BBC did not know its a**e from its elbow last year. An insider said: "Rev Coles will have a variety of tales to tell from his wild days as a pop star in the Eighties, through to performing on Strictly and his later life as a man of the cloth."City agree fee for loanee Malachi Fagan-Walcott, according to reports