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Stock market today: Wall Street rises again as inflation slows

Published Fri, 27 Dec 2024 12:31:08 GMT

NEW YORK (AP) — Wall Street is adding to its winning week Thursday following the latest signal that inflation is continuing to ease its chokehold on the economy.The S&P 500 was 0.7% higher in afternoon trading and on pace for its seventh winning week in the last nine. The Dow Jones Industrial Average was up 77 points, or 0.2%, at 34,425, as of 12:32 p.m. Eastern time, and the Nasdaq composite was 1.2% higher as Big Tech stocks led the way.Stocks are building on gains after more data raised hopes that inflation is cooling enough to convince the Federal Reserve to end its blistering run of hikes to interest rates very soon. Inflation at the wholesale level slowed more than expected in June, and prices paid by producers were just 0.1% higher during the month than a year earlier. That’s down from 11.2% inflation last summer.High inflation has been the main reason investors have been fearing a possible recession, because of how high the Federal Reserve has cranked interest rates to g...

Railway container shipments plummet amid B.C. port strike, hurting small businesses

Published Fri, 27 Dec 2024 12:31:08 GMT

MONTREAL — Railways suffered a sharp drop-off in container shipments this month as the strike by B.C. port workers halted more than half of steel-box cargo.Canadian National Railway Co.’s revenue ton miles — a key industry metric used to gauge income and freight volume — fell 60 per cent in the first week of the job action, according to RBC Dominion Securities analyst Walter Spracklin.The figure dropped by 45 per cent at Canadian Pacific Kansas City Ltd.The plunge left the number of containers hauled by Canadian railways last week at barely half the level it reached during the same period in 2022, according to the American Railroad Association.The corrugated metal boxes, which carry everything from consumer products to auto parts, mark a critical source of cash for Canada’s two main railways, comprising roughly one-quarter of annual revenue.The International Longshore and Warehouse Union Canada and the BC Maritime Employers Association have until 10:30 a.m. PDT on Thursd...

Judge rules man accused of trying to open jet’s door, attacking crew, not competent for trial

Published Fri, 27 Dec 2024 12:31:08 GMT

BOSTON (AP) — A man charged with attacking a flight attendant with a broken metal spoon and attempting to open an airliner’s emergency door on a cross-country flight in March is not currently competent to stand trial, a federal judge ruled.Magistrate Judge Judith Dein, basing her decision on a mental health evaluation of Francisco Severo Torres and her own observations in court, determined Wednesday that further treatment is warranted, according to court records.“The Court hereby finds … that the defendant is presently suffering from a mental disease or defect rendering him mentally incompetent to the extent that he is unable to understand the nature and consequences of the proceedings against him or to assist properly in his defense,” Dein wrote in her decision.She also wrote that she denied a request by Torres to be freed so he could “further investigate the conspiracy which eventually led to his actions on the plane.” Torres, of Leominster, Massachusetts, is cha...

By the numbers: What the latest interest rate hike means for your mortgage

Published Fri, 27 Dec 2024 12:31:08 GMT

This week, the Bank of Canada hiked interest rates yet again, raising its key interest rate by a quarter of a percentage point to 5 per cent, and the prime rate to 7.2 per cent.That means the cost of borrowing in this country is now the highest it’s been since 2001. Here’s a by-the-numbers look at how that has been impacting Canadians with mortgages:A couple in St. John’s, Newfoundland, with a $245,000, 25-year variable-rate mortgage:In March, 2022, based on a prime rate at the time of 2.7 per cent, this couple’s monthly payment would have been $1,122.07. With a variable-rate mortgage, this couple’s payment has increased 10 times with each Bank of Canada rate hike since then. At today’s prime rate of 7.2 per cent, these St. John’s homeowners will need to make monthly payments of $1,746.38 — or an extra $624 a month compared to what they were paying 16 months ago. At an interest rate of 2.7 per cent, over 25 years, this couple would pay over ...

Army colonel gets $975,000 in sex assault case against former Joint Chiefs vice chairman

Published Fri, 27 Dec 2024 12:31:08 GMT

WASHINGTON (AP) — A retired Army colonel has reached a court settlement of nearly $1 million in a sexual assault lawsuit against Air Force Gen. John Hyten, who served as vice chairman of the Joint Chiefs of Staff.The settlement with the U.S. government ends more than four years of investigations, reviews and congressional digging into the matter, which delayed — but ultimately did not defeat — Hyten’s nomination for vice chairman in 2019. He served two years and did not seek a second term.Army Col. Kathryn Spletstoser, who served as Hyten’s aide in 2017, filed the lawsuit, and in the settlement reached in U.S. District Court in California on Wednesday, the federal government will pay her $975,000. “It is my sincere hope that the successful outcome in my case will embolden other survivors of military sexual violence to come forward — no matter how high ranking the perpetrator,” she said in a statement Thursday. In an interview with The Associated Press in 2019, Spletstose...

Justice Department to investigate jail conditions in Georgia’s most populous county

Published Fri, 27 Dec 2024 12:31:08 GMT

ATLANTA (AP) — The U.S. Department of Justice has opened a civil rights investigation into jail conditions in Georgia’s most populous county, with officials citing violence, filthy conditions and excessive force by jail officers.Investigators will look at living conditions, access to medical and mental health care, use of excessive force by staff and conditions that may give rise to violence between people held in Fulton County’s jails, Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division said during a news conference Thursday. The county’s main jail is in Atlanta and has a long history of problems.Clarke cited the death in September of Lashawn Thompson in a bedbug-infested cell in the Fulton County Jail’s psychiatric wing, noting that an independent autopsy done at his family’s request found he died from neglect. Photos released by attorneys for Thompson’s family showed his body covered in insects.The announ...

Windy City Smokeout kicks off Thursday at Chicago's United Center

Published Fri, 27 Dec 2024 12:31:08 GMT

CHICAGO —  The Windy City Smokeout is taking over Chicago's United Center this weekend.The sold-out, four-day country music and BBQ festival will kick off Thursday and run through Sunday. Festival goers can expect over 15 live music performances and BBQ from some of the world's best pitmastersHeadliners include Zach Bryan on Thursday, Darius Rucker on Friday, Luke Bryan on Saturday and Zac Brown Band on Sunday.SEE FULL LINE-UP HEREThe festival will be held in Parking Lot C of the arena, located at 1901 West Madison Street, and the entrance to the festival is at Madison and Wood streets. The following streets around the festival will be closed in both directions:Madison Street from Paulina to Damen Wood Street from Warren to Monroe Wolcott Ave. from Warren to Monroe  Warren Blvd from Wood to DamenFor additional details visit WindyCitySmokeout.com. 

Farmers forced to dump excess milk due to oversupply

Published Fri, 27 Dec 2024 12:31:08 GMT

CHICAGO (NewsNation) — There's no shortage of milk in the U.S. these days. In fact, there is so much of it that farmers are being forced to get rid of it. The issue at hand is that milk is a daily commodity. Whether there's a demand for it or not, the cows have to be milked. If a cow is not milked, it could cause bruising, sickness and even death.Once the milk is collected, it must be transported to a dairy facility for processing.However, now there's too much milk and it's forcing farmers to dump it because the facilities can't keep up with the demand and have run out of space to store the milk.The processing plants are dealing with labor shortages, especially on the weekends, which means there's less production of milk products.In the upper Midwest, the demand for milk is down 20% this year. A Wisconsin-based dairy publication, The Milkweed, said that the daily loss of sales in the region equals about 25 semi-trailers of milk per day. USDA proposal would limit chocolate milk in ...

Manchin to join No Labels's NH town hall amid third-party speculation

Published Fri, 27 Dec 2024 12:31:08 GMT

(The Hill) – No Labels, an organization advocating for a third-party candidate, announced that Sen. Joe Manchin (D-W.Va.) will be joining its New Hampshire town hall as speculation grows over whether the senator will make a third-party bid for the White House.Amid polling showing a potential rematch between President Biden and former President Trump, No Labels has been pushing to create a separate “unity ticket” as a third option for voters in 2024. The group announced Wednesday that Manchin and former Utah Gov. Jon Huntsman (R), who ran for president in 2012, will be the keynote speakers during its “Common Sense” town hall at Saint Anselm College in New Hampshire July 17.Manchin, who is up for reelection next year, is a top target for Republicans hoping to recapture the Senate. He has yet to announce his plans for 2024 but has not ruled out a presidential bid. Trump slips behind Biden in hypothetical matchup: poll The West Virginia senator has had a longtime relationship with No ...

Alert issued after 23 armed robberies on North, NW Sides

Published Fri, 27 Dec 2024 12:31:08 GMT

CHICAGO — A community alert has been issued following 23 armed robberies throughout the North and Northwest Sides over a four-day period.In each of the incidents, CPD said the suspects arrived in a black or white SUV. They then displayed firearms and robbed victims of their personal belongings.CPD said in several of the armed robberies, victims were battered as well.A timeline of the armed robberies is below.400 block of North Noble Street on July 8, at 8:45 p.m. 2800 block of West Chicago Avenue on July 9 at 12:15 a.m. 4000 block of North Damen Avenue on July 9 at 1:30 a.m. 4600 block of North Ravenswood Avenue July 9 at 1:39 a.m.600 block of West Madison Street on July 9 at 2:30 a.m.4500 block of North Keokuk Avenue on July 9 at 3:17 a.m.1900 block of West Norwood Street on July 9 at 3:30 a.m. 2000 block of West Peterson Avenue on July 9, 2023 at 4:02 a.m. 6400 block of North Oakley Avenue on July 9 at 4:19 a.m.6400 block of North Claremont Avenue on July 9 at 4:22 a.m. 1900 block...