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Stock market today: Wall Street resumes its rally after encouraging reports on profits and inflation

Published Mon, 16 Dec 2024 21:42:45 GMT

NEW YORK (AP) — Wall Street is back to climbing on Friday following more encouraging profit reports and the latest signal that inflation is loosening its chokehold on the economy.The S&P 500 was 0.8% higher in early trading, near its highest level in more than 15 months. The Dow Jones Industrial Average was up 174 points, or 0.5%, at 35,347, as of 9:40 a.m. Eastern time, after breaking a 13-day winning streak a day before. The Nasdaq composite was 1.4% higher.Stocks have been rallying hard recently on hopes high inflation is cooling enough to get the Federal Reserve to stop hiking interest rates. That in turn could allow the economy to continue growing and avoid a long-predicted recession.A report on Friday said the inflation measure the Fed prefers to use slowed last month by a touch more than expected. Perhaps just as importantly, data also showed that total compensation costs for workers rose less than expected during the spring. While that’s discouraging for workers, investo...

A pollution tax on older cars can be extended to London’s suburbs after a British court ruling

Published Mon, 16 Dec 2024 21:42:45 GMT

A British court ruled Friday against London suburbs that tried to block a pollution tax on older cars as green policies become a hot political issue in the U.K. amid increasingly dramatic impacts of global climate change. The High Court ruled that Mayor Sadiq Khan had the authority to expand the Ultra Low Emission Zone, or ULEZ, which charges drivers of older gas and diesel vehicles 12.50 pounds ($16) a day they operate, to the city’s outskirts next month. Five conservative councils challenged Khan’s right to impose the measure. They criticized the expansion to an area where there are fewer public transport options and people are more reliant on cars, and because of a disproportionate impact on lower-income drivers who can’t afford newer, cleaner cars. Khan said the ruling would allow the expanded zone to take effect Aug. 29 and help reduce air pollution. He said he would also expand a program that provides financial assistance to some families and small businesses...

Former US Federal Reserve chair to lead Bank of England review on economic forecasts

Published Mon, 16 Dec 2024 21:42:45 GMT

LONDON (AP) — Former U.S. Federal Reserve Chairman Ben Bernanke will lead a review of the Bank of England’s economic forecasting amid concern that inaccurate predictions about growth and inflation hampered the central bank’s efforts to combat Britain’s cost-of-living crisis.Bernanke, who served as Federal Reserve chair from 2006-2014, will examine how procedures and analysis affected the decisions of the bank’s Monetary Policy Committee, which has approved 13 consecutive interest rate increases as it battles stubbornly high inflation. Some business leaders and government officials have suggested the bank’s response to the crisis was hamstrung by overly pessimistic forecasts of a recession that never materialized and overly optimistic expectations for a rapid drop in inflation.“The UK economy has faced a series of unprecedented and unpredictable shocks,’’ Bank of England Gov. Andrew Bailey said in a statement. ‘‘The review will allow us to take a step back and reflect on where our pr...

Extreme heat moves east where many will see their hottest days of the year

Published Mon, 16 Dec 2024 21:42:45 GMT

Dangerous heat is forecast to “engulf” much of the eastern half of the United States as extreme temperatures spread from the Midwest into the Northeast and mid-Atlantic where some residents will see their hottest temperatures of the year, according to the National Weather Service. Althouth much of the country does not cool much on normal summer nights, night temperatures are forecast to stay hotter than usual, prompting excessive heat warnings from the Plains to the East Coast. On Thursday nearly 200 million people in the United States, or 60% of the U.S. population, were under a heat advisory or flood warning or watch, but moisture moving into the Southwest has reduced the area of excessive heat warnings to the southernmost counties of California and parts of southern Arizona.On top of the heat, severe thunderstorms are forecast for parts of the Great Lakes and Ohio Valley, west to the Middle Missouri Valley through Saturday morning.The prediction for continued excessive heat comes...

Officers fired stun gun during arrest at Pearson Airport; suspect allegedly damaged vehicle and fled

Published Mon, 16 Dec 2024 21:42:45 GMT

A man is facing charges after he allegedly damaged a vehicle at Pearson Airport and then ran away from responding officers.Peel Regional Police says officers were called to the Pearson Terminal 1 for reports of someone damaging a vehicle outside around 6 p.m. Thursday.It is alleged the suspect tried to run away and there was a brief pursuit before officers fired a Taser at him. He was subsequently arrested.Police have arrested a man in his 20s and charged him with mischief over $5000.

Fukushima plant official says the coming release of treated water a milestone for decommissioning

Published Mon, 16 Dec 2024 21:42:45 GMT

TOKYO (AP) — A top official in charge of the Fukushima Daiichi nuclear power plant says an upcoming release of treated radioactive water into the sea more than 12 years after the meltdown disaster marks “a milestone,” but it’s still an initial step of the daunting task of the decades-long decommissioning process that still remain.Junichi Matsumoto, corporate officer in charge of the treated water management for Tokyo Electric Power Company Holdings, which operates the Fukushima plant, also pledged to carry out careful sampling, analysis and data disclosure of the water to make sure its release is safely carried out in accordance with International Atomic Energy Agency standards this month.“The release of the ALPS-treated water into the sea for us is a major milestone for us, as well as for the decommissioning of the plant,” Matsumoto said in an interview with The Associated Press at TEPCO headquarters in Tokyo.“In order to steadily put forward decommissioning, the ever-growing...

Man charged after woman sexually assaulted in Lincoln Park

Published Mon, 16 Dec 2024 21:42:45 GMT

CHICAGO — A man was arrested Wednesday morning after being accused of sexually assaulting and restraining a woman on the North Side earlier this month.Reggie Brown, 31, is facing three counts of aggravated criminal sexual assault/threatening life, unlawful restraint and aggravated robbery with a firearm.He was arrested in the 1500 block of South St. Louis Avenue.At around 3:30 a.m. on July 8, a 28-year-old woman was sexually assaulted and restrained in the 1900 block of North Sheffield Avenue. Former Crown Point teacher sentenced to 1 year in jail for child seduction Brown is due in bond court on Friday.No other information was provided.

Chicago officer shot fellow cop while firing at fleeing car in Englewood: COPA

Published Mon, 16 Dec 2024 21:42:45 GMT

CHICAGO — A Chicago cop inadvertently shot a fellow police officer while attempting to fire at a fleeing vehicle in Englewood, according to the Civilian Office of Police Accountability.The incident occurred around 7:40 p.m. Monday near the 300 block of West 56th Place, after officers received a complaint of trespassing.According to the COPA report, officers exited their vehicle upon arrival to engage with a group of people on foot, as well as the driver of a black sedan.Officers said the driver attempted to leave the area, striking a police car then fleeing the scene. During the altercation, two officers discharged their guns at the moving sedan.According to the report, it is believed one of the officers discharged their weapon and struck a fellow officer in the hand."There is currently no indication that shots were fired from the sedan, or by any other civilian and there are no reports of a gun recovered," COPA said. CPD officer in hospital after being shot in Englewood The offic...

NASCAR Xfinity Series zooming to the CW Network in 2025

Published Mon, 16 Dec 2024 21:42:45 GMT

BURBANK, Calif. (NEXSTAR) – The CW Network will become the new home of the NASCAR Xfinity Series beginning in 2025 and extending through the 2031 racing season. The CW will broadcast 33 live NASCAR Xfinity Series races each year, along with practice and qualifying events each weekend. Starting in 2025, for the first time, every NASCAR Xfinity Series race will be available on free, over-the-air broadcast television with additional content available through The CW’s digital platforms. Comprised primarily of NASCAR’s younger, up-and-coming drivers, the NASCAR Xfinity Series features the sport’s future stars often racing side-by-side against NASCAR’s biggest names — many of whom earned their stripes and won championships in the Xfinity Series. NASCAR Xfinity Series races in some of the nation’s largest markets and at the sport’s most iconic tracks, including the Daytona International Speedway, Talladega Superspeedway and the series championship at Phoenix Raceway.NASCAR Xfinity Series r...

WATCH LIVE | Pritzker signs new law making changes to Illinois' supervised release system

Published Mon, 16 Dec 2024 21:42:45 GMT

ILLINOIS — Governor JB Pritzker is set to make changes to the state's Mandatory Supervised Release System (MSRS) when he signs Senate Bill 423 into law. Friday Forecast: Thunderstorms, dangerous heat across Chicago area SB423 will bring several changes to the MSRS including:Parolee or releasee will submit to a urinalysis test only if there is documented, reasonable suspicion of illicit drug useThe Prisoner Review Board shall, rather than may, reduce the period of mandatory supervision when certain educational milestones are achievedEliminates several conditions related to release of a minorAllows for the use of technology in lieu of appearing in person for required reporting or meetings by the parolee or releaseeRequires the Prisoner Review Board to provide a list of steps or requirements for granting early dischargePritzker is scheduled to sign the bill at a Friday event featuring rapper/activist Meek Mill, entrepreneur Michael Rubin, and REFORM Alliance.WGN plans to livestream t...