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Tech companies led a broad rally for U.S. stocks Tuesday, a boost for the market in a holiday-shortened trading session. The S&P 500 rose 0.7%. The Dow Jones Industrial Average was up 177 points, or 0.4%, as of 11:20 a.m. Eastern time. The tech-heavy Nasdaq composite was up 1%. Chip company Broadcom rose 2.6%, while semiconductor giant Nvidia, whose enormous valuation gives it an outsize influence on indexes, rose 1.1%. Super Micro Computer jumped 4.6%. Tesla climbed 5.2% for the biggest gain among S&P 500 stocks. Amazon.com rose 1.5% American Airlines slipped 0.4% after the airline briefly grounded flights nationwide due to a technical issue. U.S. Steel edged up 0.1% a day after an influential government panel failed to reach consensus on the possible national security risks of the nearly $15 billion proposed sale to Nippon Steel of Japan. NeueHealth surged 70.1% after the health care company agreed to be taken private in a deal valued at roughly $1.3 billion. Treasury yields rose in the bond market. The yield on the 10-year Treasury rose to 4.62% from 4.59% late Monday. European markets were mostly higher. Markets in Asia mostly gained ground. U.S. markets will close at 1 p.m. Eastern and stay closed Wednesday for Christmas. Wall Street has several economic reports to look forward to this week, including a weekly update on unemployment benefits on Thursday. Tuesday’s rally comes as the stock market enters what’s historically been a very cheerful season. The last five trading days of each year, plus the first two in the new year, have brought an average gain of 1.3% since 1950. The so-called “Santa rally” also correlates closely with positive returns in January and the upcoming year. So far this month, the U.S. stock market has lost some of its gains since President-elect Donald Trump’s win on Election Day, which raised hopes for faster economic growth and more lax regulations that would boost corporate profits. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation , a bigger U.S. government debt and difficulties for global trade. Even so, the stock market remains on pace to deliver strong returns for 2024. The benchmark S&P 500 is up about 26% so far this year and remains within roughly 1.3% of the all-time high it set earlier this month — its latest of 57 record highs this year.SEIU Local 2: YVR janitors' Union reaches tentative agreement with employer, today's actions cancelled
Ipswich Town are back on level terms against Manchester United thanks to Omari Hutchinson's deflected effort right before the stroke of halftime. The Ruben Amorim era is off to a flying start as Marcus Rashford tucks away Manchester United's opener against Ipswich Town in less than two minutes at Portman Road. Relive Liverpool's dramatic five-goal battle against Southampton, where Mohamed Salah's brace proved to be the difference as the Reds open up an eight-point gap at the top of the table. Rebecca Lowe, Robbie Earle, and Tim Howard react to Liverpool's 3-2 comeback win against Southampton at St. Mary's to go eight points clear at the top of the table. Rebecca Lowe, Robbie Earle, and Tim Howard react to Leicester City sacking manager Steve Cooper after just 12 Premier League matches in charge. Yukinari Sugawara's handball results in a penalty, where Mohamed Salah completes his brace to give Liverpool a 3-2 lead over Southampton late in the second half at St. Mary's. A moment of madness from Alex McCarthy allows Mohamed Salah to tuck away Liverpool's second goal of the match to make it 2-2 in the second half at St. Mary's. St. Mary's is rocking as Mateus Fernandes finishes off the Southampton counter attack in style to give the Saints a shock 2-1 lead over Liverpool. Adam Armstrong's penalty is saved by Caoimhin Kelleher, but he gets his own rebound to tuck away Southampton's equalizer against Liverpool at St. Mary's. A comedy of errors from the Saints results in Dominik Szoboszlai slotting home Liverpool's opener at St. Mary's. Jon Champion and Graeme Le Saux preview Manchester United's Matchweek 12 showdown against Ipswich Town, where Ruben Amorim will manage the Red Devils for the first time. David Ornstein joins Rebecca Lowe to share the latest news regarding the on-going investigation into Premier League referee David Coote's comments and potential violations stemming from viral social media videos. David Ornstein joins Rebecca Lowe to unpack Manchester City's struggles so far this season and if there is a light at the end of the tunnel for Pep Guardiola's side.ECP allows transfer of 3 PML-N MNAs’ petitions to former LHC judgeChancellor Kathaleen St. Jude McCormick on Monday denied a request by attorneys for Musk and Tesla’s corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package. McCormick also rejected an equally unprecedented and massive fee request by plaintiff attorneys , who argued that they were entitled to legal fees in the form of Tesla stock valued at more than $5 billion. The judge said the attorneys were entitled to a fee award of $345 million. The rulings came in a lawsuit filed by a Tesla stockholder who challenged Musk’s 2018 compensation package. McCormick concluded in January that Musk engineered the landmark pay package in sham negotiations with directors who were not independent. The compensation package initially carried a potential maximum value of about $56 billion, but that sum has fluctuated over the years based on Tesla’s stock price.
Navy will play in this year's Armed Forces Bowl, which used a name change to find long-lasting success. Click to share on Facebook (Opens in new window) Click to share on X (Opens in new window) Most Popular Police identify Hampton man found dead at Great Dismal Swamp Police identify Hampton man found dead at Great Dismal Swamp Hitman who killed Navy officer in Newport News among 37 death row inmates commuted by Biden Hitman who killed Navy officer in Newport News among 37 death row inmates commuted by Biden 45 years ago, a Virginia Beach woman was killed. Her family is still waiting for answers. 45 years ago, a Virginia Beach woman was killed. Her family is still waiting for answers. Man sentenced to life in prison for drug-robbery slaying of popular skateboarder Man sentenced to life in prison for drug-robbery slaying of popular skateboarder Hampton considers accessory dwelling units as solution to housing shortage Hampton considers accessory dwelling units as solution to housing shortage David Teel: Why Norfolk State? For Michael Vick, the 757 is home David Teel: Why Norfolk State? For Michael Vick, the 757 is home Seven Poquoson football players take Class 2 all-state honors Seven Poquoson football players take Class 2 all-state honors Public records: Hampton EDA buys Kelly’s Tavern building, restaurants and retailers sign leases Public records: Hampton EDA buys Kelly’s Tavern building, restaurants and retailers sign leases Williamsburg regional sports complex gets new name Williamsburg regional sports complex gets new name Live: Michael Vick introduced as Norfolk State’s coach Live: Michael Vick introduced as Norfolk State’s coach Trending NationallyRocket lands near Tel Aviv after Israel strikes Beirut
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The reigning Super Bowl champions saw their run of 15 straight wins ended by the Buffalo Bills last week, but got back to winning ways thanks to star quarterback Patrick Mahomes. After a late Chuba Hubbard touchdown and two-point conversion had made it 27-27, the Chiefs got the ball back with less than two minutes on the clock and a 33-yard run from Mahomes helped set up Spencer Shrader for a game-winning field goal. THE CHIEFS SURVIVE AGAIN. 🔥 Patrick Mahomes comes up CLUTCH with a 33-yard run late, before Spencer Shrader wins it as time expires! Get your action on ESPN! — ESPN Australia & NZ (@ESPNAusNZ) Mahomes finished the game with 269 yards and three touchdowns, two of them to Noah Gray in the first half. Running back Jahmyr Gibbs scored two touchdowns as the Detroit Lions beat the Indianapolis Colts 24-6 to improve their record to 10-1, matching that of the Chiefs. David Montgomery also ran for a score before having to leave the game with a shoulder injury. The Tampa Bay Buccaneers ended a four-game losing streak with a 30-7 win over the New York Giants, who “mutually agreed” to terminate the contract of quarterback Daniel Jones earlier this week. Jones’ replacement Tommy DeVito was sacked four times while opposite number Baker Mayfield ran for a touchdown and completed 24 of 30 pass attempts for 294 yards. Rachaad White, Bucky Irving and Sean Tucker also ran for touchdowns in a one-sided contest. The Dallas Cowboys ended their five-game losing streak with a remarkable 34-26 win over the Washington Commanders, with 30 points scored in the final three minutes. KaVontae Turpin’s 99-yard kick-off return for a touchdown looked to have sealed victory for the Cowboys, only for the Commanders to respond with a field goal before getting the ball back with 33 seconds remaining. Wide receiver Terry McLaurin sprinted 86 yards through the Dallas defence for a touchdown, only for Austin Seibert to miss the extra point. 99 YARDS TO THE 🏡 was gone!! 📺: on FOX📲: Stream on NFL+ — Dallas Cowboys (@dallascowboys) The Commanders tried an onside kick and Juanyeh Thomas returned it 43 yards for a touchdown. Quarterback Tua Tagovailoa threw four touchdown passes as the Miami Dolphins cruised to a 34-15 win over the New England Patriots, while the Tennessee Titans pulled off a surprise 32-27 victory at the Houston Texans. The Minnesota Vikings improved to 9-2 thanks to a 30-27 overtime win against the Chicago Bears, Parker Romo kicking the decisive field goal from 29 yards.Rising Processed Meat Consumption: A Key Driver Transforming the Meat Processing Equipment Market 2024
WASHINGTON: Donald Trump has big plans for the economy — and a big debt problem that will be a hurdle to delivering on them. Trump has bold ideas on tax cuts, tariffs and other programs, but high interest rates and the price of repaying the federal government's existing debt could limit what he's able to do. Not only is the federal debt at roughly USD 36 trillion, but the spike in inflation after the coronavirus pandemic has pushed up the government's borrowing costs such that debt service next year will easily exceed spending on national security. The higher cost of servicing the debt gives Trump less room to maneuver with the federal budget as he seeks income tax cuts. It's also a political challenge because higher interest rates have made it costlier for many Americans to buy a home or new automobile. And the issue of high costs helped Trump reclaim the presidency in November's election. “It's clear the current amount of debt is putting upward pressure on interest rates, including mortgage rates for instance," said Shai Akabas, executive director of the economic policy programme at the Bipartisan Policy Centre. “The cost of housing and groceries is going to be increasingly felt by households in a way that are going to adversely affect our economic prospects in the future.” Akabas stressed that the debt service is already starting to crowd out government spending on basic needs such as infrastructure and education. About 1 in 5 dollars spent by the government are now repaying investors for borrowed money, instead of enabling investments in future economic growth. It's an issue on Trump's radar. In his statement on choosing billionaire investor Scott Bessent to be his treasury secretary, the Republican president-elect said Bessent would “help curb the unsustainable path of Federal Debt”. The debt service costs along with the higher total debt complicate Trump's efforts to renew his 2017 tax cuts, much of which are set to expire after next year. The higher debt from those tax cuts could push interest rates higher, making debt service even costlier and minimising any benefits the tax cuts could produce for growth. “Clearly, it's irresponsible to run back the same tax cuts after the deficit has tripled,” said Brian Riedl, a senior fellow at the Manhattan Institute and a former Republican congressional aide. “Even congressional Republicans behind the scenes are looking for ways to scale down the president's ambitions.” Democrats and many economists say Trump's income tax cuts disproportionately benefit the wealthy, which deprives the government of revenues needed for programs for the middle class and poor. "The president-elect's tax policy ideas will increase the deficit because they will decrease taxes for those with the highest ability to pay, such as the corporations whose tax rate he's proposed reducing even further to 15 per cent,” said Jessica Fulton, vice president of policy at the Joint Centre for Political and Economic Studies, a Washington-based think tank that deals with issues facing communities of colour. Trump's team insists he can make the math work. “The American people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail, including lowering prices. He will deliver,” said Karoline Leavitt, the Trump transition spokeswoman. When Trump was last in the White House in 2020, the federal government was spending USD 345 billion annually to service the national debt. It was possible to run up the national debt with tax cuts and pandemic aid because the average interest rate was low, such that repayment costs were manageable even as debt levels climbed. Congressional Budget Office projections indicate that debt service costs next year could exceed USD 1 trillion. That's more than projected spending on defence. The total is also greater than non-defence spending on infrastructure, food aid and other programs under the direction of Congress. What fuelled the increased cost of servicing the debt has been higher interest rates. In April 2020, when the government was borrowing trillions of dollars to address the pandemic, the yield on 10-year Treasury notes fell as low as 0.6 per cent. They're now 4.4 per cent, having increasing since September as investors expect Trump to add several trillions of dollars onto projected deficits with his income tax cuts. Democratic President Joe Biden can point to strong economic growth and successfully avoiding a recession as the Federal Reserve sought to bring down inflation. Still, deficits ran at unusually high levels during his term. That's due in part to his own initiatives to boost manufacturing and address climate change, and to the legacy of Trump's previous tax cuts. People in Trump's orbit, as well as Republican lawmakers, are already scouting out ways to reduce government spending in order to minimize the debt and bring down interest rates. They have attacked Biden for the deficits and inflation, setting the stage for whether they can persuade Trump to take action. Elon Musk and Vivek Ramaswamy, the wealthy businessmen leading Trump's efforts to cut government costs, have proposed that the incoming administration should simply refuse to spend some of the money approved by Congress. It's an idea that Trump has also backed, but one that would likely provoke challenges in court as it would undermine congressional authority. Russell Vought, the White House budget director during Trump's first term and Trump's choice to lead it again, put out an alternative proposed budget for 2023 with more than USD 11 trillion in spending cuts over 10 years in order to potentially generate a surplus. Michael Faulkender, a finance professor who served in Trump's Treasury Department, told a congressional committee in March that all the energy and environmental components of Biden's Inflation Reduction Act from 2022 should be repealed to reduce deficits. Trump has also talked up tariffs on imports to generate revenues and reduce deficits, while some Republican lawmakers such as House Budget Committee Chairman Jodey Arrington, R-Texas, have discussed adding work requirements to trim Medicaid expenses. The White House was last pressured by high rates to address debt service costs roughly three decades ago during the start of Democrat Bill Clinton's presidency. Higher yields on the 10-year Treasury notes led Clinton and Congress to reach an agreement on deficit reduction, ultimately producing a budget surplus starting in 1998. Clinton political adviser James Carville joked at the time about how bond investors pushing up borrowing rates for the US government could humble the commander in chief. “I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a .400 baseball hitter," Carville said. "But now I would like to come back as the bond market. You can intimidate everybody."Turkish startup ecosystem attracts $4.7B in investments in 4 yearsTAMPA, Fla. (AP) — Tampa Bay’s bid for a fourth straight NFC South title and fifth consecutive playoff berth is gaining momentum. Back-to-back wins over a pair of last-place teams , combined with Atlanta’s three-game losing streak, have propelled the Bucs (6-6) to a tie atop the division. Although the Falcons (6-6) hold a tiebreaker after sweeping the season series between the teams, Tampa Bay can control its own destiny by finishing strong against a less than imposing schedule. The Bucs, who are back in the thick of the race after beating the New York Giants and Carolina Panthers, figure to be favored in four of their five remaining games. “Every week, we said it’s a playoff game, we got to take care of us. It’s not going to be easy. As it was (Sunday), it’s going to be a dog fight every week,” coach Todd Bowles said after Sunday’s 26-23 overtime win at Carolina. “We got to clean up some things, we know that, but it's hard to win in this league,” the coach said of the mistake-filled victory that lifted the Bucs back to .500. “We’ll take a win any way we can get it.” After facing Las Vegas (2-10) this week, the Bucs will finish with road games against the Los Angeles Chargers (8-4) and Dallas Cowboys (5-7), followed by home dates vs. Carolina (3-9) and the New Orleans Saints (4-8). Kicker Chase McLaughlin has been one of team’s most consistent performers, converting 21 of 23 field goal attempts. He was 4 of 5 against the Panthers, including 51-yarder to force overtime on the final play of regulation. He missed from 55 yards in OT before winning it with a 30-yard field goal on Tampa Bay’s next possession. Just when it appeared the defense was beginning to trend in the right direction, Carolina's Bryce Young threw for 298 yards without an interception against the Bucs in one of his better outings of the season. “In the first half, he did it with his feet and the second half he did it with his arm,” Bowles said. Running back Bucky Irving rushed for a career-best 152 yards and finished with 185 from scrimmage against Carolina, making him the first rookie since Miles Sanders in 2019 to have consecutive games with 150-plus yards from scrimmage. A week after playing well offensively and defensively in a 23-point rout of the New York Giants, the Bucs were sloppy against the Panthers. In addition to throwing two interceptions, Mayfield was sacked four times. Tampa Bay was penalized seven times for 54 yards, and the defense was only able to sack Young once. Mayfield (sore leg), linebacker K.J. Britt (sprained ankle) and safety Mike Edwards (hamstring) will be on the injury report this week. Bowles said he’s not sure what Mayfield's practice status will be when the team reconvenes Wednesday, however he expects the quarterback to play Sunday. 37 and 101 — Wide receiver Mike Evans had another big day against Carolina, posting the 37th 100-yard receiving performance of his career — fifth among active players. He also moved ahead of Hall of Famers Steve Largent and Tim Brown for sole possession of ninth place on the all-time list for TD receptions with 101. The Buccaneers host Las Vegas in Tampa Bay's first home game in a month and the third consecutive outing against a last-place team. The Raiders (2-10) have lost eight in a row. NFL: https://apnews.com/hub/nfl
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Sebastian Zapeta, 33, who federal immigration officials said is a Guatemalan citizen who entered the US illegally, was arraigned in Brooklyn criminal court. He appeared briefly before a judge and wore a white jumpsuit over a weathered black hooded sweatshirt. He did not speak. He will remain jailed ahead of his next court date on Friday. The apparently random attack occurred on Sunday morning on a stationary F train at the Coney Island station in Brooklyn. Police said on Tuesday that identification of the victim was still “pending at this time”. Authorities say Zapeta approached the woman, who was sitting motionless in the train car and may have been sleeping, and used a lighter to set her clothing on fire. The woman quickly became engulfed in flames, while the suspect then sat at a bench on the subway platform and watched, according to police. Video posted to social media appeared to show the woman standing inside the train ablaze as some people look on from the platform, and at least one officer walks by. NYPD chief of transit Joseph Gulotta said that several officers had responded to the fire and one stayed to keep the crime scene “the way it’s supposed to be” while the others went to get fire extinguishers and transit workers. They were eventually able to douse the fire, but “unfortunately, it was too late”, Police Commissioner Jessica Tisch said — the woman was pronounced dead at the scene. During Zapeta’s court hearing on Tuesday, Assistant District Attorney Ari Rottenberg said Zapeta at one point fanned the flames on the woman using his shirt. He said a 911 call from a subway rider helped identify Zapeta. Mr Rottenberg added that under interrogation Zapeta claimed he did not know what happened, noting that he consumes alcohol. But he alleged that Zapeta identified himself to interrogators in images related to the attack. Zapeta was taken into custody on Sunday afternoon while riding a train on the same subway line after police got a tip from some teenagers who recognised him from images circulated by the police. A Brooklyn address for Zapeta released by police matches a shelter that provides housing and substance abuse support. The shelter did not immediately respond to a request for comment. Federal immigration officials said Zapeta had been previously deported in 2018 but at some point reentered the US illegally. The crime — and the graphic video of it that ricocheted across social media — deepened a growing sense of unease among some New Yorkers about the safety of the subway system in a city where many residents take the subway multiple times each day.
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