People gather in front of the New York Stock Exchange in New York’s Financial District on Tuesday, Dec. 10, 2024. (AP Photo/Peter Morgan) NEW YORK — U.S. stock indexes got back to climbing on 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 rose 0.8% to break its first two-day losing streak in nearly a month 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, meanwhile, lagged the market with a dip of 99 points, or 0.2%. Stocks got a boost as expectations built that Wednesday’s inflation data will allow the Fed to deliver another cut to interest rates at its meeting next week. READ: PSEi slides on disappointing economic data Traders are betting on a nearly 99% 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 and to prices for investments, but they could also provide more fuel for inflation. “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. The biggest boosts for the index on Wednesday came from Nvidia and other Big Tech stocks. Their massive growth has made them Wall Street’s biggest stars for years, though other kinds of stocks have recently been catching up somewhat amid hopes for the broader U.S. economy. Tesla jumped 5.9% to finish above $420 at $424.77. It’s a level that Elon Musk made famous in a 2018 tweet when he said he had secured funding to take Tesla private at $420 per share. Stitch Fix soared 44.3% 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. GE Vernova rallied 5% for one of the biggest gains in the S&P 500. The energy company that spun out of General Electric said it would pay a 25 cent dividend every three months, and it approved a plan to send up to another $6 billion to its shareholders by buying back its own stock. On the losing end of Wall Street, Dave & Buster’s Entertainment tumbled 20.1% 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. Albertsons fell 1.5% 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 1%. 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 with Kroger, Albertsons said it plans to boost its dividend 25% and increased the size of its program to buy back its own stock. Macy’s slipped 0.8% 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. All told, the S&P 500 rose 49.28 points to 6,084.19. The Dow dipped 99.27 to 44,148.56, and the Nasdaq composite rallied 347.65 to 20,034.89. 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, edged up to 4.15% 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. Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . 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.
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NATO and Ukraine to hold emergency talks after Russia's attack with new hypersonic missileThe large mysterious drones reported flying over parts of New Jersey in recent weeks appear to avoid detection by traditional methods such as helicopter and radio, according to a state lawmaker briefed Wednesday by the Department of Homeland Security. In a post on the social media platform X, Assemblywoman Dawn Fantasia described the drones as up to 6 feet in diameter and sometimes traveling with their lights switched off. The Morris County Republican was among several state and local lawmakers who met with state police and Homeland Security officials to discuss the spate of sightings that range from the New York City area through New Jersey and westward into parts of Pennsylvania, including over Philadelphia.
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AP Business SummaryBrief at 4:17 p.m. ESTCINCINNATI (AP) — The Cincinnati Bengals took care of business and won three straight games for the first time this season. Cincinnati is playing its best football, but it might be too late to sneak into the playoffs, with five teams battling for the two remaining AFC postseason spots. At 7-8, the Bengals are on the bubble along with two other teams that have the same record, the Colts and Dolphins. To have a chance, the Bengals will need to beat the visiting Denver Broncos (9-6) on Saturday, then try to take down the Steelers (10-5) at Pittsburgh in the regular-season finale. They'll need some help from other teams, too. The rub for the Bengals is that they have yet to beat a team with a winning record this season. Now with some momentum for the first time, the Bengals will have to clear that hurdle. “It’s just what it’s supposed to feel like for us. This is our expectation," coach Zac Taylor said after the Bengals beat the Cleveland Browns 24-6 on Sunday. “We just put ourselves in a position to now play some real meaningful games. ... We found a way to get the win and now we can turn our focus to a short week and the Denver Broncos.” What's working Joe Burrow became the first player in NFL history to throw for at least 250 yards and three or more touchdowns in seven consecutive games. One of his TD passes, to Tee Higgins, came as he was falling down. He finished 23 for 30 for 252 yards. ... Ja'Marr Chase continues to build his resume as he strives to win the receiving “triple crown.” He had six catches for 97 yards and a touchdown against the Browns and leads the league in receptions, yards and TDs. ... K Cade York tied a franchise record with a 59-yard field goal. “The guys have responded this way all season,” Taylor said. “We lost some heartbreakers to be quite frank, and games that just came down to the end. It doesn’t mean that we’ve had a bad football team and we weren’t in it. We’ve been in this, and now — I don’t want to say getting our confidence back, because we’ve had confidence — but we’re just making the plays necessary at the critical points of the game to take control of these games. That’s really what’s happened the last three weeks, and we’ve got to continue that.” What needs help Burrow has fumbled 10 times this season. Against the Browns, he lost a fumble on a strip-sack with the Bengals on the Cleveland 2-yard-line. Stock up Last week, S Jordan Battle scooped a fumble and ran it all the way back, only to fumble as he crossed the goal line, leading to a touchback. Against the Browns, he intercepted a second-half pass from Dorian Thompson-Robinson in the end zone. The Bengals' defense has nine takeaways in the past two games. Stock down Cincinnati's depleted offensive line allowed four sacks. Injuries The offensive line took a hit when tackle Amarius Mims went out with an ankle injury and didn't return. Key number 5.1 — Yards per carry by RB Chase Brown, who seems to get better every week. He had 18 carries for 91 yards. Next steps The Bengals continue their improbable effort to slip into the playoffs when they host the Broncos in their home finale on Saturday. They finish the season the following week at Pittsburgh. ___ AP NFL: https://apnews.com/hub/NFL Mitch Stacy, The Associated PressDow hits another record as stocks rise
ST. LOUIS (AP) — Jason Zucker scored a tiebreaking power-play goal with 9:30 remaining and the Buffalo Sabres notched their third straight victory by beating the St. Louis Blues 4-2 on Sunday. Jiri Kulich extended Buffalo’s lead with a breakaway goal that went between Blues goalie Jordan Binnington’s legs with 3:41 to play. Tage Thompson had a goal and an assist against his former team as the Sabres won in St. Louis for just the second time in 12 years to sweep the season series. Zucker had a goal and an assist, and Jack Quinn had two assists for Buffalo. Ukko-Pekka Luukkonen stopped 35 shots. Brayden Schenn and Nathan Walker scored for the Blues. Binnington had 12 saves. Buffalo scored on two of its first three shots, including its first of the game. Buffalo: After a 13-game losing streak (0-10-3), the Sabres have scored 17 goals while winning three straight. St. Louis: The Blues, who are tied for an NHL-low five power-play goals at home, went 0 for 4 with the man advantage. After Walker pulled the Blues even with 14:04 left in the game, rookie Zack Bolduc took a cross checking penalty midway through the third period that led to the decisive goal. The Sabres had scored on only six of 43 road power plays (14%) this season before going 2 for 3 on Sunday. Buffalo ranked 27th out of 32 NHL teams. The Blues play Chicago in the Winter Classic on Tuesday at Wrigley Field. Buffalo will play at Dallas on Tuesday night. AP NHL: https://apnews.com/hub/nhlLG for the holidays: Take $400 off the 77-inch LG C3 OLED TV
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