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Stock market today: Wall Street falls after the Federal Reserve warns rates may stay higher in 2024

Published Fri, 07 Feb 2025 16:02:52 GMT

NEW YORK (AP) — U.S. stocks slumped Wednesday after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought, regardless of how much Wall Street wants it. The S&P 500 fell 41.75, or 0.9%, to 4,402.20. The Dow Jones Industrial Average lost 76.85, or 0.2%, to 34,440.88, and the Nasdaq composite dropped 209.06, or 1.5%, to 13,469.13.The Fed held its main interest rate steady at its highest level in more than two decades, as was widely expected from its latest meeting. Officials also indicated they may raise the federal funds rate one more time this year, as the Fed tries to get inflation back down to its target of 2%. Fed Chair Jerome Powell said it’s close to hitting the peak on rates, if not there already.Perhaps most importantly for the market, Fed officials suggested they may cut rates in 2024 by only half a percentage point from where they’re expected to end this year. That’s less than the full percentage point of cuts...

Seattle City Council OKs law to prosecute for having and using drugs such as fentanyl in public

Published Fri, 07 Feb 2025 16:02:52 GMT

SEATTLE (AP) — The Seattle City Council on Tuesday adopted a controlled substance law after rejecting it earlier this summer, making the possession and public use of drugs such as fentanyl a gross misdemeanor.The council voted to approve the measure by a 6-3 vote on Tuesday, aligning the city’s code with a new state law. The ordinance allows the city’s police officers to arrest people for using drugs in public when they deem the person a threat to others. The measure also emphasizes outreach, health treatment programs and other alternatives to arrest.Supporters of the ordinance say enforcement of the law will help with public safety around the city as it and the rest of the country work to address the drug crisis of people mostly using and often overdosing on fentanyl. They say the measure could also move some people into treatment programs for substance use disorder.“This is not a perfect bill, but it’s time to get this done because every day we (don’t) there are people that ...

Pennsylvania state government will prepare to start using AI in its operations

Published Fri, 07 Feb 2025 16:02:52 GMT

HARRISBURG, Pa. (AP) — Pennsylvania state government will prepare to use artificial intelligence in its operations, Democratic Gov. Josh Shapiro said Wednesday, as states are increasingly trying to gauge the impact of AI and how to regulate it.Shapiro, speaking at a news conference at Carnegie Mellon University in Pittsburgh, said his administration is convening an AI governing board, publishing principles on the use of AI and developing training programs for state employees.Pennsylvanians will expect state government to understand AI, adapt to AI and ensure that it is being used safely in the private sector, Shapiro said.“We don’t want to let AI happen to us,” Shapiro said. “We want to be part of helping develop AI for the betterment of our citizens.”Shapiro’s administration plans to start a two-year fellowship program to recruit AI experts who can help agencies incorporate it into their operations. He said the state’s public safety agencies have already beg...

Hunter Biden must come to court in person for firearms case, judge rules

Published Fri, 07 Feb 2025 16:02:52 GMT

WASHINGTON (AP) — Hunter Biden must appear in person for a hearing where he is expected to plead not guilty to federal firearms charges that were f iled after the collapse of a plea deal in a long-running federal investigation, a judge ruled Wednesday. The president’s son had asked to appear via video conference for the hearing now set for Sept. 26, but U.S. Magistrate Judge Christopher Burke sided with prosecutors who said he should be there in person. Burke found that the court conducted initial appearance hearings over video only at the height of the coronavirus pandemic or on a very few occasions when a defendant was physically unable to be present or destitute. Biden should “not receive special treatment in this matter,” he wrote. “Absent some unusual circumstance, he should be treated just as would any other defendant in our court.” Biden is accused of lying on a form about his drug use when he bought a firearm in October 2018 — a period when he has acknowledged he was s...

Toronto Pearson Airport ranks low in customer satisfaction: study

Published Fri, 07 Feb 2025 16:02:52 GMT

Toronto and Montreal airports were near-bottom in the race for passenger satisfaction this year, according to a study by J.D. Power.The study ranks Toronto Pearson Airport second from the bottom in the category for the largest airports that see more than 33 million passengers per year.Montreal-Pierre Elliott Trudeau Airport stood third from the bottom in the next category, with passenger traffic between 10 million and 32.9 million per year.Meanwhile, airports in Western Canada ranked somewhat better in consumer satisfaction, with Calgary and Vancouver airports both at spots 10 and 17. As a whole, the report suggests overall satisfaction among all North American passengers has improved since last year despite obstacles including ongoing pilot shortages, weather-related delays and cancellations, and high passenger demands. Michael Taylor of J.D. Power says it has not been an easy year for North American airports but major capital improvements helped many of them manage the passenger ...

Senate is set to confirm 3 military nominees but GOP senator still blocking hundreds of others

Published Fri, 07 Feb 2025 16:02:52 GMT

The Senate is poised to confirm a new chairman of the Joint Chiefs of Staff Wednesday as Democrats try to maneuver around holds placed on hundreds of nominations by Alabama Sen. Tommy Tuberville over the Pentagon’s abortion policy. Tuberville has been blocking the Senate from approving military nominations in groups, frustrating Democrats who had said they would not go through the time-consuming process of bringing up individual nominations for a vote. But Senate Majority Leader Chuck Schumer, D-N.Y., reversed course on Wednesday and moved to force votes on three of the most senior nominees: Gen. CQ Brown to replace Gen. Mark Milley as chairman of the Joint Chiefs of Staff when Milley resigns on Sept. 30, as is required by law; Gen. Randy George to be Army Chief of Staff and Gen. Eric Smith, who is nominated to be commandant of the U.S. Marine Corps. Tuberville did not object to the confirmation votes, saying he will maintain his holds but is fine with bringing up the nominati...

Biden and Brazil’s Lula focus on workers’ rights while publicly playing down differences

Published Fri, 07 Feb 2025 16:02:52 GMT

NEW YORK (AP) — President Joe Biden and his Brazilian counterpart, Luiz Inácio Lula da Silva, played up their mutual affection for workers’ rights Wednesday as the leaders of the Western Hemisphere’s two largest democracies met in New York, steering clear in public about their differences on Ukraine and other matters.They announced a new partnership on supporting labor while avoiding openly discussing disagreements such as Russia’s war in Ukraine and the U.S. embargo of Cuba. In remarks to reporters, Biden and Lula were eager to display their shared goals on the sidelines of the U.N. General Assembly.Biden sought to tie the meeting to domestic matters. Long a champion of labor unions, Biden is navigating strikes in the U.S. by autoworkers, screenwriters and actors who are seeking better pay and protections in a changing global economy. He has declined the request by the United Auto Workers leader to join the picket line.“When the middle does well, everybody does well,” Biden told L...

Bears defensive coordinator Alan Williams has resigned

Published Fri, 07 Feb 2025 16:02:52 GMT

LAKE FOREST, Ill. — One of the biggest mysteries for the Bears early in the 2023 season has been the absence of their defensive coordinator Alan Williams over the last week. On Wednesday, his time with the team officially came to an end. The Bears have announced that defensive coordinator Alan Williams has resigned. .@WGNNews pic.twitter.com/NfOi5HiK70— Larry Hawley (@HawleySports) September 20, 2023Williams officially resigned as defensive coordinator after a little over a season in that role. He had missed the Bears' game against the Buccaneers on Sunday due to what was termed a personal matter.After the Bears announced his resignation, Williams had this statement. It is with great regret that I tender my resignation as the Defensive Coordinator of the Chicago Bears Football Club effective immediately.I am taking a step back to take care of my health and my family. I appreciate the opportunity to work with the Chicago Bears, a storied NFL franchise with a rich history. The M...

Man charged with shooting, killing brother in Bolingbrook

Published Fri, 07 Feb 2025 16:02:52 GMT

BOLINGBROOK, Ill. —  A detained Bolingbrook man is now charged with the shooting death of his brother following what police called a domestic dispute earlier in the week.Authorities announced the arrest of 28-year-old Timothy Terrell Davis in Joliet on Monday afternoon. Romeoville suspect dead after shooting in Oklahoma Davis allegedly shot his 33-year-old brother Devon Davis, who succumbed to his injuries after being taken to the hospital. Bolingbrook police say the two were involved in a "family argument" Monday inside a duplex in the 300 block of Walnut Circle just before 2 p.m.Following the Sept. 18 deadly shooting, Devon Davis allegedly fled the scene. A brief search ensued, prompting schools in the area to be placed on lockdown. Darien police stated that Daviis was eventually taken into custody in Will County around 4 p.m. Emergency officials update on clean-up efforts after flooding in Calumet City Timothy Davis is charged with three counts of first-degree murder and unl...

Biden admin cancels $37 million in student loans for some University of Phoenix students

Published Fri, 07 Feb 2025 16:02:52 GMT

(The Hill) — The Biden administration announced Wednesday it is canceling $37 million in student loan debt for students of the online University of Phoenix. The money will cancel the debt for 1,200 former students who the administration said were tricked into believing the for-profit school had connections with Fortune 500 companies. The borrowers who received forgiveness had to apply for the Borrower Defense program, which the Education Department uses to forgive student loans for those who have been defrauded by their university.The University of Phoenix had to pay $191 million in 2019 to settle claims brought against them accusing the school of using deceptive advertising to attract students.  Who qualifies for $0 student loan payments? “My Administration won’t stand for colleges taking advantage of hardworking students and borrowers. As long as I am President, we will never stop fighting to deliver relief to borrowers who are entitled to it – like those who attended Unive...