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Stock market today: Wall Street slumps after Fed warns rates may stay higher through 2024

Published Sat, 28 Dec 2024 04:24:51 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 was 0.8% lower in late trading. The Dow Jones Industrial Average was down 37 points, or 0.1%, at 34,479, as of 3:45 p.m. Eastern time, and the Nasdaq composite was 1.3% lower.The Fed held its main interest rate at its highest level in more than two decades, as was widely expected. Officials also indicated they may raise the federal funds rate once again this year, as the Fed tries to get inflation back down to its target of 2%, though Fed Chair Jerome Powell said it’s close to hitting the peak, if not there already.Perhaps more importantly for the market, Fed officials also suggested they may cut rates next year by only half a percentage point. Three months ago, they were penciling in a full percentage point of cuts in 2024. That could be a big negative for Wall Street...

Peel school board focused on replenishing after library ‘weeding’ process criticized

Published Sat, 28 Dec 2024 04:24:51 GMT

A school board west of Toronto says it is focused on replenishing resources in its libraries while reviewing training after its so-called “weeding process” was criticized.Last week, Education Minister Stephen Lecce wrote to the Peel District School Board asking it to halt the weeding process – which assesses and removes older books – after concerns were raised that some books were being removed simply because they were published before 2008, based on new equity-focused board guidelines.In response to the concerns, the board said last week that older books, regardless of publication date, were allowed to remain in school libraries so long as they were “accurate, relevant to the student population, inclusive, not harmful, and support the current curriculum.”The board’s director of education also said the board had not given teacher librarians direction to remove all books with a publication date older than 2008.Students and a group of Peel Region residents called on ...

Ray Epps, Trump supporter targeted by Jan. 6 conspiracy theory, pleads guilty to Capitol riot charge

Published Sat, 28 Dec 2024 04:24:51 GMT

WASHINGTON (AP) — Ray Epps, a onetime Donald Trump supporter who was the target of a right-wing conspiracy theory about the Jan. 6, 2021, attack that forced him into hiding, pleaded guilty on Wednesday to a misdemeanor charge for his role in the U.S. Capitol riot.Epps, appearing remotely for a hearing in Washington’s federal courthouse, entered his plea on a charge of disorderly conduct on restricted grounds a day after the case was filed in the Justice Department’s massive Jan. 6 prosecution. The judge scheduled his sentencing for Dec. 20. After the riot, he became the focus of a conspiracy theory — echoed by right-wing news outlets — that he was a secret government agent who incited the Capitol attack. Driven from his Arizona home, the former Marine and ex-member of the Oath Keepers extremist group filed a defamation lawsuit against Fox News Channel this year, saying the network was to blame for spreading the baseless claims that led to death threats and bullet casings...

Poilievre introduces housing bill, plan focuses on getting cities to build more homes

Published Sat, 28 Dec 2024 04:24:51 GMT

OTTAWA — Conservative Leader Pierre Poilievre has introduced a private member’s bill in the House of Commons that outlines a plan to address the national housing crisis. The bill, which is unlikely to pass, centres around using federal infrastructure and transit spending to push cities to build more homes.It proposes requiring cities to increase home building by 15 per cent each year to receive their usual infrastructure spending. Cities that fail to meet that target will see a decrease in the federal dollars they receive, while those who exceed it will get additional money. The bill also proposes removing GST charges off rental developments that offer below-market rent prices, which stands in contrast with the Liberals’ plan to remove the tax off all rental developments. Other tenets of the plan include selling off 15 per cent of federal buildings and land for housing development, and going after the Canada Mortgage Housing Corp. for delayed approvals and missed home-bu...

From Centre Ice Conservatives to Canadian Future, a new federal party takes shape

Published Sat, 28 Dec 2024 04:24:51 GMT

OTTAWA — The interim leader of Canada’s newest federal party says he wants it to be an option for people who are tired of both the governing Liberals and the “rage farming” coming from the Conservatives. New Brunswick Independent MLA Dominic Cardy made the comment as the group Centre Ice Canadians announced its plans today to form a new party called Canadian Future. Cardy says the group, which had first been called Centre Ice Conservatives, decided to change its name after months of consultation on the idea of launching a new party.A group of moderate Tories used the group as a vehicle to push for change during last year’s Conservative leadership race, arguing their party should focus on topics such as affordability rather than issues arising out of the COVID-19 pandemic.Poilievre won a resounding first-ballot victory in that contest, in part by appealing directly to those who opposed mask and vaccine mandates, as well as people who supported the “Freed...

House Republicans clash with Attorney General Garland, accusing him of favoring Hunter Biden

Published Sat, 28 Dec 2024 04:24:51 GMT

WASHINGTON (AP) — House Republicans clashed with Attorney General Merrick Garland on Wednesday, accusing him and the Justice Department of the “weaponization” of the department’s work in favor of President Joe Biden ‘s son Hunter.Garland’s appearance before the House Judiciary Committee was his first in two years and came at an unprecedented moment in the department’s history: He’s overseeing two cases against Donald Trump, the first former president to face criminal charges, and another against the sitting president’s son.Republicans on the committee — led by chairman Jim Jordan of Ohio — set the tone with accusations that the Justice Department is favoring the Biden family while targeting his likely 2024 opponent, Trump.“There’s one investigation protecting President Biden. There’s another one attacking President Trump,” Jordan declared. “The Justice Department’s got both sides of the equation covered.”Garland — carefully and deliberately — defended the country’s...

Romeoville suspect dead after shooting in Oklahoma

Published Sat, 28 Dec 2024 04:24:51 GMT

CATOOSA, Okla. — A 31-year-old man, who was deemed a suspect in the slaying of a Romeoville family Sunday, has been found dead with a gunshot wound in Oklahoma, according to police.Shortly after the shooting, police said Nathanial Huey Jr., 31, of Streamwood, was wanted as a person of interest. A female with a relationship to Huey was also identified as a person of interest.On Tuesday evening, the female was reported missing by her family in Streamwood. Later that evening, Romeoville police issued an alert to other police agencies noting that Huey Jr. was a suspect in the slayings.Police in Catoosa, Oklahoma were alerted to the presence of Huey Jr.'s vehicle Wednesday morning in their jurisdiction, police said. The vehicle attempted to elude police and it was involved in a fiery single-car crash.Two gunshots were heard at the scene by responding officers. The female was located with a gunshot wound and was transported in critical condition. The man was pronounced dead at the scene.P...

Government bringing back free at-home COVID tests starting next week

Published Sat, 28 Dec 2024 04:24:51 GMT

WASHINGTON (AP) — The Biden administration announced Wednesday that it is providing $600 million in funding to produce new at-home COVID-19 tests and is restarting a website allowing Americans to again order up to four free tests per household — aiming to prevent possible shortages during a rise in coronavirus cases that has typically come during colder months.The Department of Health and Human Services says orders can be placed at COVIDTests.gov starting Sept. 25, and that no-cost tests will be delivered for free by the United States Postal Service.Twelve manufacturers that employ hundreds of people in seven states have been awarded funding and will produce 200 million over-the-counter tests to replenish federal stockpiles for government use, in addition to producing enough tests to meet demand for tests ordered online, the department said. Federal officials said that will help guard against supply chain issues that sparked some sho...

Aquarium fish in San Francisco may be 100 years old, study finds

Published Sat, 28 Dec 2024 04:24:51 GMT

SAN FRANCISCO (KRON) – This week, the California Academy of Sciences (CAS) revealed the age of a beloved Australian lungfish who is the oldest living aquarium fish in the world. The fish, named Methuselah, has lived at Steinhart Aquarium in San Francisco since 1938. Methuselah arrived in San Francisco on a ship with hundreds of other fish from Fiji and Australia. She outlived them all. DNA analysis, and a new study led by Australian researchers Dr. Ben Mayne and Dr. David Roberts, estimated Methuselah’s age is between 92 and 101 years old. Roberts said, "Her actual age could conceivably be over 100, placing her in the rare club of fish centenarians."(Photo by Gayle Laird, California Academy of Sciences)Methuselah is famous at the aquarium for her longevity, charming personality, and penchant for belly rubs, according to CAS. The fish's previous estimated age was 84. But Methuselah is even more ancient than scientists previously believed. California woman loses limbs after bat...

Fed Chair Jerome Powell on FOMC's attempt of 'soft landing' for U.S. economy following decision to leave key rate unchanged

Published Sat, 28 Dec 2024 04:24:51 GMT

WASHINGTON (AP) — The Federal Reserve left its key interest rate unchanged Wednesday for the second time in its past three meetings, a sign that it’s moderating its fight against inflation as price pressures have eased. But Fed officials also signaled that they expect to raise rates once more this year.The move to leave its benchmark rate at about 5.4% suggests that the Fed thinks it has time to wait and see if the 11 rate hikes it unleashed starting in March 2022 will continue to cool rising prices.Consumer inflation has dropped from a year-over-year peak of 9.1% in June 2022 to 3.7% last month. Yet it’s still well above the Fed’s 2% target, and its policymakers made clear Wednesday that they aren’t close to declaring victory over the worst bout of inflation in 40 years.Besides forecasting another hike by year’s end, their projections showed they envision keeping rates high deep into 2024. They expect to cut interest rates just two times in 2024, down from four rate cuts they had e...