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Dow plunges more than 400 points as spiking yields weigh on stocks

Published Fri, 27 Dec 2024 21:22:40 GMT

New York (CNN) — Stocks fell sharply Tuesday afternoon, as US Treasury yields surged to their highest levels in over a decade, worrying investors that higher borrowing rates could further stall the housing market.The Dow fell 430 points, or 1.3%, notching its lowest close since June and turning lower for the year. The benchmark S&P 500 declined 1.4% for its lowest close since May. The Nasdaq Composite lost 1.9%, extending the late summer selloff.The Fed signaled last month that it could introduce one more hike this year and keep rates elevated through next year. Investors are starting to worry that the housing market could be the next domino to fall and potentially trigger a recession.While the Fed does not set the interest rates that borrowers pay on mortgages directly, its actions influence them. Mortgage rates tend to track the yield on 10-year US Treasuries. When Treasury yields go up, so do mortgage rates.Stocks have marched higher for most of this year, as AI exciteme...

Firefighters battle vehicle fire in Weston

Published Fri, 27 Dec 2024 21:22:40 GMT

Emergency crews responded in Weston Tuesday after a truck caught fire on I-95 north. SKY7-HD was over the scene shortly before 4 p.m. where the vehicle could be seen fully engulfed in flames. The fire was taking place roughly one mile south of the Mass Pike. Firefighters were spotted working to get the situation under control as traffic backed up behind the fire and the emergency response to it. Traffic was getting by but appeared to be limited to one lane.No further information was immediately available.This is a developing story; stay with 7NEWS on-air and online for the latest updates.

Woman sues Disney World, claims severe ‘wedgie’ injury on Typhoon Lagoon slide

Published Fri, 27 Dec 2024 21:22:40 GMT

A woman has sued Disney, claiming that a trip down a waterslide at Disney’s Typhoon Lagoon four years ago caused an “injurious wedgie” that left her with severe gynecological trauma.In a lawsuit filed last week in Orange County Circuit Court, Emma and Edward McGuinness said they were seeking at least $50,000 in damages from Walt Disney World stemming from what happened on the Humunga Kowabunga slide in October 2019.The lawsuit, filed by attorney Alan Wagner of Tampa, claims that Emma McGuinness suffered the injuries when she slid down the 214-foot-high, five-story slide while on a visit with her family celebrating her 30th birthday.“At the top of The Slide, riders are instructed to cross their legs at the ankles,” the suit states. “Riders are not told why their ankles need to be crossed, the importance of doing so, or the risks of injury if one’s ankles become uncrossed.”The suit claims that she went airborne at one point on the slide, which forced her ankles apart, and her impact i...

House makes history, removes McCarthy as Speaker

Published Fri, 27 Dec 2024 21:22:40 GMT

Rep. Kevin McCarthy (R-Calif.) is no longer Speaker of the House.A small group of House Republicans, led by Rep. Matt Gaetz (R-Fla.) joined with Democrats to oust him in a 216-210 vote.Tuesday marks the first time the House has ever voted to remove a sitting Speaker, a historic development that will catapult the chamber into another chaotic Speaker’s race following January’s marathon election.The House is now in uncharted territory.The chamber will be run by an acting Speaker — Speaker pro tempore — chosen from a list designated by McCarthy and shared with the House clerk, a process implemented for continuity of government reasons after 9/11. Members in both parties expect that the Speaker pro tempore has the chief responsibility of presiding over a new Speaker election.Until then, House aides expect the House to be able to do little else — creating a repeat of McCarthy’s historic 15-ballot election in January.His ouster on Tuesday is inextricably linked to that four-day, 15-ballot ...

Stock market today: Wall Street buckles under higher bond yields as Dow wipes out gain for the year

Published Fri, 27 Dec 2024 21:22:40 GMT

NEW YORK (AP) — Wall Street fell sharply Tuesday as it focused on the downside of a surprisingly strong job market. The S&P 500 dropped 1.4% to its lowest point in four months. The Dow Jones Industrial Average tumbled 430 points, or 1.3% and wiped out the last of its gains made for the year so far. Some of the heaviest losses came from Big Tech stocks, which sent the Nasdaq composite to a market-leading loss of 1.9%.Stocks fell as the pressure on them cranked even higher from rising Treasury yields in the bond market. Such weight has been the main reason the S&P 500 has lost more than 40% of its value since the end of July, after charging higher for much of the year. The 10-year Treasury yield climbed again Tuesday, up to 4.79% from 4.69% late Monday and from just 0.50% early in the pandemic. It touched its highest level since 2007 and rose after a report showed U.S. employers have many more job openings than expected.When bonds are paying so much more in interest, they pull...

Independent MP Han Dong says he’s still awaiting word if he can rejoin Liberal caucus

Published Fri, 27 Dec 2024 21:22:40 GMT

OTTAWA — Independent MP Han Dong says he’s still waiting for word on whether or not he can return to the Liberal caucus, but he hopes it will happen as soon as possible. The Toronto-area MP resigned from the government caucus in March saying he wanted to clear his name following allegations published in media reports.Global News had reported, citing unnamed national security sources, that Dong told a Chinese diplomat in February 2021 that releasing Canadians Michael Kovrig and Michael Spavor from detention would benefit the Conservatives.David Johnston, the former special rapporteur on foreign interference, deemed the claim “false” in a May report, and the Liberals launched a process to determine whether Dong could return to caucus. Dong says he met with Intergovernmental Affairs Minister Dominic LeBlanc about three weeks ago and they had a good and constructive conversation. A spokesperson for LeBlanc says the government will have more to say on the matter in due ...

Fatal shooting by police draws protests and raises questions in north Alabama

Published Fri, 27 Dec 2024 21:22:40 GMT

DECATUR, Ala. (AP) — Family members of a Black man fatally shot outside his home by Alabama police are seeking more information about what happened and to see body camera footage of the shooting.Police shot and killed Stephen Perkins, 39, last week in Decatur, Alabama, in what began in a confrontation Friday morning with a tow truck driver trying to repossess a vehicle, police said. Perkins’ family said that he was not behind on payments and the vehicle should not have been repossessed. The Decatur Police Department said in an initial public statement that officers were called to the scene by the tow truck driver, who said the homeowner pulled a gun. Police said that the man, identified as Perkins, later threatened the driver and “turned the gun toward one of the officers.” The Perkins family issued a statement to news outlets requesting body camera footage and an investigation. They questioned what they called an “unjust excessive amount of force.” Perkins was sho...

A bus crash in a Venice suburb kills at least 21 people

Published Fri, 27 Dec 2024 21:22:40 GMT

ROME (AP) — A bus crashed near the Italian city of Venice after falling from an elevated street, killing at least 21 people and injuring several others Tuesday, authorities said.Venice prefect Michele Di Bari said that 21 people were killed, including two children, and that there were 15 survivors from the crash in the Mestre suburb of Venice. He said it was a regular bus line, but that tourists were aboard, though there was no immediate word on the nationalities of the victims. Venice Mayor Luigi Brugnaro wrote on X, formerly Twitter, that the scene of the crash was “apocalyptic” and that he had already declared the “city’s mourning” for the “numerous victims” who were on the bus. According to local media, the bus fell a few meters before crashing close to Mestre’s railway tracks, where it caught fire. Emergency crews were on the scene.Premier Giorgia Meloni expressed her “deepest sorrow” after the crash.The Associated Press

Azerbaijan arrests several former top separatist leaders of Nagorno-Karabakh

Published Fri, 27 Dec 2024 21:22:40 GMT

Authorities in Azerbaijan arrested several former separatist leaders of Nagorno-Karabakh on Tuesday after reclaiming control of the Armenian-populated breakaway region in a lightning military operation last month, a top Azerbaijani news agency said.Arayik Harutyunyan, who led the region before stepping down at the beginning of September, was arrested and was being brought to the Azerbaijani capital, the APA news agency said.Arkadi Gukasian, who served as the separatist president from 1997 until 2007, and Bako Sahakyan, who held the job from 2007 until 2020, also were arrested Tuesday along with the speaker of the separatist legislature, Davit Ishkhanyan, APA said.The wave of arrests come as Azerbaijani authorities move swiftly to establish their control over the region after a blitz offensive that triggered an exodus of over 100,000 people — more than 80% of its ethnic Armenian residents.While Azerbaijan has pledged to respect the rights of ethnic Armenians, most of them have rushed...

Former VP Pence talks national security and foreign policy at AP-Georgetown University forum

Published Fri, 27 Dec 2024 21:22:40 GMT

WASHINGTON (AP) — Former Vice President and GOP candidate Mike Pence on Tuesday warned of the consequences of U.S. withdrawal from the world stage as he continued to criticize the growing tide of isolationism in his party.“America is the leader of the free world. If we’re not leading the free world, the free world is not being led,” Pence said at a national security and foreign policy forum at Washington’s Georgetown University. The appearance was the first in a series of conversations with 2024 Republican presidential candidates on the topic co-hosted by The Associated Press and Georgetown’s Institute of Politics and Public Service.Pence has positioned himself as a foreign policy hawk in his party’s crowded primary, advocating for “peace through American leadership” on the world stage. He has railed against the growing populist tide in the party, accusing rivals like former President Donald Trump and his followers of abandoning U.S. allies.The contrast has been pa...