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Stock market today: Wall Street rallies after report raises hopes inflation will continue to cool

Published Sat, 22 Feb 2025 08:26:32 GMT

NEW YORK (AP) — Stocks are rallying Thursday as Wall Street lets out a bit of an exhale following the latest update on inflation across the U.S.The S&P 500 was 1.1% higher in early trading and on track for just its second winning day in the last eight. The Dow Jones Industrial Average was up 366 points, or 1%, at 35,489, as of 9:50 a.m. Eastern time, and the Nasdaq composite was 1.3% higher.Thursday’s highly anticipated report showed U.S. consumers paid prices that were 3.2% higher in July than a year earlier. That’s a touch milder than the 3.3% inflation rate economists expected to see and down sharply from last summer’s peak above 9%. Beneath the surface, underlying trends for inflation were also within expectations.The readings bolstered hopes among investors that the Federal Reserve’s campaign to grind down inflation is progressing and that maybe it could even be done hiking interest rates. High rates undercut inflation by slowing the entire economy and hurting investment pr...

Today in Sports – Week Ahead, August 11 – August 17

Published Sat, 22 Feb 2025 08:26:32 GMT

Aug. 111919 — Green Bay Packers football club founded by George Calhoun and Curly Lambeau – named after sponsor Indian Packing Company.1929 — Babe Ruth is the first MLB player to hit 500 home runs.1943 — Volo Song, driven by Ben White, wins the Hambletonian Stakes in the third heat.1948 — Demon Hanover, driven by Harrison Hoyt, wins the Hambletonian Stakes in straight heats.1974 — Lee Trevino beats Jack Nicklaus by one stroke to capture the PGA Championship.1979 — Peter Haughton wins his second International Trot at Roosevelt Raceway by driving Doublemint to victory.1984 — Carl Lewis duplicates Jesse Owens′ 1936 feat, winning his 4th Olympic gold medal as part of the US 4 x 100m relay team; world record (37.83).1984 — Britain’s Sebastian Coe sets an Olympic record in the 1,500 meter with a 3:32.53 winning time.1985 — Hubert Green beats defending champion Lee Trevino by two strokes to take the PGA Championship.1986 — Bob Tway’s bunker shot on the final hole gives him the PGA Ch...

Expectations will be high at Marseille with a new coach and a strong squad

Published Sat, 22 Feb 2025 08:26:32 GMT

It’s been painful for Marseille fans to watch bitter rival Paris Saint-Germain collect league titles over the last decade to become the most successful club in domestic French soccer.For while Marseille still has bragging rights over PSG as the only French club to win the Champions League, it hasn’t won the domestic league title since 2010. PSG, meanwhile, has won it nine times in the last 11 years to set a French record with 11 titles. Saint-Etienne has 10 and Marseille has been stuck on nine for more than a decade. That’s an eternity for fans in the soccer-crazed southern seaport city who live and breathe the game every day. The passion at Stade Velodrome remains as strong as ever, in contrast to the somewhat lukewarm atmosphere at PSG’s Parc des Princes.Marseille looked like title contenders at certain times last season, before once again being hampered by inconsistency: Marseille won eight straight away games but struggled badly at home under former coach...

Philippine president suspends 22 land reclamation projects in Manila Bay after US airs concerns

Published Sat, 22 Feb 2025 08:26:32 GMT

MANILA, Philippines (AP) — Philippine President Ferdinand Marcos Jr. has ordered an indefinite suspension of 22 major land reclamation projects in Manila Bay to allow a study of their environmental impact and legal compliance, an official said Thursday.Marcos’s order came after the United States expressed public concern over environmental damage from the projects and the involvement of a Chinese company which was blacklisted by Washington for its role in building militarized Chinese island bases in the South China Sea that further stoked tensions in the contested waters.The heavily fortified U.S. Embassy in Manila sits on the edge of the bay, which is popular for its golden sunsets but has long been notorious for pollution.“All of these projects are suspended at this point,” Environment Secretary Antonia Yulo Loyzaga said in a televised news conference. “All are under review.”A team of scientists including oceanographers, geologists and climate change experts is being formed t...

Montgomery Co. unemployment hits lowest level in decades, but there’s still work to be done

Published Sat, 22 Feb 2025 08:26:32 GMT

The unemployment rate across Montgomery County, Maryland, has reached a new 33-year low at 1.5%, according to numbers from the Bureau of Labor Statistics.The steady job growth has outpaced jurisdictions across the region.“Even in the face of the economic trials of the pandemic, we’re seeing indications that our local economy is fairing well and doing better than five years ago,” said County Executive Marc Elrich, during a media briefing.The average rate typically considered full employment sits around 3% to 4%.“We’ve set some notable marks,” he added.Bill Tompkins, president and CEO of the Montgomery County Economic Development Corporation, said the numbers suggest anyone looking for work is able to find it.“We think things are going to be pretty good this year, and they’ll be better next year so we’ll just keep on building our momentum,” he added.The county is home to 33,000 businesses, according to Elrich. He pointed to e...

US, UK, and Canada sanction Lebanon’s former central bank governor over corruption allegations

Published Sat, 22 Feb 2025 08:26:32 GMT

BEIRUT (AP) — The United States, United Kingdom, and Canada slapped sanctions Thursday on Lebanon’s embattled former central bank governor and a handful of close relatives and associates over allegations of corruption, the U.S. Treasury Department said.Riad Salameh, 73, ended his 30-year tenure on July 31 under a cloud of investigation and blame for his country’s historic economic crisis. France, Germany, and Luxembourg are investigating Salameh and close associates over alleged financial crimes, including illicit enrichment and the laundering of $330 million. Paris and Berlin issued Interpol notices on Salameh in May, though Lebanon does not hand over its citizens to foreign countries.“Salameh abused his position of power, likely in violation of Lebanese law, to enrich himself and his associates by funneling hundreds of millions of dollars through layered shell companies to invest in European real estate,” a U.S. Treasury Department statement said. The statement said th...

Biden will ask Congress for $13B to support Ukraine, $12B for disaster fund, an AP source says

Published Sat, 22 Feb 2025 08:26:32 GMT

WASHINGTON (AP) — President Joe Biden on Thursday will ask Congress to provide more than $13 billion in emergency aid to Ukraine, another massive infusion of cash as the Russian invasion wears on and Ukraine pushes a counteroffensive against the Kremlin’s deeply entrenched forces, a person familiar with the matter told The Associated Press.The last such request from the White House, made in November, was met and then some — Congress approved more than what Biden had requested. But there’s a different dynamic this time. A political divide on the issue has grown, with the GOP-led House facing enormous pressure to demonstrate support for the party’s leader Donald Trump, who has been very skeptical of the war. And American support for the effort has been slowly softening.The White House also is expected to ask for $12 billion to replenish federal disaster funds, according to the person, who was not authorized to speak publicly about a request that had not yet been made...

Man arrested for video voyeurism on child at Miami-Dade public library

Published Sat, 22 Feb 2025 08:26:32 GMT

Authorities have arrested a man for secretly recording a child at a Miami-Dade public library. The incident occurred Wednesday afternoon in Miami. Investigators said a mother and her 8-year-old child were inside the library when the mother noticed a male individual using a video recording device to record her daughter beneath a table. She promptly confronted the man, but he fled the area.After speaking with the mother and library staff, detectives were able to identify and track down the suspect, 37-year-old Jonathan Goldenberg. Goldenberg was taken into custody and transported to MDPD’s Kendall District, where he willingly provided a confession.He is now facing several charges including video voyeurism on a child younger than 16.

Porch pirate escape: Suspect hides in storm drain, apprehended in Fayette County pursuit

Published Sat, 22 Feb 2025 08:26:32 GMT

FAYETTE COUNTY, Ga. – A suspected porch pirate’s attempt to evade law enforcement took an unexpected twist as he sought refuge within a storm drain, only to be apprehended following a determined effort by officers. Lavern Vereen, 31, found himself in a tight spot after allegedly stealing packages and attempting to hide from pursuing officers in a storm drain located in Fayette County, Georgia.The chain of events led to an encounter that began with a vehicle crash involving Vereen’s car. As responding officers arrived at the scene, Vereen fled on foot and prompted a search operation. Sheriff Barry Babb of Fayette County said authorities had reason to suspect Vereen of package thefts prior to the crash.“It started as a vehicle crash, and as responding officers arrived, the subject fled on foot,” he said.As officers scoured the neighborhood, Vereen managed to enter a storm drain and attempted to make his escape by crawling deep underground. With over 50 ya...

EU condemns assassination of Ecuador presidential candidate 

Published Sat, 22 Feb 2025 08:26:32 GMT

Josep Borrell, EU foreign policy chief, denounced on Thursday the assassination of Ecuadorian presidential candidate Fernando Villavicencio. “This tragic act of violence is also an attack against the institutions and democracy in Ecuador,” Borrell said, demanding “the perpetrators and organizers of this heinous crime must be brought to justice.” Villavicencio was shot and killed Wednesday during a political rally in Ecuador’s capital Quito. Nine people were injured and the alleged killer was badly injured, local media reported. Villavicencio was a former journalist who had worked at Ecuador’s national oil company Petroecuador. After becoming a political adviser, he was elected to Ecuador’s National Assembly in 2021. Villavicencio was running as a presidential candidate for the Build Ecuador Movement in the upcoming elections on August 20. He was known for speaking up against drug cartels, organized crime and corruption. The upcoming election...