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Deepening worries about high rates send Wall Street lower

Published Wed, 26 Feb 2025 06:27:58 GMT

NEW YORK (AP) — Stocks stumbled on Wall Street Thursday and added to the week’s losses as markets remain anxious about the prospect of more aggressive action by the Federal Reserve to fight inflation.Major indexes started the day higher and gradually lost ground until they fell sharply in late trading. The S&P 500 fell 73.69 points, or 1.8% to 3,918.32. It marked the second-worst loss of the year for the benchmark index and further eroded gains made throughout January to kick off the year.The sharp slide, which sank 95% of stocks in the S&P 500, was particularly hard on banks. The S&P 500’s financial sector slumped 4.1%.SVB Financial Group lost 60% of its value after announcing plans to raise up to $1.75 billion in order to strengthen its position amid concerns about higher interest rates and the economy. Bank of America, Citigroup and other big banks fell sharply.The Dow Jones Industrial Average fell 543.54 points, or 1.7% to 32,254.86 and the Nasdaq fell 237.65 points,...

Railroad CEO ‘sorry,’ but avoids specifics at Senate hearing

Published Wed, 26 Feb 2025 06:27:58 GMT

WASHINGTON (AP) — Norfolk Southern’s CEO earnestly apologized before Congress on Thursday for last month’s fiery hazardous materials train derailment on the Ohio-Pennsylvania border and pledged millions of dollars to help the local town recover. But he stopped short of fully endorsing tougher safety regulations or specific commitments to pay for long-term health and economic harm. In a packed Senate hearing, CEO Alan Shaw said his railroad firmly supports the goal of improving rail safety, but he also defended his company’s record. He was questioned closely by both Democrats and Republicans about specific commitments to pay for long-term health and economic harm — and about the decision making that led to the release and burn of toxic vinyl chloride from five tanker cars — as well as the company’s commitment to safety and helping the people of East Palestine, Ohio.“I’m terribly sorry for the impact this derailment has had on the folks of that community,” Shaw...

Reports: Several dead in shooting in German city of Hamburg

Published Wed, 26 Feb 2025 06:27:58 GMT

BERLIN (AP) — Several people were killed in a shooting Thursday evening in the northern German city of Hamburg, according to local media reports.The German news agency dpa said “several” people were dead and some injured, but didn’t give precise figures. Police said on Twitter that a large operation was under way in the city’s Alsterdorf district.Further details on what happened weren’t immediately available. Berlin, The Associated Press

Police: Extremists kill 25 fishermen in northeast Nigeria

Published Wed, 26 Feb 2025 06:27:58 GMT

MAIDUGURI, Nigeria (AP) — Islamic extremists killed at least 25 fishermen during an attack in northeastern Nigeria’s Borno state, the police told The Associated Press on Thursday,The rebels attacked the fishermen in the remote Mukdolo village of Borno where the years-long extremist violence is concentrated, said the local police chief Abdu Umar. Some of the bodies in the Wednesday attack were recovered and buried on Thursday, he said.“There is no single human being in that place because it has been abandoned but the villagers from Dikwa go there to fish. Unfortunately, this time, Boko Haram (extremists) surrounded the place and killed 25 of them and nine escaped,” the police chief said of the attack. Locals reported more than 30 killed in the attack.Nigeria, Africa’s most populous country and largest economy, continues to grapple with a 14-year-old insurgency in the northeast by Islamic extremist rebels of Boko Haram and its offshoot, the Islamic State West Africa Province. Th...

‘Can I claim my dog as a dependent?’ NYC 311 system turns 20

Published Wed, 26 Feb 2025 06:27:58 GMT

NEW YORK (AP) — “Can you tell me the steps for boiling a live chicken?” “Can I claim my dog as a dependent on my taxes?”New York City officials on Thursday marked two decades of the city’s 311 nonemergency answering system by releasing a top-20 list of those and other memorable calls.Mayor Eric Adams said the 311 system has received 525 million contacts by phone, text and other means since its inception in March 2003. He said the service “has become an indispensable resource for New Yorkers looking to make a noise complaint, report a cleanliness issue, learn whether alternate side parking is in effect and so much more.”Adams said in a news release that the city’s first-ever 311 call was for a noise complaint in the Jackson Heights neighborhood of Queens. Baltimore was the first U.S. city to use 311 for nonemergency calls in 1996. New York City’s 311 system was inaugurated by then-mayor Mike Bloomberg on March 9, 2003 and grew to become the nation’s largest such service.N...

Iowa athletics department to cover full race bias settlement

Published Wed, 26 Feb 2025 06:27:58 GMT

IOWA CITY, Iowa (AP) — A race discrimination lawsuit filed against the University of Iowa by former football players will be settled using funds entirely from the school instead of having taxpayer money cover half of the $4.2 million deal, the university’s president said Thursday.President Barbara Wilson put an end to the original plan that called for $2 million being pulled from the state’s general fund after listening to the public’s concerns and consulting with the Board of Regents, she said in a statement.The university’s athletics department will reimburse the state for the $2 million, The Des Moines Register reported.The state’s Appeal Board approved the plan to use taxpayer funds for the settlement in a 2-1 vote on Monday. Board member and State Auditor Rob Sand voted down the proposal, saying the university’s athletics department has the funds to cover the full settlement.Iowa lawmakers then introduced a bill on Wednesday that would require athl...

It’s almost Oscars time. Here’s everything you need to know

Published Wed, 26 Feb 2025 06:27:58 GMT

NEW YORK (AP) — Hollywood is gearing up for the 95th Academy Awards, where “Everything Everywhere All at Once” comes in the lead nominee and the film industry will hope to move past “the slap” of last year’s ceremony. Here’s everything you need to know about the 2023 Oscars, including when they are, where to watch the live show and this year’s controversies. ___WHEN ARE THE OSCARS?The Oscars will be held Sunday, March 12, at the Dolby Theatre in Los Angeles. The ceremony is set to begin at 8 p.m. EST and be broadcast live on ABC. CAN YOU STREAM THE OSCARS?The broadcast can be streamed with a subscription to Hulu Live TV, YouTubeTV, AT&T TV and Fubo TV. Some of these services offer brief free trials. You can also stream the show on ABC.com and on the ABC app by authenticating your provider. WHO’S HOSTING?Jimmy Kimmel will host for the third time and his first time since 2018. That was also the last Oscars to feature a solo host. The show went hostless for several years after Kimm...

NASCAR driver says he nearly won record-setting Powerball jackpot last year

Published Wed, 26 Feb 2025 06:27:58 GMT

(NEXSTAR) - Just a few short months ago, Powerball players were vying for a world record-setting $2.04 billion jackpot. Though only one ticket – claimed by Edwin Castro last month – matched all six numbers to win the jackpot, a NASCAR driver says he was one number away from claiming the prize before it surpassed $2 billion. During an episode of his podcast, "Actions Detrimental with Denny Hamlin," the driver for Joe Gibbs Racing explained that while in Arizona last year, he scored a big payout off the track. The weekend before the November 7 drawing for the massive Powerball jackpot, NASCAR was racing at Phoenix Raceway in Arizona. By then, Hamlin had already been booted from championship contention after Ross Chastain pulled ahead of him in points thanks to a now-banned video-game move. He and his team had also received tragic news – Coy Gibbs, the son of Joe Gibbs and co-owner of Joe Gibbs Racing, died the night before Sunday's race.Hamlin went on to finish eighth in the race. But...

Millennium Park one of the best US tourist destinations, study says

Published Wed, 26 Feb 2025 06:27:58 GMT

CHICAGO - One of the favorite stops for those who are visiting the Windy City is a park downtown, and one survey found that those people tended to enjoy themselves.Family Destinations Guide recently conducted a study on the best tourist destinations in the United States, and Millennium Park in Chicago cracked the Top Ten.The popular Loop destination finished in a tie for eighth on their list with the Epcot Center at Walt Disney World. To find the best US tourist destinations, Family Destinations Guide took the top 50 most visited places in the country and compared how many people had given the top score on Tripadvisor. When it comes to Millennium Park, 71 percent of the visitors gave it an "excellent" rating when they made their way around the park, which allowed it to rank high on the list. Per the study, the park gets an average of 25 million visitors per year.Great Smoky Mountains National Park in North Carolina and Tennessee along with the Grand Canyon in Arizona were at the top...

Biden to seek more than $2.8B from Congress for cancer fight

Published Wed, 26 Feb 2025 06:27:58 GMT

WASHINGTON (AP) — President Joe Biden is asking Congress for more than $2.8 billion in the federal budget he’s sending to Capitol Hill on Thursday to help advance his cancer-fighting goals.More than half of the money, $1.7 billion, would go to the Department of Health and Human Services to support the Democratic president’s cancer initiatives across an array of departments and agencies, according to White House officials, who spoke on the condition of anonymity to share details with The Associated Press before Biden formally unveils his spending blueprint later Thursday in Philadelphia.The funding request would support a “cancer moonshot’ initiative Biden announced last year with the goal of cutting cancer death rates in half over the next 25 years. Biden aims to help close gaps in cancer screenings, better understand and address environmental and toxic exposures associated with certain cancers, and reduce the effects of preventable cancers, such as those linked to tobacco and poor ...