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Stock market today: Wall Street rallies after inflation cools

Published Wed, 26 Feb 2025 06:11:30 GMT

NEW YORK (AP) — Wall Street is climbing Wednesday after a report showed inflation cooled a bit more than expected last month, which hopefully takes some more pressure off the economy.The S&P 500 was 1.1% higher in morning trading and on track for its seventh winning week in the last nine. The Dow Jones Industrial Average was up 272 points, or 0.8%, at 34,533, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 1.4% higher.The rally was widespread, and everything climbed from stocks of flashy Big Tech behemoths to banks to staid utility companies. The U.S. government’s latest update on inflation showed that consumers paid prices for gasoline, food and other items that were 3% higher overall in June than a year earlier. That’s down from 4% inflation in May and a bit more than 9% last summer. Perhaps more importantly, it was a touch lower than economists expected.High inflation has been at the center of Wall Street’s problems because it’s driven the Federal Reserve to jack ...

Evidence seized from home of man charged in Cleveland shooting that wounded 9

Published Wed, 26 Feb 2025 06:11:30 GMT

CLEVELAND (AP) — Authorities seized evidence from the home of a man charged in a downtown Cleveland mass shooting over the weekend that wounded nine people, though the motive for the attack remained unclear Wednesday.Federal marshals and city police arrested Jaylon Jennings, 25, of Lorain, without incident at a home in that Cleveland suburb at around 3:45 p.m. Tuesday. A search warrant was then executed at Jennings’ home and items were seized, but authorities didn’t disclose further details.Jennings is due to make an initial court appearance Thursday in Cleveland Municipal Court, and it wasn’t clear Wednesday if he had retained a lawyer. He’s charged with attempted murder, and additional charges are expected.Cleveland police Chief Wayne Drummond said Jennings is believed to have opened fire on a group of people who were standing outside a bar in the downtown Warehouse District shortly before 2:30 a.m. Sunday as the clubs were closing. Seven men and two women ...

Police announce another arrest in Kansas nightclub shooting that injured more than 11

Published Wed, 26 Feb 2025 06:11:30 GMT

WICHITA, Kan. (AP) — Police have arrested another person in a Kansas nightclub shooting earlier this month that injured nearly a dozen people. A 23-year-old Wichita man was arrested Tuesday night on suspicion of attempted murder, assault and battery, Wichita police said. He is one of three people in custody for their suspected roles in the July 2 shooting at City Nightz in downtown Wichita, in which nine people were shot and two others were trampled in the chaos. No one died. Police said details of the investigation have been sent to Sedgwick County District Attorney Marc Bennett, who will determine any charges against the suspect. Bennett did not immediately respond Wednesday to messages seeking comment.The Associated Press typically does not name people arrested for crimes unless they’ve been charged.Two other Wichita men have been charged in the shooting. John Houze, 27, and Ameir King-Ingram, 19, are charged with several gun and aggravated assault counts. King-Ingram is al...

CP NewsAlert: Prince Albert, Sask., officer charged with criminal negligence

Published Wed, 26 Feb 2025 06:11:30 GMT

PRINCE ALBERT, Sask. — Police in Prince Albert, Sask., say an officer has been charged with criminal negligence causing death and failing to provide the necessities of life after a man died in custody in November 2021. More coming.The Canadian Press

Finland’s new finance minister apologizes for racist comments in 2008 blog post

Published Wed, 26 Feb 2025 06:11:30 GMT

HELSINKI (AP) — The finance minister in Finland’s new four-party governing coalition apologized Wednesday for racist comments she made in a blog post 15 years ago. The 2008 writings of Riikka Purra, the leader of the populist, anti-immigration Finns Party, resurfaced on Twitter and other social media platforms after she assumed her Cabinet post in late June. Purra also serves as deputy prime minister in the new center-right government.Her post on a site frequented by supporters of right-wing and anti-immigration policies included racial and anti-immigrant slurs, and threats of violence against migrants.She said during a joint news conference with Prime Minister Petteri Orpo that “there is nothing to defend about the comments I wrote 15 years ago as a private person on a forum of like-minded people.”“I would no longer write like that, and I don’t do it either,” she said. “My apology is completely genuine.”Orpo is the leader of the conservative National Coalition Party, which won the ...

Thailand’s Election Commission says a reformist candidate for prime minister may have broken the law

Published Wed, 26 Feb 2025 06:11:30 GMT

BANGKOK (AP) — Thailand’s Election Commission said Wednesday it has concluded there is evidence that the top candidate to become the country’s next prime minister, a reformist with strong backing among progressive young voters, violated election law and referred his case to the Constitutional Court for a ruling.The commission’s decision included a request that the court order Move Forward Party leader Pita Limjaroenrat suspended as a member of Parliament until the ruling is issued. The alleged violation involves undeclared ownership of media company shares, which are banned for lawmakers. Separately, the court also said it would review a complaint that Pita and his party may have violated the law by proposing to amendThailand’s strict legal provision against defaming the monarchy. Thai media said the court would not make any ruling on Wednesday and that it might need some to consider the issues.Pita can still be nominated on Thursday when Parliament meets to vote for a new pri...

Live Updates | G7 rolls out plan for long-term security assistance for Ukraine

Published Wed, 26 Feb 2025 06:11:30 GMT

VILNIUS, Lithuania (AP) — Follow along for updates on the summit of the NATO military alliance in Lithuania’s capital:What to know: — NATO backs Ukraine’s fight vs. Russia but doesn’t invite Kyiv to join— Sweden’s rocky road from neutrality toward NATO membership— What is NATO doing to help Ukraine in the war with Russia?——The Group of Seven industrial nations issued a joint declaration on Wednesday pledging long-term security assistance for Ukraine to bolster the besieged country’s defenses during and after its war with Russia.“Our solidarity will never waver,” said Prime Minister Fumio Kishida of Japan, which sits with Britain, Canada, France, Germany, Italy and the United States to make up the G-7.The announcement, which came on the last day of a NATO summit in Vilnius, Lithuania, lays the groundwork for individual nations to negotiate their own arrangements with Ukraine.“We’re going to help Ukraine build a strong, capable defense,” U.S. President Joe Biden said.Ukrai...

From airfares to used cars to groceries, slowing US inflation eases pressure on households

Published Wed, 26 Feb 2025 06:11:30 GMT

WASHINGTON (AP) — Squeezed by painfully high prices for two years, America’s households have gained some much-needed relief with inflation reaching its lowest point since early 2021 — 3% in June compared with a year earlier — thanks in part to easing prices for gasoline, airline fares, used cars and groceries.The inflation figure the government reported Wednesday was down sharply from a 4% annual rate in May, though still above the Federal Reserve’s 2% target. From May to June, overall prices rose 0.2%, up from just 0.1% in the previous month but still comparatively mild.Even with Wednesday’s better-than-expected inflation data, the Fed is considered all but sure to boost its benchmark rate when it meets in two weeks. But with price increases slowing — or even falling outright — across a broad range of goods and services, many economists say they think the central bank could hold off on what had been expected to be another rate hike in September, should inflation continue to c...

NATO members Greece and Turkey pledge to ‘reset’ ties and bypass longstanding disputes

Published Wed, 26 Feb 2025 06:11:30 GMT

ATHENS, Greece (AP) — Greece is ready to “reset” relations with neighbor Turkey in an effort to bypass decades-old disputes between the two NATO members, Prime Minister Kyriakos Mitsotakis said Wednesday.Mitsotakis held an hourlong meeting Wednesday with Turkish President Recep Tayyip Erdogan on the sidelines of a NATO summit in Vilnius, Lithuania, and told reporters they had agreed to continue high-level contacts.“Our problems have not been magically resolved,” Mitsotakis said. “But today’s meeting confirmed my intention and that of President Erdogan to reset Greek-Turkish relations.”Cabinet ministers from the two sides are due to meet after the summer in the northern Greek city of Thessaloniki, Mitsotakis said.Wednesday’s talks were held a day after Turkey dropped its objections to Sweden’s membership in NATO and signaled further willingness to lower tension with Western nations, including Greece.Turkey and Greece remain at odds over maritime boundaries in the eastern Medite...

A beverage change is coming to the United Center

Published Wed, 26 Feb 2025 06:11:30 GMT

CHICAGO — Fans going to the United Center concession stands are going to see a change for the upcoming Bulls and Blackhawks season along with other events.It all has to do with a change in beverage providers.Today the @UnitedCenter announced that PepsiCo will be the official soft drink provider of the Blackhawks and Bulls..Both teams have entered into a multi-year partnership with the company. .@WGNNews pic.twitter.com/J8rkYDzbBu— Larry Hawley (@HawleySports) July 12, 2023On Wednesday, both franchises along with the United Center announced that they are entering a multi-year partnership with PepsiCo to be the official soft drink provider for the venue, replacing Coca-Cola. This will mean that products like Pepsi, Pepsi Zero Sugar, Mountain Dew, and STARRY will now be served at concession stands around the stadium for Blackhawks and Bulls contests along with other events at the nearly 30-year-old stadium.As part of the deal, there will also be a "Pepsi Grab & Go" store insi...