Andrew met the individual through “official channels” with “nothing of a sensitive nature ever discussed”, a statement from his office said. The businessman – known only as H6 – lost an appeal over a decision to bar him from entering the UK on national security grounds. He brought a case to the Special Immigration Appeals Commission (SIAC) after then-home secretary Suella Braverman said he should be excluded from the UK in March 2023. H6 was described as a “close confidante” of The Duke. Judges were told that in a briefing for the home secretary in July 2023, officials claimed H6 had been in a position to generate relationships between prominent UK figures and senior Chinese officials “that could be leveraged for political interference purposes”. They also said that H6 had downplayed his relationship with the Chinese state, which combined with his relationship with Andrew, 64, represented a threat to national security. A statement from Andrew’s office said: “The Duke of York followed advice from His Majesty’s Government and ceased all contact with the individual after concerns were raised. “The Duke met the individual through official channels with nothing of a sensitive nature ever discussed. “He is unable to comment further on matters relating to national security.” At a hearing in July, the specialist tribunal heard that the businessman was told by an adviser to Andrew that he could act on the duke’s behalf when dealing with potential investors in China, and that H6 had been invited to Andrew’s birthday party in 2020. A letter referencing the birthday party from the adviser, Dominic Hampshire, was discovered on H6’s devices when he was stopped at a port in November 2021. In a ruling on Thursday, Mr Justice Bourne, Judge Stephen Smith and Sir Stewart Eldon, dismissed the challenge.AP Trending SummaryBrief at 5:46 p.m. EST
DALLAS — Next up for the Yankees, Plan B. The Yankees entered the offseason with their top priority re-signing free agent Juan Soto, but they lost out on what turned into an intra-city battle as the 26-year-old outfielder copped the biggest professional sports contract in history on Sunday night, agreeing to a 15-year, $765 million deal with the Mets. The Yankees, with whom Soto starred in 2024 and helped lead them to their first World Series appearance since 2009, were not significantly outbid, the package they put forth in excess of $750 million. What the club’s Plan B entails is not yet clear, but this can be said with certainty: the Yankees have plenty of work to do in building their 2025 roster. Which, incidentally, was the case regardless of Soto’s decision. They have significant holes to fill, and it should be pointed out there were more than a few members of the organization privately hoping the Yankees would lose the Soto sweepstakes so those areas of need could be more easily plugged with at least some of the money not spent on the four-time All-Star. Among those needs: bullpen arms, first base and either third base or second base, depending on where the Yankees choose to play Jazz Chisholm Jr. At last month’s general manager’s meetings in San Antonio general manager Brian Cashman, who arrived in Dallas for these winter meetings that start Monday, about an hour before news broke of Soto’s decision Sunday night, did not rule out pursuing a high-end starting pitcher. Backing those words up, the Yankees in the last month have had conversations with representatives for Max Fried and Corbin Burnes, among others. And Soto choosing the Mets adds another need: outfield. The Yankees, never keen on the amount of time Aaron Judge spent in centerfield in recent seasons, all but certainly will shift the two-time AL MVP back to rightfield, opening the door for top position prospect Jasson Dominguez to win the job in center this spring. They still will likely look for veteran depth at that position and, with it highly unlikely they re-signing Alex Verdugo, a left-fielder is on their wish-list (the club was looking at outfield depth even in the event of a Soto return). Though Soto signing elsewhere opens up a myriad of possibilities on the free agent market, losing Soto nonetheless is a blow that can’t be understated. At least in the short term. In losing Soto, the Yankees lost one of the game’s best overall hitters, if not the best. And in 2024, Soto, whom his agent, Scott Boras, last month called “the Mona Lisa” of this year’s free agent class, not only proved the bright lights of New York weren’t too big for him, neither were those of the postseason where he once again shined, hitting .327 with four homers, three doubles and a 1.102 OPS in 14 playoff games, a stretch that ended with the Yankees’ loss to the Dodgers in five games in the World Series. A bat Cashman called “transformational” after the Yankees acquired Soto last winter was exactly that. Something that is not easily replaced. Erik Boland started in Newsday's sports department in 2002. He covered high school and college sports, then shifted to the Jets beat. He has covered the Yankees since 2009.
Donald Trump’s choice of billionaire financier Stephen Feinberg as the No. 2 official at the Pentagon is part of a move by the president-elect to back up Pete Hegseth, his choice for defense secretary, with deputies focused on bringing in business experience and new technology. Feinberg is co-founder and majority owner of Cerberus Capital Management LP and has a net worth of about $7.7 billion, according to the Bloomberg Billionaires Index. The private equity firm has major investments in defense technology companies. If confirmed by the Senate, Feinberg would hold a job historically focused on hands-on management of the Pentagon and related concerns, such as industrial production. The role of deputies at the Pentagon has taken on outsized significance in the incoming administration. Trump’s pick of Hegseth to lead the complex bureaucracy, with its budget of more than $840 billion, has met with resistance, in part over his limited management experience. In addition, the former Fox News host, who served in the Army National Guard in Iraq and Afghanistan, has denied allegations of sexual misconduct, alcohol abuse and mismanagement of two veterans organizations he headed. His confirmation by the Senate remains uncertain. Hegseth’s public comments have focused on making good on Trump’s pledge to crack down on what he sees as “woke” initiatives at the Pentagon. In announcing his choice for deputy defense secretary on Sunday, Trump called Feinberg “an extremely successful businessman,” and also said that he will nominate: “Especially with Feinberg’s appointment, it signals a more business-oriented approach” to managing the Defense Department, said Clementine Starling-Daniels, director of the Atlantic Council’s Forward Defense program. “There are some real benefits to taking a different approach there,” she said, but there are also risks in backing new, smaller-scale projects to the detriment of “large complex programs” like Lockheed Martin Corp.’s F-35 fighter plane. Some of Cerberus’s portfolio companies have invested in hypersonic missile technology with both civilian and military applications. In addition, one of its companies, Tier 1 Group, provided paramilitary training to Saudis who later participated in the 2018 killing of Washington Post journalist Jamal Khashoggi, the New York Times reported in 2021. Starling-Daniels also cited the limited experience of Trump’s top choices with the Pentagon’s complex bureaucracy. “If you don’t balance a secretary of defense with a deputy secretary of defense who really is attuned to how the department functions, I’m concerned that no matter what the policy priorities are, they will be really hard to enact,” she said. Colby, who would be the Pentagon’s policy chief, served as deputy assistant secretary of defense early in Trump’s first term. He has championed Trump’s vision to end the US role as “global policeman” and backed calls for allies to boost defense spending so the US can focus on the strategic threat from China — a theme he hit in his book, The Strategy of Denial, published in 2021. “A highly respected advocate for our America First foreign and defense policy, Bridge will work closely with my outstanding Secretary of Defense Nominee, Pete Hegseth, to restore our Military power, and achieve my policy of PEACE THROUGH STRENGTH,” Trump wrote on social media in announcing the picks, using Colby’s nickname. As acquisition chief, Duffey will be on the the front line of decisions on whether the Pentagon cuts back on traditional projects like the F-35 and turns instead to Silicon Valley for drones and AI. Billionaire Elon Musk, who’s become a top Trump adviser, has said “some idiots are still building manned fighter jets like the F-35” in an age of drones. Overseeing Pentagon spending in the Office of Management and Budget in Trump’s first term, Duffey instructed the Pentagon to hold back $250 million in military aid to Ukraine while Trump was pressuring Ukraine’s President Volodymyr Zelenskiy to investigate Joe Biden. Michael, who would be research and engineering chief, was ousted from Uber in 2017, amid turmoil over allegations of a toxic workplace culture. “Emil will ensure that our Military has the most technologically sophisticated weapons in the World, while saving A LOT of money for our Taxpayers,” Trump said in one of his posts. Trump also announced that Joe Kasper would serve as chief of staff for the defense secretary. Kasper was a former Pentagon official in Trump’s first term before he was appointed as a deputy assistant secretary at the Department of Homeland Security. This article was generated from an automated news agency feed without modifications to text.
Tinubu Appoints CEOs For NUC, NERDC, NEPAD, SMDFGAME THREAD: West Virginia vs NC Central
US stocks climbed higher on Monday, with a rally among chipmakers fueling the tech sector. Nvidia gained 3%, while Broadcom and Advanced Micro Devices rose 5% and 4% respectively. Investors will see a short trading week, with the NYSE shuttering early on Tuesday. US stocks climbed on Monday, with chip stocks leading the tech sector higher while investors eyed a possible year-end rally. All three benchmark indexes ended the trading session in the green, with the tech-heavy Nasdaq Composite rising nearly 1%. Chipmakers fueled the climb in tech shares, clawing back losses from last week's Fed-fueled sell-off. Nvidia gained 3% by the closing bell. Broadcom and Advanced Micro Devices rose 5% and 4% respectively. "It's been an AI-driven year, and it appears that's how it is headed into the year-end," Louis Navellier, the chief investment officer of Navellier & Associates, said in a note. Investors, meanwhile, are eyeing a possible Santa Claus rally, which refers to a stock surge that takes place over the last trading week of the year and the first two trading days of the new year. If one occurs, it could indicate another positive year for the stock market, according to Sam Stovall, the chief investment strategist at CFRA Research. "A positive Santa Claus Rally has preceded a 10.4% average annual gain for the S&P 500 since WWII," Stovall wrote in a note. "However, a decline in this seven-day period saw the S&P 500 post an average annual increase of only 5.7%, posting a gain just 32% of the time." Investors will see a short trading day tomorrow as the New York Stock Exchange closes for the Christmas holiday. Trading will end Tuesday at 1 p.m. ET. Here's where US indexes stood at the 4:00 p.m. closing bell on Monday: S&P 500 : 5,947.07 (+0.73%) Dow Jones Industrial Average : 42,906.95 (+0.16%) Nasdaq composite : 19,764.88 (+0.98%) Here's what else is going on: US consumer confidence unexpectedly dropped to levels close to recession territory, according to the Conference Board. Russia's overheated economy is squeezing one of Moscow's key trading channels with China. MicroStrategy has kept up its bitcoin buying spree for seven weeks in a row. The probability of a recession next year is 0%. Here's what to worry about instead, according to one top economist. There are 2 defensive sectors of the stock market primed for gains, according to Goldman Sachs.WASHINGTON (AP) — The picture of who will be in charge of executing President-elect Donald Trump’s hard-line immigration and border policies has come into sharper focus after he announced his picks to head Customs and Border Protection and also the agency tasked with deporting immigrants in the country illegally. Trump said late Thursday he was tapping Rodney Scott, a former Border Patrol chief who’s been a vocal supporter of tougher enforcement measures, for CBP commissioner. As acting director of Immigration and Customs Enforcement, Trump said he’d nominate Caleb Vitello, a career ICE official with more than 23 years in the agency who most recently has been the assistant director for firearms and tactical programs. Related Articles They will work with an immigration leadership team that includes South Dakota Gov. ; former acting Immigration and Customs Enforcement head ; and immigration hard-liner Stephen Miller as deputy chief of staff. Customs and Border Protection, with its roughly 60,000 employees, falls under the Department of Homeland Security. It includes the Border Patrol, which Scott led during Trump’s first term, and is essentially responsible for protecting the country’s borders while facilitating trade and travel. Scott comes to the job firmly from the Border Patrol side of the house. He became an agent in 1992 and spent much of his career in San Diego. When he joined the agency, San Diego was by far the busiest corridor for illegal crossings. Traffic plummeted after the government dramatically increased enforcement there, but critics note the effort pushed people to remote parts of California and Arizona. San Diego was also where wall construction began in the 1990s, which shaped Scott’s belief that barriers work. He was named San Diego sector chief in 2017. When he was appointed head of the border agency in January 2020, he enthusiastically embraced Trump’s policies. “He’s well known. He does know these issues and obviously is trusted by the administration,” said Gil Kerlikowske, the CBP commissioner under the Obama administration. Kerlikowske took issue with some of Scott’s past actions, including his refusal to fall in line with a Biden administration directive to stop using terms like “illegal alien” in favor of descriptions like “migrant,” and his decision as San Diego sector chief to fire tear gas into Mexico to disperse protesters. “You don’t launch projectiles into a foreign country,” Kerlikowske said. At the time , saying they were being assaulted by “a hail of rocks.” While much of the focus of Trump’s administration may be on illegal immigration and security along the U.S.-Mexico border, Kerlikowske also stressed the importance of other parts of Customs and Border Protection’s mission. The agency is responsible for securing trade and international travel at airports, ports and land crossings around the country. Whoever runs the agency has to make sure that billions of dollars worth of trade and millions of passengers move swiftly and safely into and out of the country. And if Trump makes good on promises to ratchet up tariffs on Mexico, China and Canada, CBP will play an integral role in enforcing them. “There’s a huge amount of other responsibility on trade, on tourism, on cyber that take a significant amount of time and have a huge impact on the economy if it’s not done right,” Kerlikowske said. After being forced out under the Biden administration, Scott has been a vocal supporter of Trump’s hard-line immigration agenda. He has appeared frequently on Fox News and testified in Congress. He’s also a senior fellow at the Texas Public Policy Foundation. In a 2023 interview with The Associated Press, he advocated for a return to Trump-era immigration policies and more pressure on Mexico to enforce immigration on its side of the border.
Duke of York ‘ceased all contact’ with spy-accused man after concerns raisedAndrew Callahan: It’s time to forget about Jerod Mayo getting fired
On Saturday night, Donald Trump announced he intends to appoint Kash Patel as director of the FBI. The news sparked an immediate frenzy from establishment figures across media and politics. Legal and national security “experts” were deployed to the Sunday morning news shows to characterize the move as evidence that Trump intends to politicize the FBI and use it as a weapon against his many political opponents. The political establishment’s concerns about what a Trump FBI could do mirror a lot of what we’ve heard from the right in recent years as they found themselves in the Bureau’s crosshairs. But almost all of these complaints and warnings have operated under the assumption that—with maybe the exception of a few bad episodes in the 1960s—the FBI has long been an essential crime-fighting force that has only recently become—or threatens to become—corrupted by politics. In truth, the FBI has always been used as a weapon against political movements and rivals of the established political class. That’s the reason it was created. At the end of the 1800s, left-wing anarchists were attacking heads of state all across Europe. In a few short years, the king of Italy, the prime minister of Spain, the empress of Austria, and the president of France were all assassinated by anarchists. While no communist or anarchist movement had yet to take over a country, the tenacity of these activists and revolutionaries was seriously concerning those in power in the United States. Then, in 1901, President William McKinley was shot and killed by an anarchist while attending a meet-and-greet in Buffalo, New York, which brought his vice president, Theodore Roosevelt, into office. It was President Roosevelt who tapped his Attorney General Charles Bonaparte—the grandnephew of Napoleon—to create the FBI. The AG was required by law to get congressional approval before creating this new “investigative” service of special agents within the Department of Justice. In the spring of 1908, Bonaparte officially requested the money and authority to create the FBI. Congress came back with an emphatic no. Members of the House saw through the innocuous language of the request and figured out exactly what the president and AG were doing—creating a secret police force that was answerable only to them. House Democrats like Joseph Swagar and John J. Fitzgerald and Republicans like Walter I. Smith and George Waldo all loudly condemned the proposal, saying it called for a “system of espionage” comparable to the Tsar’s secret police in Russia that stood in stark contrast to the very principles at the heart of the American system. Congress explicitly forbade the AG from creating this new Bureau. So what did Bonaparte do? He waited for Congress to break for the summer and then went ahead and created the FBI anyway. Congress was only notified about the new federal police force half a year later when Bonaparte included a quick throw-away line at the end of his annual report: “It became necessary for the department to organize a small force of special agents of its own.” So, the FBI was not created in response to out-of-control crime; its creation was a crime. Immediately, the new Bureau was unleashed on anyone and everyone who was perceived as a threat to those in power. That started with left-wing anarchists but quickly expanded to include many antiwar activists as President Wilson pulled the country into World War I. From the outset, the FBI operated primarily as a domestic intelligence agency—recruiting spies within groups they were targeting and breaking into offices and homes, intercepting mail, and tapping the phones of anyone they considered a threat. As the years wore on—like most other executive agencies—the Bureau evolved away from serving the direct interests of whoever happened to sit in the Oval Office to instead serve its own interest and the interest of the broader entrenched, permanent power structure in Washington. In the ‘50s, ‘60s, and ‘70s, the FBI conducted covert operations aimed at inciting violence between domestic groups, breaking up political organizations it disapproved of, and, perhaps most famously, collecting blackmail on Martin Luther King Jr. that they then tried to use to drive him to commit suicide. Related Articles Commentary | A new Legislative session: Time for pocketbook pragmatism Commentary | Climate activists should pivot from costly pipe dreams to realistic solutions Commentary | Privacy agency oversteps authority, jeopardizes California’s opportunity to lead in AI Commentary | Newsom’s wrongheaded special session is a misuse of gubernatorial power Commentary | Scott Horton: Can Trump actually fend off the war hawks and bring peace? Although today’s FBI acknowledges and publicly disavows these past activities, they are still carrying out egregious operations that always seem to benefit the political class. The Bureau has taken up a kind of sting operation where, over and over again, agents find isolated, gullible, often mentally-handicapped young men, pretend to be political radicals or higher-ups in a terrorist organization, and then convince the young men to plan and carry out a terrorist attack with FBI-funds and resources. Agents then step in at the end and act like they heroically stopped a real plot. The FBI did this relentlessly with young Muslim men after 9/11. The arrests helped prolong the perception that the global war on terror and extreme measures like the Patriot Act were necessary. In recent years, the FBI has conducted a number of similar schemes with right-wing groups—advancing the establishment’s narrative that Donald Trump is radicalizing “uneducated” middle Americans and turning them into violent insurrectionists. And then there are, of course, all the ways the FBI directly tried to undermine and hinder Trump’s first term. Right-wingers are correctly deriding the establishment for panicking about Trump’s FBI doing to them what they have tried to do to him. But many—on both sides—go wrong when they present the Bureau as only recently, or imminently, being corrupted into serving the interests of those in power. That’s been its role since the beginning. Connor O’Keeffe ( @ConnorMOKeeffe ) produces media and content at the Mises Institute. This commentary is republished from the Mises Institute.Lisa Nandy launches bid to 'root out' harassment in the TV industry after Gregg Wallace scandal By HARRIET LINE, DEPUTY POLITICAL EDITOR FOR THE DAILY MAIL Published: 22:02 GMT, 8 December 2024 | Updated: 22:37 GMT, 8 December 2024 e-mail 12 View comments The Culture Secretary will launch a bid to ‘root out’ harassment in the TV industry this week after the Gregg Wallace allegations engulfed the BBC . Lisa Nandy will discuss creating new codes of conduct for workers in the arts to address sexual harassment and power imbalances between stars and junior staff. She is considering imposing new industry standards, believing that the repeated scandals show bad behaviour is not being adequately addressed, the Sunday Times reported. Ms Nandy is expected to meet representatives from the Creative Industries Independent Standards Authority (CIISA) on Wednesday. The watchdog was set up to improve and uphold standards of behaviour and to prevent and tackle all forms of bullying and harassment. Ms Nandy is said to want to ‘get a grip’ on the issue, and will look at imposing new industry standards with a statutory footing to address sexual harassment. A government source said: ‘Lisa is committed to working with CIISA and the creative industries to tackle these issues.’ It comes after the BBC’s director-general, Tim Davie , and chief content officer, Charlotte Moore, said it was vital the industry is ‘not only committed to the highest standards of behaviour and conduct, but that is reflected in people’s experiences’. Lisa Nandy will launch a bid to root out harassment in the TV industry in the wake of the Gregg Wallace scandal, including introducing new codes of conducts for workers in the arts Greg Wallace apologised last week for claiming in an Instagram video that complaints about his behaviour came from ‘a handful of middle-class women of a certain age In a letter to staff, they said employees had their ‘total support in raising any issues around inappropriate behaviour at work, and we encourage anyone to speak up if you see anything that is not right’. ‘We know that speaking out takes courage; we want to assure you we will always listen and take your concerns seriously. We will follow up on any allegations that are presented to us in line with our established complaints and whistleblowing procedures.’ Wallace faces multiple complaints of inappropriate behaviour, originally from 13 people across a range of shows over a 17-year period, which production company Banijay UK has said it is taking ‘incredibly seriously’ amid an external investigation. The presenter apologised last week for claiming in an Instagram video that complaints about his behaviour came from ‘a handful of middle-class women of a certain age’, and added he would ‘take some time out’. The BBC has pulled two MasterChef celebrity Christmas specials from its schedule. A BBC source said: ‘The BBC is very supportive of steps to improve industry standards and will take a leadership role in doing so.’ The broadcaster has provided funding to CIISA, and is working with it to improve the experience for people working on productions, including freelancers. Wallace faces multiple complaints of inappropriate behaviour, originally from 13 people across a range of shows over a 17-year period. Wallace has denied behaviour of a sexually harassing nature A BBC spokeswoman added that an independent investigation is being carried out into the alleged conduct of Gregg Wallace by Banijay UK. Read More 'Little chance' of Gregg Wallace returning to BBC as he 'prepares to blame autism for misconduct' ‘Banijay UK launched the review because they have the direct contractual relationship with Gregg Wallace. He is not employed by the BBC. When issues have been raised with the BBC we have taken action, referring issues to the relevant production company and challenging his behaviour directly as has been widely reported. ‘We hope Banijay UK’s independent investigation can be concluded rigorously and as swiftly as possible. We want the review to follow due process and ensure fairness to all involved. ‘We will provide whatever assistance we can to the investigation. We are already running our own review into workplace culture. It is vital that we have an industry that is not only committed to the highest standards of behaviour and conduct, but that is reflected in people’s experiences. We have always been clear that should people want to raise issues with the BBC, they will be taken very seriously.’ New York Times BBC Instagram Gregg Wallace Share or comment on this article: Lisa Nandy launches bid to 'root out' harassment in the TV industry after Gregg Wallace scandal e-mail Add commentAndrew met the individual through “official channels” with “nothing of a sensitive nature ever discussed”, a statement from his office said. The businessman – known only as H6 – lost an appeal over a decision to bar him from entering the UK on national security grounds. He brought a case to the Special Immigration Appeals Commission (SIAC) after then-home secretary Suella Braverman said he should be excluded from the UK in March 2023. H6 was described as a “close confidante” of The Duke. Judges were told that in a briefing for the home secretary in July 2023, officials claimed H6 had been in a position to generate relationships between prominent UK figures and senior Chinese officials “that could be leveraged for political interference purposes”. They also said that H6 had downplayed his relationship with the Chinese state, which combined with his relationship with Andrew, 64, represented a threat to national security. A statement from Andrew’s office said: “The Duke of York followed advice from His Majesty’s Government and ceased all contact with the individual after concerns were raised. “The Duke met the individual through official channels with nothing of a sensitive nature ever discussed. “He is unable to comment further on matters relating to national security.” At a hearing in July, the specialist tribunal heard that the businessman was told by an adviser to Andrew that he could act on the duke’s behalf when dealing with potential investors in China, and that H6 had been invited to Andrew’s birthday party in 2020. A letter referencing the birthday party from the adviser, Dominic Hampshire, was discovered on H6’s devices when he was stopped at a port in November 2021. In a ruling on Thursday, Mr Justice Bourne, Judge Stephen Smith and Sir Stewart Eldon, dismissed the challenge.
Opinion: Is India a true democracy?AP – Shares mostly gained in Asia yesterday after United States (US) stocks capped a mostly dismal week with a broad rally that still left the benchmark S&P 500 down two per cent for the week. US futures and oil prices advanced. One shadow over markets was cleared when US lawmakers passed a budget deal in the early hours of Saturday, narrowly averting a pre-Christmas government shutdown. Tokyo’s Nikkei 225 index jumped 1.3 per cent to 39,201.48, while the dollar was trading at JPY156.65, up from JPY156.48. Honda Motor Co and Nissan Motor Corp held a news conference yesterday as reports speculated on a possible merger between Japan’s second and third-largest automakers. Honda’s shares, which fell after news of the talks on a deal surfaced last week, were up 2.3 per cent. Nissan’s, which had soared, rose 0.5 per cent. Elsewhere in Asia, Hong Kong’s Hang Seng gained 0.7 per cent to 19,857.37, while the Shanghai Composite index slipped 0.1 per cent to 3,363.01. Australia’s S&P/ASX 500 jumped 1.7 per cent to 8,201.60. South Korea’s Kospi added 1.5 per cent to 2,441.82 and Taiwan’s Taiex jumped 2.6 per cent, with TSMC, the world’s biggest computer chip maker, gaining 4.4 per cent. Hon Hai Precision Industry, which reportedly has been manoeuvering to buy a big stake in Nissan, jumped 3.8 per cent. In Bangkok, the SET advanced 0.4 per cent. Last Friday, the S&P 500 rallied 1.1 per cent, closing at 5,930.85. The Dow Jones Industrial Average jumped 1.2 per cent to 42,840.26 and the Nasdaq composite gained 1 per cent to 19,572.60. Roughly nine of every 10 stocks in the S&P 500 rose. Superstar stock Nvidia and other Big Tech companies led the market, which got a lift after a report said a measure of inflation the Federal Reserve (Fed) likes to use was slightly lower last month than economists expected. It’s an encouraging signal following recent reports suggesting inflation may be tough to get all the way down to the Fed’s two per cent goal from its peak above nine per cent. The threat of higher inflation was one of the reasons Fed Chair Jerome Powell gave last week when the central bank hinted it may deliver fewer cuts to interest rates next year than it earlier expected. That warning sent a shock through the stock market, which had run to 57 all-time highs this year amid the widespread assumption the Fed would deliver a string of cuts to rates into 2025. Now traders are largely betting on one, two or perhaps even zero next year, according to data from CME Group. Critics had been warning stock prices were vulnerable to drops after running so high and that the market likely needed everything to go correctly to justify its stellar gains for the year.
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