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NEW YORK (AP) — U.S. stock indexes got back to climbing on Wednesday after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve. The S&P 500 rose 0.8% to break its first two-day losing streak in nearly a month and finished just short of its all-time high. Big Tech stocks led the way, which drove the Nasdaq composite up 1.8% to top the 20,000 level for the first time. The Dow Jones Industrial Average, meanwhile, lagged the market with a dip of 99 points, or 0.2%. Stocks got a boost as expectations built that Wednesday's inflation data will allow the Fed to deliver another cut to interest rates at its meeting next week. Traders are betting on a nearly 99% probability of that, according to data from CME Group, up from 89% a day before. If they're correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It's hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target. Lower rates would give a boost to the economy and to prices for investments, but they could also provide more fuel for inflation. "The data have given the Fed the 'all clear' for next week, and today's inflation data keep a January cut in active discussion," according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times this year, with the latest coming last week. The biggest boosts for the index on Wednesday came from Nvidia and other Big Tech stocks. Their massive growth has made them Wall Street's biggest stars for years, though other kinds of stocks have recently been catching up somewhat amid hopes for the broader U.S. economy. Tesla jumped 5.9% to finish above $420 at $424.77. It's a level that Elon Musk made famous in a 2018 tweet when he said he had secured funding to take Tesla private at $420 per share. Stitch Fix soared 44.3% after the company that sends clothes to your door reported a smaller loss for the latest quarter than analysts expected. It also gave financial forecasts for the current quarter that were better than expected, including for revenue. GE Vernova rallied 5% for one of the biggest gains in the S&P 500. The energy company that spun out of General Electric said it would pay a 25 cent dividend every three months, and it approved a plan to send up to another $6 billion to its shareholders by buying back its own stock. On the losing end of Wall Street, Dave & Buster's Entertainment tumbled 20.1% after reporting a worse loss for the latest quarter than expected. It also said CEO Chris Morris has resigned, and the board has been working with an executive-search firm for the last few months to find its next permanent leader. Albertsons fell 1.5% after filing a lawsuit against Kroger, saying it didn't do enough for their proposed $24.6 billion merger agreement to win regulatory clearance. Albertsons said it's seeking billions of dollars in damages from Kroger, whose stock rose 1%. A day earlier, judges in separate cases in Oregon and Washington nixed the supermarket giants' merger. The grocers contended a combination could have helped them compete with big retailers like Walmart, Costco and Amazon, but critics said it would hurt competition. After terminating the merger agreement with Kroger, Albertsons said it plans to boost its dividend 25% and increased the size of its program to buy back its own stock. Macy's slipped 0.8% after cutting some of its financial forecasts for the full year of 2024, including for how much profit it expects to make off each $1 of revenue. All told, the S&P 500 rose 49.28 points to 6,084.19. The Dow dipped 99.27 to 44,148.56, and the Nasdaq composite rallied 347.65 to 20,034.89. In the bond market, the yield on the 10-year Treasury rose to 4.27% from 4.23% late Tuesday. The two-year Treasury yield, which more closely tracks expectations for the Fed, edged up to 4.15% from 4.14%. In stock markets abroad, indexes rose across much of Europe and Asia. Hong Kong's Hang Seng was an outlier and slipped 0.8% as Chinese leaders convened an annual planning meeting in Beijing that is expected to set economic policies and growth targets for the coming year. South Korea's Kospi rose 1%, up for a second straight day as it climbs back following last week's political turmoil where its president briefly declared martial law. ___ AP Writers Matt Ott and Zimo Zhong contributed. Get local news delivered to your inbox!Shocking moment Saints coach Darren Rizzi screams in the face of his own player... before being pulled away READ MORE: NFL star suffers heartbreaking non-contact injury as he's carted off By OLIVER SALT Published: 20:01, 8 December 2024 | Updated: 20:18, 8 December 2024 e-mail 1 View comments Interim New Orleans Saints head coach Darren Rizzi could be seen screaming in the face of one of his players in a furious outburst during their game against the New York Giants . After the Giants scored a punt return touchdown, rookie Saints punter Matthew Hayball felt the wrath of his seething coach on the sideline at MetLife Stadium. In shocking footage which has gone viral online, Rizzi slammed his baseball cap to the ground and then got in Hayball's face to make his anger known. As he gestured animatedly towards the Australian, New Orleans running back Alvin Kamara quickly intervened to pull him away. Fortunately for both parties, the Saints avoided a near-disaster when the Giants' punt return touchdown was ruled out due to a holding penalty. Yet fans on social media are still taking aim at Rizzi for losing his cool with a rookie player in such humiliating fashion. Interim Saints coach Darren Rizzi was seen screaming in the face of his own player on Sunday Darren Rizzi was laying into Matthew Hayball after that punt return pic.twitter.com/ubpNd1eidC — Sharief Ishaq (@ShariefWDSU) December 8, 2024 Read More Fans of struggling NFL team fly banner over stadium urging owner to 'please fix this dumpster fire' One user wrote on X: 'That might work in High School or college but you’re yelling at grown men. This isn’t what a head coach looks like'. Another put: 'Fake tough guy. Attack a punter. Dude’s accomplished nothing in this league. Not head-coaching material.' 'What could a punter do to deserve this level of coach tantrum,' posted a third. '“Interim” is as high as Coach Glizzy should get.' 'I feel bad for Hayball not on national TV coach,' said a fourth. While one simply concluded: 'Not head coach material'. Rizzi, who first joined the Saints in 2019 as a special teams coordinator before moving up to assistant head coach three years later, took on the interim job at the start of November after the firing of Dennis Allen. New Orleans were 2-7 at the time of Allen's dismissal, with the team going 2-1 in Rizzi's three games at the helm so far. Hayball, meanwhile, was signed as an undrafted free agent in the offseason on a deal worth $35,000 guaranteed that also included a $10,000 signing bonus. Share or comment on this article: Shocking moment Saints coach Darren Rizzi screams in the face of his own player... before being pulled away e-mail Add comment
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