Stocks closed higher on Wall Street, giving the market its fifth gain in a row and notching another record high for the Dow Jones Industrial Average. The S&P 500 rose 0.3% Friday. The Dow added 1%, and the Nasdaq composite tacked on 0.2%. Retailers had some of the biggest gains. Gap soared after reporting quarterly results that easily beat analysts’ estimates. EchoStar fell after DirecTV called off its purchase of that company’s Dish Network unit. European markets closed mostly higher and Asian markets ended mixed. Treasury yields held relatively steady in the bond market. Crude oil prices gained ground. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. Stocks rose on Wall Street in afternoon trading Friday, keeping the market on track for its fifth straight gain. The S&P 500 was up 0.2% and was solidly on track for a weekly gain that will erase most of last week's loss. The Dow Jones Industrial Average climbed 333 points, or 0.8%, and the Nasdaq composite was essentially flat with a gain of less than 0.1% as of 3:07 p.m. Eastern. Markets have been volatile over the last few weeks, losing ground in the runup to elections in November, then surging following Donald Trump's victory, before falling again. The S&P 500 has been steadily rising throughout this week to within close range of its record. “Overall, market behavior has normalized following an intense few weeks,” said Mark Hackett, chief of investment research at Nationwide, in a statement. Several retailers jumped after giving Wall Street encouraging financial updates. Gap soared 10.8% after handily beating analysts' third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 1.5% after raising its earnings forecast for the year. EchoStar fell 2.4% after DirecTV called off its purchase of that company's Dish Network unit. Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 1.8%. A majority of stocks in the S&P 500 were gaining ground, but those gains were kept in check by slumps for several big technology companies. Nvidia fell 3.3%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because of demand for its chips used in artificial-intelligence technology. Intuit, which makes TurboTax and other accounting software, fell 5.6%. It gave investors a quarterly earnings forecast that fell short of analysts’ expectations. Facebook owner Meta Platforms fell 0.8% following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. It stems from the privacy scandal involving the Cambridge Analytica political consulting firm. European markets closed mostly higher and Asian markets ended mixed. Crude oil prices rose. Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury fell to 4.41% from 4.42% late Thursday. In the crypto market, Bitcoin hovered around $99,000, according to CoinDesk. It has more than doubled this year and first surpassed the $99,000 level on Thursday. Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation's largest retailer, reported a quarter of strong sales and gave investors an encouraging financial forecast. Target, though, reported weaker earnings than analysts' expected and its forecast disappointed Wall Street. Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs. Inflation has been easing and the Federal Reserve has started trimming its benchmark interest rates. That is likely to help relieve pressure on consumers, but any major shift in spending could prompt the Fed to reassess its path ahead on interest rates. Also, any big reversals on the rate of inflation could curtail spending. Consumer sentiment remains strong, according to the University of Michigan's consumer sentiment index. It revised its latest figure for November to 71.8 from an initial reading of 73 earlier this month, though economists expected a slight increase. It's still up from 70.5 in October. The survey also showed that consumers' inflation expectations for the year ahead fell slightly to 2.6%, which is the lowest reading since December of 2020. Wall Street will get another update on how consumers feel when the business group The Conference Board releases its monthly consumer confidence survey on Tuesday. A key inflation update will come on Wednesday when the U.S. releases its October personal consumption expenditures index. The PCE is the Fed's preferred measure of inflation and this will be the last PCE reading prior to the central bank's meeting in December.Stock markets waver as traders weigh Trump tariffs, inflationMINNEAPOLIS (AP) — When the Chicago Bears were busy keeping Justin Jefferson quiet last month, the Minnesota Vikings put Jordan Addison to work. With the way Sam Darnold has been throwing the ball, the difficult task of defending this passing attack has become quite the chore. The Bears will be retesting on Monday night in Minnesota. “We always say that we’re the best duo in the entire league,” Jefferson said after he and his sidekick reached a new height in the rich history of Vikings receivers last week in a 42-21 victory over Atlanta that served as a breakthrough of sorts for an offense that hadn't yet hit its highest gear. Jefferson and Addison in that game became the first pair of players in the franchise's 64 seasons to each record at least 100 yards receiving and two touchdown catches. Addison scored three times, giving him 17 touchdowns in just 28 career games. Only Randy Moss (28), Rob Gronkowski (27), Ja'Marr Chase (22), Odell Beckham Jr. (19) and Larry Fitzgerald Jr. (18) scored more before turning 23. Addison, the team's first-round draft pick last year, has had a rocky start to his career off the field with a couple of driving incidents that could still lead to punishment from the NFL . After a contrite arrival at training camp and a slow start to this season as he worked through a severe ankle sprain to make the opener and then suffered another one on the opposite foot, Addison has caught stride along with Darnold as the revitalized quarterback keeps delivering game-winning performances for the Vikings (11-2). Addison has 23 catches for 410 yards and five scores over the last four games, helping the Vikings stretch their winning streak to six despite a constant effort by opponents to send safeties toward Jefferson for double or sometimes triple coverage. “Especially with how Justin gets defended, normally the player that’s defending Jordan or even if it’s within zone coverages, these guys know that they’re being told this guy will be wide open if you don’t get your hands on him, and that couldn’t be more true," Vikings coach Kevin O'Connell said. “Now, he’s actually proven that he can play through that contact and play down the field through contact.” Addison's catch early in the third quarter at Chicago on Nov. 24 was a prime example of that ability to maintain balance and control despite his smaller stature at 5-foot-11 and 175 pounds. Darnold dropped a perfectly placed ball into the space in the zone coverage between linebacker T.J. Edwards and safety Jonathan Owens, whose shoulder-first attempt to knock Addison down near the sideline failed badly during a 69-yard catch and run . “That’s all part of what we projected with Jordan, knowing he had elite quickness, separation skills, fantastic hands and ball tracking,” O'Connell said. “As he’s gotten stronger, he’s put a lot of work in. It’s showing up with his play style.” Jefferson, who is five years into a spectacular career of rewriting the NFL receiving record books, had just two receptions for 27 yards in that 30-27 overtime win over the Bears in Week 12. But Addison had eight catches for 162 yards, tight end T.J. Hockenson had seven receptions for 114 yards and Aaron Jones rushed for a season-high 106 yards that afternoon. “We assume that they’re going to come out and try to stop Justin, but we could get there and it could be something completely different, so everybody just has to be ready to roll at all times,” Jones said. “I feel like we have one of the best skill groups in the league now.” Darnold was serenaded with some “MVP” chants late in the game last week as the Vikings pulled away with three fourth-quarter touchdowns. He has completed 68% of his passes over the last four games for 1,158 yards and 11 touchdowns without an interception. “I think the biggest thing for me is just continuing to make good decisions and being able to, when I do let the ball rip, let it rip with confidence,” Darnold said. Bears tight end Cole Kmet acknowledged the mental toll this season has taken on him, with the team on a seven-game losing streak. A recent pep talk from his father, Frank, who starred as a defensive lineman at Purdue, helped him find perspective. “He was saying he’d give anything to go back and just to play one more game, to be in the shape that I’m in right now and to go out and play football. I think that’s kind of the perspective that I want to have going forward," Kmet said. “It’s a hard deal, for sure. I just have to keep the type of mindset that this type of adversity will only make me stronger going forward.” The first game with defensive coordinator Eric Washington calling the plays instead of coach Matt Eberflus, who was fired on Nov. 29 , didn't go well. The Bears gave up a season-most 38 points and matched their second-worst total by allowing 452 yards in a loss to San Francisco. Interim coach Thomas Brown said communication issues contributed to breakdowns in coverage. “I wouldn’t say it’s anything with a new play caller because we still have the same defense. We’ve all been with each other since the spring. The plays are the same. It’s just different flows,” Owens said. "It just comes down to us communicating and us executing it. After playing last week in all purple, the Vikings will don their “ Winter Warrior ” look with not only white jerseys and pants but the first usage of a white helmet in franchise history. “The helmet’s already insane,” outside linebacker Jonathan Greenard said. “I feel like I might go to sleep in it. I’m excited to put it on.” AP NFL: https://apnews.com/hub/NFL
NEW YORK (AP) — U.S. stock indexes fell Thursday following some potentially discouraging data on the economy . The S&P 500 slipped 0.5% for its fourth loss in the last six days. It’s a pause for the index, which has been rallying toward one of its best years of the millennium . The Dow Jones Industrial Average lost 234 points, or 0.5%, and the Nasdaq composite sank 0.7% from its record set the day before. A report early in the morning said more U.S. workers applied for unemployment benefits last week than expected. A separate update, meanwhile, showed that inflation at the wholesale level, before it reaches U.S. consumers, was hotter last month than economists expected. Neither report points to imminent disaster, but they dilute one of the hopes that’s driven the S&P 500 to 57 all-time highs so far this year : Inflation is slowing enough to convince the Federal Reserve to keep cutting interest rates, while the economy is remaining solid enough to stay out of a recession. Of the two reports, the weaker update on the job market may be the bigger deal for the market, according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. A surge in egg prices may have been behind the worse-than-expected inflation numbers. “One week doesn’t negate what has been a relatively steady stream of solid labor market data, but the Fed is primed to be sensitive to any signs of a softening jobs picture,” he said. Traders are widely expecting the Fed will ease its main interest rate at its meeting next week. 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. A cut next week would have the Fed following other central banks, which lowered rates on Thursday. The European Central Bank cut rates by a quarter of a percentage point, as many investors expected, and the Swiss National Bank cut its policy rate by a steeper half of a percentage point. Following its decision, Switzerland’s central bank pointed to uncertainty about how U.S. President-elect Donald Trump’s victory will affect economic policies, as well as about where politics in Europe is heading. Trump has talked up tariffs and other policies that could upend global trade. He rang the bell marking the start of trading at the New York Stock Exchange on Thursday to chants of “USA.” On Wall Street, Adobe fell 13.7% and was one of the heaviest weights on the market despite reporting stronger profit for the latest quarter than analysts expected. The company gave forecasts for profit and revenue in its upcoming fiscal year that fell a bit shy of analysts’. Warner Bros. Discovery soared 15.4% after unveiling a new corporate structure that separates its streaming business and film studios from its traditional television business. CEO David Zaslav said the move “enhances our flexibility with potential future strategic opportunities,” raising speculation about a spinoff or sale. Kroger rose 3.2% after saying it would get back to buying back its own stock now that its attempt to merge with Albertsons is off . Kroger’s board approved a program to repurchase up to $7.5 billion of its stock, replacing an existing $1 billion authorization. All told, the S&P 500 fell 32.94 points to 6,051.25. The Dow Jones Industrial Average dropped 234.55 to 43,914.12, and the Nasdaq composite sank 132.05 to 19,902.84. In stock markets abroad, European indexes held relatively steady following the European Central Bank’s cut to rates. Asian markets were stronger. Indexes rose 1.2% in Hong Kong and 0.8% in Shanghai as leaders met in Beijing to set economic plans and targets for the coming year. South Korea’s Kospi rose 1.6% for its third straight gain of at least 1%, as it pulls back following last week’s political turmoil where its president briefly declared martial law. In the bond market, the 10-year U.S. Treasury yield rose to 4.33% from 4.27% late Wednesday. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
WEST PALM BEACH, Florida, Dec 28 (Reuters) - Elon Musk, the billionaire CEO of Tesla TSLA.O and SpaceX, vowed to go to "war" to defend the H-1B visa program for foreign tech workers late on Friday amid a dispute between President-elect Donald Trump's longtime supporters and his most recently acquired backers from the tech industry. In a post on social media platform X, Musk said "The reason I'm in America along with so many critical people who built SpaceX, Tesla and hundreds of other companies that made America strong is because of H1B." "I will go to war on this issue the likes of which you cannot possibly comprehend," he added. Musk, a naturalized U.S. citizen born in South Africa, has held an H-1B visa, and his electric-car company Tesla obtained 724 of the visas this year. H-1B visas are typically for three-year periods, though holders can extend them or apply for green cards. More: Musk vs. MAGA: Trump supporters battle over role of immigrant labor and American workers Musk's tweet was directed at Trump's supporters and immigration hardliners, who have increasingly pushed for the H-1B visa program to be scrapped amid a heated debate over immigration and the place of skilled immigrants and foreign workers brought into the country on work visas. Trump has so far remained silent on the issue. The Trump transition did not respond to a request for comment on Musk's tweets and the H-1B visa debate. In the past, Trump has expressed a willingness to provide more work visas to skilled workers. He has also promised to deport all immigrants who are in the U.S. illegally , deploy tariffs to help create more jobs for American citizens and severely restrict immigration. The issue highlights how tech leaders like Musk -- who has taken an important role in the presidential transition, advising on key personnel and policy areas -- are now drawing scrutiny from his base. The U.S. tech industry relies on the government's H-1B visa program to hire foreign skilled workers to help run its companies, a labor force that critics say undercuts wages for American citizens. The altercation was set off earlier this week by far-right activists who criticized Trump's selection of Sriram Krishnan, an Indian American venture capitalist, to be an adviser on artificial intelligence, saying he would have influence on the Trump administration's immigration policies. On Friday, Steve Bannon, a longtime Trump confidante, critiqued "big tech oligarchs" for supporting the H-1B program and cast immigration as a threat to Western civilization. In response, Musk and many other tech billionaires drew a line between what they view as legal immigration and illegal immigration. Musk has spent more than a quarter of a billion dollars helping Trump get elected president in November. He has posted regularly this week about the lack of homegrown talent to fill all the needed positions within American tech companies. (Reporting by Nandita Bose in Washington)From Maui to the Caribbean, Thanksgiving tournaments a beloved part of college basketball