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NEW YORK (AP) — U.S. stocks climbed Thursday after market superstar Nvidia and another round of companies said they’re making even fatter profits than expected. The S&P 500 pulled 0.5% higher after flipping between gains and losses several times during the day. Banks, smaller companies and other areas of the stock market that tend to do best when the economy is strong helped lead the way, while bitcoin briefly broke above $99,000. Crude oil, meanwhile, continued to rise. The Dow Jones Industrial Average jumped 461 points, or 1.1%, and the Nasdaq composite edged up by less than 0.1%. Nvidia rose just 0.5% after beating analysts’ estimates for profit and revenue yet again, but it was still the strongest force pulling the S&P 500 upward. It also gave a forecast for revenue in the current quarter that topped most analysts’ expectations due to voracious demand for its chips used in artificial-intelligence technology. Its stock initially sank in afterhours trading Wednesday following the release of the results. Some investors said the market might have been looking for Nvidia’s revenue forecast to surpass expectations by even more. But its stock recovered in premarket trading Thursday, and Wedbush analyst Dan Ives said it was another “flawless” profit report provided by Nvidia and CEO Jensen Huang, whom Ives calls “the Godfather of AI.” The stock meandered through Thursday as well, dragging the S&P 500 and other indexes back and forth. How Nvidia’s stock performs has more impact than any other because it’s grown into Wall Street’s most valuable company at roughly $3.6 trillion. The frenzy around AI is sweeping up other stocks, and Snowflake jumped 32.7% after reporting stronger results for the latest quarter than analysts expected. The company, whose platform helps customers get a better view of all their silos of data and use AI, also reported stronger revenue growth than expected. BJ’S Wholesale Club rose 8.3% after likewise delivering a bigger profit than expected. That may help calm worries about how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates. A day earlier, Target tumbled after reporting sluggish sales in the latest quarter and giving a dour forecast for the holiday shopping season. It followed Walmart , which gave a much more encouraging outlook. Nearly 90% of the stocks in the S&P 500 ended up rising Thursday, and the gains were even bigger among smaller companies. The Russell 2000 index of smaller stocks jumped a market-leading 1.7%. Google’s parent company, Alphabet, helped keep indexes in check. It fell 4.7% after U.S. regulators asked a judge to break up the tech giant by forcing it to sell its industry-leading Chrome web browser. In a 23-page document filed late Wednesday, the U.S. Department of Justice called for sweeping punishments that would include restrictions preventing Android from favoring its own search engine. Regulators stopped short of demanding Google sell Android but left the door open to it if the company’s oversight committee continues to see evidence of misconduct. All told, the S&P 500 rose 31.60 points to 5,948.71. The Dow jumped 461.88 to 43,870.35, and the Nasdaq composite added 6.28 to 18,972.42. In the crypto market, bitcoin eclipsed $99,000 for the first time before pulling back toward $98,000, according to CoinDesk. It’s more than doubled so far this year, and its climb has accelerated since Election Day. President-elect Donald Trump has pledged to make the country “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. Bitcoin got a further boost after Gary Gensler, the chair of the Securities and Exchange Commission, said Thursday he would step down in January . Gensler has pushed for more protections for crypto investors. Bitcoin and related investment have a notorious history of big price swings in both directions. MicroStrategy, a company that’s been raising cash expressly to buy bitcoin, saw an early Thursday gain of 14.6% for its stock quickly disappear. It finished the day with a loss of 16.2%. In the oil market, a barrel of benchmark U.S. crude rose 2% to bring its gain for the week to 4.8%. Brent crude, the international standard, climbed 1.8%. Oil has been rising amid escalations in the Russia-Ukraine war. In stock markets abroad, shares of India’s Adani Enterprises plunged 22.6% Thursday after the U.S. charged founder Gautam Adani in a federal indictment with securities fraud and conspiracy to commit securities and wire fraud. The businessman and one of the world’s richest people is accused of concealing that his company’s huge solar energy project on the subcontinent was being facilitated by an alleged bribery scheme. Stock indexes elsewhere in Asia and Europe were mixed. In the bond market, the yield on the 10-year Treasury inched up to 4.43% from 4.41% late Wednesday following some mixed reports on the U.S. economy. One said fewer U.S. workers applied for unemployment benefits last week in the latest signal that the job market remains solid. Another report, though, said manufacturing in the mid-Atlantic region unexpectedly shrank. Sales of previously occupied homes, meanwhile, strengthened last month by more than expected. AP Business Writers Matt Ott and Yuri Kageyama contributed.Unveiling The Creative World Of Angella Summer Nabiburu: A Trailblazing Ugandan Blogger
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Matt Gaetz says he won't return to Congress next year after withdrawing name for attorney general WASHINGTON (AP) — Matt Gaetz is not coming back to Congress. The Florida Republican said Friday he has no intention of serving another term in the House now that he is no longer President-elect Donald Trump's nominee for attorney general. Gaetz withdrew as the nominee this week amid growing fallout from the allegations of sexual conduct against him. Gaetz denies the allegations. Gaetz didn't lay out his plans now that he's out of office, saying only, “I’m still going to be in the fight, but it’s going to be from a new perch." After Gaetz's withdrawal on Thursday, Trump named former Florida attorney general Pam Bondi to lead the Justice Department. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Get any of our free email newsletters — news headlines, obituaries, sports, and more.
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WASHINGTON (AP) — President-elect Donald Trump's pick for intelligence chief Tulsi Gabbard faced fresh scrutiny Monday on Capitol Hill about her proximity to Russian-ally Syria amid the sudden collapse of that country's hardline Assad rule. Gabbard ignored shouted questions about her 2017 visit to war-torn Syria as she ducked into one of several private meetings with senators who are being asked to confirm Trump's unusual nominees . But the Democrat-turned-Republican Army National Reserve lieutenant colonel delivered a statement in which she reiterated her support for Trump's America First approach to national security and a more limited U.S. military footprint overseas. “I want to address the issue that’s in the headlines right now: I stand in full support and wholeheartedly agree with the statements that President Trump has made over these last few days with regards to the developments in Syria,” Gabbard said exiting a Senate meeting. The incoming president’s Cabinet and top administrative choices are dividing his Republican allies and drawing concern , if not full opposition, from Democrats and others. Not just Gabbard, but other Trump nominees including Pentagon pick Pete Hegseth, were back at the Capitol ahead of what is expected to be volatile confirmation hearings next year. The incoming president is working to put his team in place for an ambitious agenda of mass immigrant deportations, firing federal workers and rollbacks of U.S. support for Ukraine and NATO allies. “We’re going to sit down and visit, that’s what this is all about,” said Sen. Mike Rounds, R-S.D., as he welcomed Gabbard into his office. Meanwhile, Defense Secretary pick Hegseth appeared to be picking up support from once-skeptical senators, the former Army National Guard major denying sexual misconduct allegations and pledging not to drink alcohol if he is confirmed. The president-elect's choice to lead the FBI, Kash Patel , who has written extensively about locking up Trump's foes and proposed dismantling the Federal Bureau of Investigation, launched his first visits with senators Monday. “I expect our Republican Senate is going to confirm all of President Trump’s nominees,” said Sen. Tom Cotton, R-Ark., on social media. Despite widespread concern about the nominees' qualifications and demeanors for the jobs that are among the highest positions in the U.S. government, Trump's team is portraying the criticism against them as nothing more than political smears and innuendo. Showing that concern, Nearly 100 former senior U.S. diplomats and intelligence and national security officials have urged Senate leaders to schedule closed-door hearings to allow for a full review of the government’s files on Gabbard. Trump's allies have described the criticisms of Hegseth in particular as similar to those lodged against Brett Kavanaugh, the former president's Supreme Court nominee who denied a sexual assault allegation and went on to be confirmed during Trump's first term in office. Said Sen. Lindsey Graham, R-S.C., about Hegseth: “Anonymous accusations are trying to destroy reputations again. We saw this with Kavanaugh. I won’t stand for it.” One widely watched Republican, Sen. Joni Ernst of Iowa, herself a former Army National Guard lieutenant colonel and sexual assault survivor who had been criticized by Trump allies for her cool reception to Hegseth, appeared more open to him after their follow-up meeting Monday. “I appreciate Pete Hegseth’s responsiveness and respect for the process,” Ernst said in a statement. Ernst said that following “encouraging conversations,” he had committed to selecting a senior official who will "prioritize and strengthen my work to prevent sexual assault within the ranks. As I support Pete through this process, I look forward to a fair hearing based on truth, not anonymous sources.” Ernst also had praise for Patel — “He shares my passion for shaking up federal agencies" — and for Gabbard. Once a rising Democratic star, Gabbard, who represented Hawaii in Congress, arrived a decade ago in Washington, her surfboard in tow, a new generation of potential leaders. She ran unsuccessfully for president in 2020. But Gabbard abruptly left the party and briefly became an independent before joining with Trump's 2024 campaign as one of his enthusiasts, in large part over his disdain for U.S. involvement overseas and opposition to helping Ukraine battle Russia. Her visit to Syria to meet with then-President Bashar Assad around the time of Trump's first inauguration during the country's bloody civil war stunned her former colleagues and the Washington national security establishment. The U.S. had severed diplomatic relations with Syria. Her visit was seen by some as legitimizing a brutal leader who was accused of war crimes. Gabbard has defended the trip, saying it's important to open dialogue, but critics hear in her commentary echoes of Russia-fueled talking points. Assad fled to Moscow over the weekend after Islamist rebels overtook Syria in a surprise attack, ending his family's five decades of rule. She said her own views have been shaped by “my multiple deployments and seeing firsthand the cost of war and the threat of Islamist terrorism.” Gabbard said, “It's one of the many reasons why I appreciate President Trump’s leadership and his election, where he is fully committed, as he has said over and over, to bring about an end to wars.” Last week, the nearly 100 former officials, who served in both Democratic and Republican administrations, said in the letter to Senate leaders they were “alarmed” by the choice of Gabbard to oversee all 18 U.S. intelligence agencies. They said her past actions “call into question her ability to deliver unbiased intelligence briefings to the President, Congress, and to the entire national security apparatus.” The Office of the Director of National Intelligence was created after the Sept. 11, 2001, attacks to coordinate the nation’s intelligence agencies and act as the president’s main intelligence adviser. Associated Press writer Stephen Groves contributed to this report.Lawyer says ex-Temple basketball standout Hysier Miller met with NCAA for hours amid gambling probe