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Pelosi: ‘Every day is a matter of life and death in Ukraine, of success or failure’ None - US Amb. to the UN: US has been ‘very clear in our concerns that this war not escalate’ in Mideast 06:57
Regulators pleased Union Pacific is using fewer temporary shipping limits None - Union Pacific dramatically reduced its use of temporary limits on some businesses’ shipments over the past year after its customers complained OMAHA, Neb. -- Union Pacific dramatically reduced its use of temporary limits on some businesses' shipments over the past year after its customers complained, but regulators said Wednesday the railroad must go further to be in line with the other major freight railroads that rarely use such embargoes. Even though Union Pacific went from imposing 1,081 embargoes in 2022 to just 181 last year, the Surface Transportation Board said that was still more than all the other major freight railroads combined. The board did note, however, that the drop “is a positive and welcome step.” The limits have been traditionally used only in extreme circumstances when something outside a railroad's control, like a flood or bridge fire, makes it hard for them to keep up. But over the past few years, Union Pacific had gotten in the habit of imposing embargoes whenever their railroad got congested to force businesses to temporarily limit their shipments and pull some of their railcars off of UP’s network. An embargo can force a business to consider cutting production or resorting to more expensive shipping options, like trucking, if that’s even an option. And they can make it harder for other businesses to get the key products, such as shipments of chlorine used to treat water, or grain for feeding animals. Many businesses are served by only one railroad. Their bulk products may not be well suited to being delivered by trucks, so they don’t have many options when Union Pacific imposes limits. Regulators had to twice order the railroad to deliver emergency shipments to livestock producer Foster Farms to ensure that company wouldn’t run out of feed for the millions of chickens it raises. Jeff Sloan, senior director of regulatory affairs at the American Chemistry Council trade group, said he was glad to see UP reducing its use of embargoes along with the STB's promise to continue monitoring the railroad. “We definitely support strong board oversight of railroads’ use of embargoes to make sure they’re not being misused,” Sloan said. Business groups and members of the STB contended at a hearing on the embargoes that the main reason Union Pacific couldn't keep up with all the shipments was because the Omaha, Nebraska-based railroad had failed to hire enough train crews. Union Pacific and the other major freight railroads have all been hiring aggressively over the past two years to help them improve service. The railroads have acknowledged that they cut their workforce too deep during the pandemic and had a hard time hiring enough workers to handle the rebound in the economy. So customer service suffered, particularly in 2022 when the board held a hearing on the industrywide problems. At the time the STB held a hearing on Union Pacific's embargoes in December 2022 the railroad's executives argued the limits were necessary to help improve the performance of the railroad. It wasn't immediately clear how much Union Pacific has changed its policy since Jim Vena became CEO last summer because the railroad didn't address that in its response to Wednesday's decision. As part of its order, the Surface Transportation Board scolded Union Pacific for taking months to produce documents and answer questions throughout the proceeding. “UP’s conduct in this regard bordered on the contumacious and cannot be viewed as acceptable conduct by a railroad subject to the Board’s statutory authority,” the board wrote. The railroad defended the way it replied to the STB and its use of embargoes in a statement. “Union Pacific responded to the STB’s inquires with thousands of documents and through many meetings and touchpoints,” the railroad said. “The STB’s ruling is a positive step forward and our service performance indicators have improved significantly over the past year. As a common carrier, embargoes are an important tool to maintain fluidity for all customers.” UP is one of the nation's largest railroads with more than 30,000 miles of track crisscrossing 23 western states.
Supreme Court makes it easier to sue for job discrimination over forced transfers None - The Supreme Court has made it easier for workers who are transferred from one job to another against their will to pursue job discrimination claims under federal civil rights law, even when they are not demoted or docked pay WASHINGTON -- The Supreme Court on Wednesday made it easier for workers who are transferred from one job to another against their will to pursue job discrimination claims under federal civil rights law, even when they are not demoted or docked pay. Workers only have to show that the transfer resulted in some, but not necessarily significant, harm to prove their claims, Justice Elena Kagan wrote for the court. The justices unanimously revived a sex discrimination lawsuit filed by a St. Louis police sergeant after she was forcibly transferred, but retained her rank and pay. Sgt. Jaytonya Muldrow had worked for nine years in a plainclothes position in the department's intelligence division before a new commander reassigned her to a uniformed position in which she supervised patrol officers. The new commander wanted a male officer in the intelligence job and sometimes called Muldrow “Mrs.” instead of “sergeant,” Kagan wrote. Muldrow sued under Title VII of the Civil Rights Act of 1964, which prohibits workplace discrimination on the basis of race, sex, religion and national origin. Lower courts had dismissed Muldrow's claim, concluding that she had not suffered a significant job disadvantage. “Today, we disapprove that approach,” Kagan wrote. “Although an employee must show some harm from a forced transfer to prevail in a Title VII suit, she need not show that the injury satisfies a significance test.” Kagan noted that many cases will come out differently under the lower bar the Supreme Court adopted Wednesday. She pointed to cases in which people lost discrimination suits, including those of an engineer whose new job site was a 14-by-22-foot wind tunnel, a shipping worker reassigned to exclusively nighttime work and a school principal who was forced into a new administrative role that was not based in a school. Although the outcome was unanimous, Justices Samuel Alito, Brett Kavanaugh and Clarence Thomas each wrote separate opinions noting some level of disagreement with the majority's rationale in ruling for Muldrow. Madeline Meth, a lawyer for Muldrow, said her client will be thrilled with the outcome. Meth, who teaches at Boston University's law school, said the decision is a big win for workers because the court made "clear that employers can’t decide the who, what, when, where and why of a job based on race and gender.” The decision revives Muldrow's lawsuit, which now returns to lower courts. Muldrow contends that, because of sex discrimination, she was moved to a less prestigious job, which was primarily administrative and often required weekend work, and she lost her take-home city car. “If those allegations are proved,” Kagan wrote, “she was left worse off several times over.” The case is Muldrow v. St.Louis, 22-193. ___ Associated Press writer Alexandra Olson contributed to this article from New York.
Abbott Labs tops Q1 expectations, raises low end of 2024 guidance range None - By The Associated Press ABBOTT PARK, Illinois -- Abbott Laboratories reported a first-quarter profit of $1.23 billion Wednesday. The company, based in Abbott Park, Illinois, posted net income of 70 cents per share. Earnings, adjusted for one-time gains and costs, were 98 cents per share. The results surpassed Wall Street expectations by 2 cents, according to Zacks Investment Research. The maker of infant formula, medical devices and drugs posted revenue of $9.96 billion in the period, also beating analyst forecasts of $9.85 billion. Abbott raised the low end of its full-year earnings forecast by five cents. It now expects earnings in the range of $4.55 to $4.70 per share. Abbott shares, up 10% this year, fell more than 3% Wednesday. _____ Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ABT at https://www.zacks.com/ap/ABT
Stock market today: Wall Street dips to send S&P 500 to its longest losing streak since January None - Sinking technology stocks sent Wall Street lower again, and the S&P 500 fell to its fourth straight loss NEW YORK -- Sinking technology stocks sent Wall Street lower again on Wednesday, and the S & P 500 fell to its fourth straight loss. The index dipped 29.20 points, or 0.6%, to 5,022.21 for its longest losing streak since early January. It's down 4.4% since setting a record late last month. The Dow Jones Industrial Average slipped 45.66 points, or 0.1%, to 37,753.31, and the Nasdaq composite sank 181.88, or 1.1%, to 15,683.37. Tech stocks slumped after ASML, a Dutch company that’s a major supplier to the semiconductor industry, reported weaker orders for the start of 2024 than analysts expected. Its stock trading in the United States slumped 7.1%. Nvidia dropped 3.9%, and Broadcom sank 3.5% to serve as the two heaviest weights on the S & P 500. The weakness for tech overshadowed stronger-than-expected profit reports from some big companies, including United Airlines. It soared 17.4% after reporting stronger results for the start of the year than analysts expected, lifted by strong demand from business fliers. The losses also came despite easing pressure from the bond market, which has been dictating much of Wall Street’s action lately. Sharp tumbles for oil prices lessened investors’ worries about inflation, which in turn helped Treasury yields ease. The 10-year Treasury yield sank to 4.58% from 4.67% late Tuesday. The two-year yield, which moves more closely with expectations for the Fed, fell to 4.92% from 4.99%. They gave back some of their big recent gains driven by traders giving up on hopes for imminent cuts to interest rates by the Federal Reserve. Yields on Tuesday had returned to where they were in November after top officials at the Federal Reserve suggested the central bank may hold its main interest steady for a while. It wants to get more confidence that inflation is sustainably heading toward its target of 2%. Its main interest rate has been sitting at its highest level since 2001. High interest rates hurt prices for investments and increase the risk of a recession, but Fed officials are concerned after a string of reports this year has shown inflation remaining hotter than forecast. Traders are now mostly expecting just one or two cuts to interest rates from the Federal Reserve this year, according to data from CME Group. That’s down from forecasts for six or more at the start of the year. With little near-term help expected from an easing of interest rates, companies will need to deliver fatter profits to justify their big runs in stock price since autumn. “I think markets are waiting on corporate news to decide where they’ll head next,” said JJ Kinahan, CEO of IG North America. Travelers slumped 7.4% after the insurer’s quarterly results fell short of forecasts. It had to contend with more losses from catastrophes. J.B. Hunt Transport Services fell 8.1% after reporting weaker revenue and results than expected. It was hurt in part by competition in the eastern part of the country and by higher wages for workers and other costs. On the winning side of Wall Street was Omnicom Group. It rose 1.6% after reporting stronger profit for the latest quarter than analysts expected. The marketing and communications company highlighted growth trends in most markets around the world, outside the Middle East and Africa. The stock of Donald Trump’s social media company also continued to swing sharply, this time jumping 15.6%. That followed two straight losses of more than 14%. Experts say the stock is caught up in frenzied trading driven more by public sentiment around the former president than by the business prospects of the company. In stock markets abroad, London’s FTSE 100 added 0.4% after a report showed U.K. inflation fell to its lowest level in two and a half years in March. That could further pave the way for a cut in interest rates there. Other indexes rose modestly in Europe, while they were mixed in Asia. Japan’s Nikkei 225 fell 1.3%, while stocks jumped 2.1% in Shanghai. ___ AP Business Writers Yuri Kageyama and Matt Ott contributed.
European Union questions TikTok on new app that pays users for watching None - European Union regulators are seeking details from TikTok on a new app from the video sharing platform that pays users to watch videos LONDON -- European Union regulators said Wednesday they're seeking details from TikTok on a new app from the video sharing platform that pays users to watch videos. The European Commission said it sent TikTok a “request for information” on the TikTok Lite app that has been quietly released in France and Spain. The commission wants to know about the risk assessment that TikTok should have carried out before deploying the app in the European Union. “We have already been in direct contact with the Commission regarding this product and will respond to the request for information," TikTok said in a statement. Such evaluations are required under the bloc's Digital Services Act, a sweeping law that took effect last year with the aim of cleaning up social media platforms. The commission is the 27-nation bloc's executive arm and top enforcer of digital regulations. TikTok Lite lets users "earn great rewards," according to its app store listing. The app, which launched this month in France and Spain, is a slimmed-down version of the main TikTok app and doesn't come with ecommerce or livestreaming features. The commission said the app lets users earn points by doing things like watching videos, liking content and following content creators. The points can be exchanged for rewards including Amazon vouchers and gift cards on PayPal. TikTok said rewards are restricted to users 18 years and older, who have to verify their age. Users can watch up to one hour a day of videos to earn rewards, which are capped at the equivalent of one euro ($1.06) a day, it said. TikTok has 24 hours to turn over the risk assessment. The commission is interested in what it says about the app's potential impact on the protection of minors, “as well as on the mental health of users, in particular in relation to the potential stimulation of addictive behaviour.” It's also seeking other information on the measures TikTok has put in place to mitigate such “systemic risks," which the company has until April 26 to provide.
Powerball prize climbs to $1.3B ahead of next drawing None - Lottery players are getting another shot at a Powerball jackpot that has grown to an estimated $1.3 billion after more than three months without a winner DES MOINES, Iowa -- Lottery players will have another shot Saturday night at a Powerball jackpot that has grown to an estimated $1.3 billion after more than three months without a winner. There have been 40 consecutive drawings since the last time someone won Powerball's top prize on New Year's Day. The 41st drawing Saturday night will tie a record for drawings set twice before in 2022 and 2021. The jackpot, which ranks as the eighth largest in U.S. lottery history, has grown so large because the long odds of 1 in 292.2 million make winning so difficult. That has enabled the top prize to roll over three times a week for months. The $1.3 billion prize is for a sole winner who is paid through an annuity, with an initial payment and then 29 annual payments. Winners almost always choose a cash payout, which for Saturday night's drawing would be an estimated $608.9 million. Powerball is played in 45 states plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
Crop-rich California region will fall under state monitoring to preserve groundwater flow None - California officials have voted to take over monitoring groundwater use in part of the fertile San Joaquin Valley under a landmark law aimed at protecting water flow to homes and farms California officials voted Tuesday to step in to monitor groundwater use in part of the crop-rich San Joaquin Valley in a first-of-its-kind move that comes a decade after local communities were tasked with managing the precious but strained resource. The State Water Resources Control Board voted unanimously to start overseeing groundwater pumping in the Tulare Lake Subbasin meaning state, not local officials, will temporarily watch how much water can be pumped from the ground. It's the first area in California to go through this process under the state's landmark groundwater law that aims to keep water flowing sustainably after years of drought and overpumping has led to problems with groundwater quality and the sinking of land. California's law tasked local communities with forming agencies and drafting groundwater management plans to reach a sustainable use of the resource for years to come. Groundwater accounts for nearly 40% of California’s water supply in an average year and even more in dry years, according to the state board. The move, which came after an all-day hearing in Sacramento, was met with criticism from Kings County farmers and support from water rights advocates who said they want to protect the future of drinking water for poor, rural communities. Many farmers said the state should do more to channel rivers into water storage facilities to replenish groundwater basins rather than cutting back. “Farmers understand if these plans move forward it will force them many of them out of business,” Lynne McBride, executive director of the California Dairy Campaign, told the state board. “The ripple effects of these potential fees, fines and regulations will be vast and potentially irreversible.” Farmers are by far the largest pumpers of groundwater in the region, but small towns and rural residents also rely on the subbasin for drinking water in their homes. Mac Glackin of the environmental group Clean Water Action said the move to put the subbasin on so-called probationary status is warranted. “Taking this step holds us accountable to the human right to water, climate justice and racial equity,” Glackin said. Within 90 days, anyone who pumps groundwater in the region must record the amount they remove, report it to the state board and pay fees. If a more sustainable plan isn't developed within a year, the board could hold another public hearing and impose restrictions on pumping and fine those who take more than they are allocated, the board said in a statement after the vote. “Groundwater supplies in the Tulare Lake basin are clearly at risk, and we are acting today to protect this resource because communities rely on it for basic needs, in particular drinking water,” Joaquin Esquivel, chair of the State Water Board, said in a statement. Five local agencies in the region worked on a single groundwater management proposal, only to see it rejected last year by the state Department of Water Resources over concerns about lowering groundwater levels, sinking land and degrading groundwater quality. The Tulare Lake Subbasin covers a stretch of Kings County, which is home to about 150,000 people halfway between Los Angeles and San Francisco. The county is a major producer of milk, pistachios, cotton and processed tomatoes, according to a county agricultural report. It’s also home to Tulare Lake, a large, dry basin that fills with water in rainy years. The lake most recently reappeared in 2023 after intense winter downpours that flooded farms and roads. Doug Freitas, an almond grower who owns property in areas governed by three different groundwater agencies, said each agency has been talking about what to do next. He said he knew about the state’s groundwater law, but like most small farmers, he was so busy trying to make ends meet that he couldn’t foresee the impact. “As a farmer, my opinion is we need more time,” Freitas said before the hearing. Joaquin Contente, a longtime dairy farmer in Kings County, said pumping fees and caps will spell trouble for him, whether they are imposed by local or state officials. He relies on groundwater to grow the alfalfa he feeds his 800 cattle. “I know there’s a lot of people losing sleep over it, because I am one of them,” Contente said.
Full jury has been selected in Trump Hush Money trial None - Andrew Weissmann, former top prosecutor at the Justice Department and Tim O'Brien, Senior Executive Editor at Bloomberg Opinion join Nicolle Wallace on Deadline White House with the breaking news that a full jury of 12 jurors has been selected in the Trump Hush Money trial, and what comes next including how fast this case could move on to opening arguments. April 18, 2024
Kennedy family members endorse President Biden None - Biden is leading among younger voters in new polling
Dismissed juror describes seeing Trump in the courtroom during hush money trial None - MSNBC's Yasmin Vossoughian spoke to a potential juror in the Trump hush money trial who was dismissed after she admitted she could not have been impartial. It was her first time being called on for jury duty, as she had only recently become an American citizen.April 18, 2024
Speaker Johnson 'going to survive' threats by fellow Republicans to oust him None - Biden is leading among younger voters in new polling
Europe wants 2 things from China. It may not get far on either of them. None - Europe wants two things from China: First, a shift in its relatively pro-Russia position on the war in Ukraine Europe wants 2 things from China. It may not get far on either of them. BEIJING -- Europe wants two things from China: First, a shift in its relatively pro-Russia position on the war in Ukraine. Second, a reduction in the trade imbalance — Chinese goods exports to the EU exceeded its imports from the 27-nation bloc by 291 billion euros ($310 billion) last year. It's not clear if it will get very far on either front. German Chancellor Olaf Scholz became the latest European leader to leave China with promises to talk but little more. The Chinese statements on his meetings in Beijing this week didn't appear to give ground on the issues that divide the EU and China. There is some reason for hope in Europe. China badly wants foreign investment to boost its sluggish economy. And China has made efforts to mend its relationships from Europe to the United States and Australia, despite its differences with them. But those considerations may not outweigh the larger strategic reasons China has for aligning itself with Russia as it seeks an alternative to the U.S.-led global order and for promoting its green energy companies as it tries to build the nation into a technology leader. Both the EU and the U.S. are complaining that Chinese policies to promote green energy have incentivized companies to build too much manufacturing capacity for electric cars, solar panels and other related products. Low-priced exports have taken a toll on solar companies in Europe and America and pose a potential threat to other industries. The EU launched an investigation last fall into Chinese subsidies and could impose tariffs on electric vehicles exported from China. China has agreed to talks on production capacity with the U.S. but remained steadfast in defending its exports of green energy products. They have “not only enriched global supply and eased global inflationary pressure, but also made an important contribution to the global response to climate change and the green and low-carbon transition,” Chinese leader Xi Jinping told Scholz. Overcapacity is also a problem for China. Experts have called for better policy coordination. so that not every province promotes the same industries. While that may avoid future problems, it won't reduce existing overcapacity. Not everyone in Europe agrees that tariffs would be a good thing. China is a major market for many European companies, and some fear tariffs could trigger a trade war. The German Chamber of Commerce said it would like the focus to be on further opening Chinese markets to German companies. In line with that thinking, Scholz called for a reliable legal system, the protection of intellectual property and equal market access for foreign firms in China. These issues have taken on increased importance as Chinese companies emerge as innovation leaders in key technologies. A recent Chamber survey of German companies found that 5% viewed Chinese competitors as innovation leaders, with 11% doing so in the auto sector. “This is really a new topic,” said Maximilian Butek, executive director of the German Chamber of Commerce in East China. “And if those highly competitive companies are still protected by the government, then we have actually global challenges resulting from that.” If there is one issue most of Europe can agree on, it is the hope that China would lean on Russian President Vladimir Putin to end the invasion of Ukraine, now in its third year with no sign of letting up. Dutch Prime Minister Mark Rutte said three weeks ago in Beijing that he had asked Chinese leaders “to put their considerable weight ... on Russia to influence the course of events.” Five days later, French Foreign Minister Stéphane Séjourné said after meeting his Chinese counterpart that France expects China to pass on clear messages to Russia on Ukraine. This week it was Scholz's turn. “China’s word carries weight in Russia," he said. "So I asked President Xi to bear upon Russia so that Putin finally breaks off his insane campaign, withdraws his troops and ends this terrible war.” The problem is that Europe and China have fundamentally different starting points. Europe, together with the United States, says Russia is in the wrong and should pull its forces back and leave Ukraine. China doesn't blame Russia, and says any peace settlement would need to address Russia's concerns as well as those of Ukraine and the West. China has undercut Western sanctions by continuing to trade with Russia, and Scholz and others have expressed concern about reports that Chinese companies are selling “dual-use” items that help Russia build military hardware. China has blamed the U.S. and others for prolonging the fighting by supplying armaments to Ukraine. “China has not provided weapons to either side, and it is China’s right to maintain normal economic and trade relations with Russia,” said Ding Chun, the director of the Center for European Studies at Fudan University in Shanghai. The Chinese government shares the desire of others to see an end to the fighting but seems unlikely to pressure Russia to pull out. The Chinese statement on the Xi-Scholz talks did not address the German leader's request. ___ Associated Press researcher Yu Bing contributed.
Average long-term US mortgage rate climbs above 7% to highest level since late November None - Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months LOS ANGELES -- Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months. The average rate on a 30-year mortgage rose to 7.1% from 6.88% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%. When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford at a time when the U.S. housing market remains constrained by relatively few homes for sale and rising home prices. “As rates trend higher, potential homebuyers are deciding whether to buy before rates rise even more or hold off in hopes of decreases later in the year,” said Sam Khater, Freddie Mac’s chief economist. “Last week, purchase applications rose modestly, but it remains unclear how many homebuyers can withstand increasing rates in the future.” After climbing to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage had remained below 7% since early December amid expectations that inflation would ease enough this year for the Federal Reserve to begin cutting its short-term interest rate. Mortgage rates are influenced by several factors, including how the bond market reacts to the Fed’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans. But home loan rates have been mostly drifting higher in recent weeks as stronger-than-expected reports on employment and inflation have stoked doubts over how soon the Fed might decide to start lowering its benchmark interest rate. The uncertainty has pushed up bond yields. The yield on the 10-year Treasury jumped to around 4.66% on Tuesday — its highest level since early November — after top officials at the Federal Reserve suggested the central bank may hold its main interest steady for a while. The Fed wants to get more confidence that inflation is sustainably heading toward its target of 2%. The yield was at 4.64% at midday Thursday after new data on applications for unemployment benefits and a report showing manufacturing growth in the mid-Atlantic region pointed to a stronger-than-expected U.S. economy. “With no cuts to the federal funds rate imminent and with the economy still strong, there is no reason to see downward pressure on mortgage rates right now,” said Lisa Sturtevant, chief economist at Bright MLS. “It seems increasingly likely that mortgage rates are not going to come down any time soon." Sturtevant said it's likely the average rate on a 30-year mortgage will hold close to 7% throughout the spring before easing to the mid-to-high 6% range into the summer. Other economists also expect that mortgage rates will ease moderately later this year, with forecasts generally calling for the average rate to remain above 6%. Mortgage rates have now risen three weeks in a row, a setback for home shoppers this spring homebuying season, traditionally the housing market’s busiest time of the year. Sales of previously occupied U.S. homes fell last month as home shoppers contended with elevated mortgage rates and rising prices. While easing mortgage rates helped push home sales higher in January and February, the average rate on a 30-year mortgage remains well above 5.1%, where was just two years ago. That large gap between rates now and then has helped limit the number of previously occupied homes on the market because many homeowners who bought or refinanced more than two years ago are reluctant to sell and give up their fixed-rate mortgages below 3% or 4%. Meanwhile, the cost of refinancing a home loan also got pricier this week. Borrowing costs on 15-year fixed-rate mortgages, often used to refinance longer-term mortgages, rose this week, pushing the average rate to 6.39% from 6.16% last week. A year ago it averaged 5.76%, Freddie Mac said.
Stock market today: Wall Street drifts to a mixed finish as yields tick higher None - U.S. stock indexes drifted to a mixed close following more reports showing the economy remains stronger than expected U.S. stock indexes drifted to a mixed finish on Thursday in a quiet day of trading. The S & P 500 fell 11.09 points, or 0.2%, to 5,011.12 after flipping between small gains and losses through the day. The drop was slight, but it was still enough to send the index to a fifth straight loss. That’s its longest losing streak since October, and it’s sitting 4.6% below its record set late last month. The Dow Jones Industrial Average edged up by 22.07 points, or 0.1%, to 37,775.38, and the Nasdaq composite slipped 81.87, or 0.5%, to 15,601.50. Equifax dropped 8.5% for one of the market's bigger losses after it reported weaker revenue for the latest quarter than analysts expected. High interest rates are pressuring its mortgage credit inquiry business. The only stock to fall more in the S & P 500 was Las Vegas Sands, which sank 8.7% even though it reported better results than expected. Analysts said investors may be worried about competition the casino and resort company is facing in Macau. Helping to offset those losses was Elevance Health, which climbed 3.2% after raising its profit forecast for the full year. Genuine Parts jumped 11.2% for the biggest gain in the S & P 500 after the distributor of automotive and industrial replacement parts reported stronger profit than analysts expected. It also raised its range for forecasted profits over the full year. Stocks broadly have been struggling recently as yields in the bond market charge higher. They’re cranking up the pressure because investors have largely given up on hopes that the Federal Reserve will deliver many cuts to interest rates this year. Yields climbed a bit higher after more reports on Thursday showed the U.S. economy remains stronger than expected. One report said fewer workers applied for unemployment benefits last week than economists expected. It’s the latest sign that the job market remains solid despite high interest rates. That resilience “continues to generate a solid flow of paychecks to keep fueling consumer demand,” according to Carl Riccadonna, chief U.S. economist at BNP Paribas. His team is forecasting the U.S. economy grew at a faster rate in the first three months of the year than other economists generally. Another report on Thursday said growth in manufacturing in the mid-Atlantic region accelerated sharply, when economists were expecting a contraction. A third report said sales of previously occupied U.S. homes didn't fall by quite as much last month as economists expected. Similar such data, along with a string of reports showing inflation has remained hotter than forecast this year, pushed top Fed officials to say recently they could hold interest rates high for a while. It’s a letdown after the Fed earlier had signaled three cuts to interest rates could be possible this year. But Fed officials have been adamant they want to be sure inflation is heading down toward their 2% target before lowering the Fed’s main interest rate from its highest level since 2001. Lower rates would juice the economy and financial markets, but they could also give inflation fuel to reaccelerate. Traders are now forecasting just one or two cuts to rates this year, according to data from CME Group, down from expectations for six or more at the start of the year. In the bond market, the yield on the 10-year Treasury rose to 4.63% from 4.59% late Wednesday. The two-year Treasury yield, which moves more closely with expectations for Fed action, rose to 4.98% from 4.94%. The hoped-for upside on Wall Street of a strong economy that’s keeping interest rates high is that it could also drive strong growth in profits. Companies will need to deliver such strength in order to justify the run stock prices have been on since late October, setting records along the way. The recent drops for stock prices have made them look less expensive, but they won't look cheap unless either prices fall further or profits jump higher. Alaska Air, the carrier that suffered a midflight blowout of a door plug on a Boeing aircraft in January, rose 4% after it projected better profits for the current quarter than analysts expected. Ally Financial jumped 6.7% after reporting stronger earnings for the latest quarter than Wall Street had forecast. Ibotta, a Walmart-backed digital company that offers customers cash-back rewards and rebates on grocery brands ranging from Nestle to Coca-Cola, soared 17.3% in its first day of trading. In stock markets abroad, indexes rose modestly across much of Europe and Asia. South Korea's Kospi was a standout. It jumped 2% to help lead markets worldwide. ___ AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
Nokia sees double-digit fall in January-March sales as weak market for 5G technology prevails None - Wireless and fixed-network equipment maker Nokia has reported a smaller-than-expected profit and a substantial double-digit fall in sales in the first quarter due to a market weakened by a lack of investment by clients in 5G technology HELSINKI -- Wireless and fixed-network equipment maker Nokia on Thursday reported a smaller-than-expected profit and a double-digit fall in sales in the first quarter due to a market weakened by a lack of clients investing in 5G technology. The Espoo, Finland-based company reported a net profit of 501 million euros ($535 million) for the January-March period, up 46% from 342 million euros a year earlier. The figure was still lower than analysts had expected. One-off gains from Nokia’s licensing business contributed to the profit. Net income attributable to shareholders was 497 million euros, up from from 332 million euros a year earlier. Nokia’s sales were down 20% at 4.7 billion euros. The ongoing weakness in the telecom equipment market, where operators are cutting back on investments into 5G and other technology because of economic uncertainty and high financing costs, prevailed in the first quarter “as expected,” Nokia’s CEO Pekka Lundmark said. “However, we have seen continued improvement in order intake, meaning we remain confident in a stronger second half and achieving our full-year outlook,” Lundmark said in a statement. Nokia is one of the world’s main suppliers of 5G, the latest generation of broadband technology, along with Sweden’s Ericsson, China’s Huawei and South Korea’s Samsung. Earlier this week, Nordic rival Ericsson reported on similar market difficulties, with a major drop in sales in the first quarter. “While we are conscious of the broader economic environment, considering the on-going order intake strength, we expect Network Infrastructure will return to net sales growth for full year 2024 with a stronger second-half performance,” Lundmark said, referring to the situation at Nokia’s biggest business unit by sales. He said the mobile network unit, Nokia’s second biggest business entity, was impacted by particularly low levels of spending in 5G technology in North America and India during the first quarter.
Atlantic City mayor: I'm committed to my family and city while dealing with daughter abuse charges None - Atlantic City Mayor Marty Small says he remains committed to his family and to his city as he deals with charges that he and his wife abused their teenage daughter Atlantic City mayor: I'm committed to my family and city while dealing with daughter abuse charges ATLANTIC CITY, N.J. -- Atlantic City Mayor Marty Small said Thursday he remains committed to his family and to his city as he deals with charges that he and his wife abused their teenage daughter. In his first public comments since prosecutors on Monday charged him and his wife, LaQuetta, the city's superintendent of schools, with physically and verbally abusing their 16-year-old daughter and endangering her welfare, Small said he would not be distracted from his duties. “We've all seen news accounts of what's going on with myself personally,” he said in a speech at the East Coast Gaming Congress at the Hard Rock casino. “It's just that: personal. “But I pledge to each and every one of you, it doesn't change my commitment, number one, to my family, and it doesn't change my commitment here to the great city of Atlantic City,” the mayor said. An affidavit filed in the case by the Atlantic County Prosecutor’s Office says the girl at one point acknowledged making up the accusations against her parents because she was angry they wouldn’t let her go out with friends. But in many other sections, the affidavit includes detailed claims by the girl that the abuse was real, and it said she photographed bruises she said were inflicted by her parents and sent them to her boyfriend, who shared them with detectives. The office of Prosecutor William Reynolds cited evidence including recordings of interactions between the girl and her parents; her statements to police, school personnel, a therapist and state child welfare investigators, and messages she sent to friends asking for help, saying she did not feel safe at home. The mayor is accused of repeatedly hitting his daughter in the head with a broom until she blacked out, and repeatedly punching her in the legs, court documents say. Her mother is accused of dragging her by her hair, punching her in the chest and face, and hitting her with a belt. The root of the conflict, according to the court document, was the Smalls' disapproval of their daughter's boyfriend. Their lawyer, Ed Jacobs, has said the mayor and his wife "are completely innocent of any wrongdoing and will ultimately be vindicated.” Small's appearance at the casino conference was scheduled months ago, and there was considerable anticipation as to whether he would begin his speech with his trademark phrase, “It's a great day in the city of Atlantic City," given his current legal troubles. He did indeed use the phrase, noting challenges Atlantic City faces, including the impending opening of New York City casinos. Small pledged to work with the casinos and all levels of government to prepare the city for that challenge and make Atlantic City “the very best it can be.” Part of that should include cleaning up and redeveloping Pacific Avenue, the street nearest the ocean on which six of the nine casinos front, said Jim Allen, the global chairman of Hard Rock International who got his start in the casino industry as a cook in Atlantic City. He called improving the appearance of that street as “the game-changer.” “If we continue to leave Pacific Avenue the way it's been since the ‘70s, then the perception of the town won’t change, just the vacant lots and boarded-up buildings.” ___ Follow Wayne Parry on X, formerly , at www.twitter.com/WayneParryAC
NATO and the EU urge G7 nations to step up air defense for Ukraine and expand Iran sanctions None - Top NATO and European Union officials are urging industrialized nations to take quick and concrete steps to provide more air defense systems to Ukraine NATO and the EU urge G7 nations to step up air defense for Ukraine and expand Iran sanctions CAPRI, Italy -- Top NATO and European Union officials urged foreign ministers from leading industrialized nations on Thursday to take quick, concrete steps to provide more air defense systems and artillery to Ukraine, warning that continued delays could tilt the war in Moscow’s favor. NATO Secretary General Jens Stoltenberg and EU foreign policy chief Josep Borrell addressed a meeting of foreign ministers of G7 nations meeting on the Italian resort island of Capri. Russia’s war on Ukraine and surging tensions in the Middle East over Iran’s unprecedented attack on Israel over the weekend have topped the agenda of the gathering. Without more Patriot air defense missile systems to protect against Russian strikes, “the electricity system of Ukraine will be destroyed. And no country can fight without having electricity at home, in the factories, in the front line,” Borrell told reporters on the sidelines of the event. Stoltenberg welcomed signs that the U.S. Congress might soon vote on a $61 billion aid package for Ukraine, the bulk of which would go to purchasing weapons and ammunitions from U.S. defense manufacturers. And he welcomed other recent financial pledges from the Netherlands and Denmark as well as Germany's recent announced delivery of a new Patriot missile battery. But he said more long-term and sustainable aid was necessary to better coordinate Ukraine's response over the long term. “There is an urgent, critical need for more air defense,” Stoltenberg said, adding that artillery rounds were also needed. “We cannot continue to be in a situation where Russia is outgunning Ukraine, in the way they do now. The Russians are shooting and shooting, and the Ukrainians have limited resources to shoot back. So the Ukrainians need more, and that’s the urgent and important message from me to all allies.” Italian Foreign Minister Antonio Tajani opened the first working session by calling for new sanctions against Iran for its weekend attack and concrete help for Ukraine. “If Ukraine loses, (Russian President Vladimir) Putin will never sit at the peace table,” Tajani warned. The Capri meeting of the top diplomats from Britain, Canada, France, Germany, Italy, Japan and the United States dovetailed with other regional diplomatic efforts sending the same messages. On Wednesday, EU leaders meeting in Brussels vowed to ramp up sanctions on Iran to target its drone and missile deliveries to proxies in Gaza, Yemen and Lebanon. The U.S. and Britain, meanwhile, announced Thursday they were imposing a new round of sanctions on Iran, with the U.S. targeting individuals and entities that produce engines that power drones and are involved in steel production. The latest British measures target several Iranian military organizations, individuals and entities involved in Iran’s drone and ballistic missile industries. Borrell said the existing EU sanctions regime would be strengthened and expanded to punish Tehran and help prevent future attacks on Israel. At the same time, he said, Israel needed to exercise restraint. “I don’t want to exaggerate but we are on the edge of a war, a regional war in the Middle East, which will be sending shockwaves to the rest of the world, and in particular to Europe,” he warned. “So stop it.” German Foreign Minister Annalena Baerbock said Iran must be isolated “because,of course, there must be a reaction to this unprecedented incident, but there must be no further escalation in the region,” German news agency dpa reported. On Ukraine, its Foreign Minister Dmytro Kuleba, who was invited to Capri as a guest, underlined his country’s need for essential military support, including artillery, ammunition, and air defense systems as Russia pushes along the front line. He thanked Germany for providing Ukraine with a new Patriot battery, which was announced over the weekend, but urged the U.S. Congress to quickly approve the funding package. “So we will work here at the ministerial level to make other allies deliver air defense systems to Ukraine. Because it’s of fundamental importance," Kuleba said. President Joe Biden said Wednesday he supported a proposal from the House speaker, Mike Johnson, to provide about $61 billion in aid for Ukraine, signaling bipartisan support for the precarious funding bill. U.S. Secretary of State Antony Blinken said he hoped the U.S. funding would come through but said other allies needed to step up. “In this moment, it is urgent that all of the friends and supporters of Ukraine maximize their efforts to provide Ukraine with what it needs to continue to effectively defend itself against this Russian aggression,” Blinken said after meeting with Kuleba. “If Putin is allowed to proceed with impunity, we know he won’t stop at Ukraine and we can safely predict that his aggression will continue,” Blinken said. “Other would-be aggressors around the world will take note and unleash their own aggressions. And we will have a world of conflict, not a world of peace and security.” Borrell said Europe can't rely solely on Washington to help Ukraine defend itself. “Concrete decisions have to be taken in order to send to Ukraine more air defense,” he said. “We do have Patriots, we have anti-missile systems. We have to take them from the our barracks where they are just in case, and to send to Ukraine where the war is raging. And I’m sure we will be doing that, but it has to be done quickly.” ___ Geir Moulson contributed from Berlin. ___ Follow the AP’s coverage of the war at https://apnews.com/hub/russia-ukraine
CNN’s Coverage of Man Who Set Himself on Fire Shows Challenges of Live News None - Until Friday, at least, the cable news coverage of the first criminal trial of a former president carried a hint of anticlimax. With the dry and slow-moving proceedings inside a Lower Manhattan courtroom closed to their cameras, the networks could only offer their usual interviews with experts and analysts, set to the sights and sounds of their outdoor, on-location camera positions. That all changed on Friday when a man from Florida, Max Azzarello, set himself on fire near the courthouse — immediately bringing home the promise and perils of live cable news, especially for the network that invented the genre, CNN. The network’s legal analyst and anchor, Laura Coates, was doing a live interview with a jury-selection expert when Mr. Azzarello began throwing a batch of conspiracy pamphlets into the air, then dousing himself with an accelerant and setting himself ablaze.
'He's a liar': Governor Gavin Newsom blasts Trump over abortion stance None - California Governor Gavin Newsom joins Jen Psaki for an exclusive interview to discuss the rollback of reproductive rights, the start of Dona'd Trump's criminal trial, and the state of the 2024 race. Governor Newsom's PAC new abortion ad that will air in Alabama as part of their effort to raise awareness of their "extreme" abortion laws, debuted exclusively on "Inside with Psaki." April 21, 2024