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Stock market today: Wall Street slips again ahead of Powell testimony

Published Wed, 26 Feb 2025 14:26:42 GMT

NEW YORK (AP) — Wall Street is retreating a bit more as a five-week rally loses momentum. The S&P 500 was 0.4% lower in early trading Wednesday. It’s on pace for a third straight pullback after rallying last week to its highest level in more than a year. The Dow fell 152 points, or 0.5%, and the Nasdaq composite was off 0.3%. The main event for the day is likely to be testimony on Capitol Hill from Federal Reserve Chair Jerome Powell. The Fed has been a key focus for markets as it tries to get the worst inflation in generations under control.THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.U.S. markets are largely unmoved early Wednesday ahead of Federal Reserve Chair Jerome Powell’s appearance before Congress, where he’s expected to field questions about the central bank’s inflation-fighting interest rate policies.Futures for the Dow Jones Industrial Average and S&P 500 each ticked down about 0.1% before the opening bell Wednesday. Oil pric...

European Union countries agree on a new package of sanctions against Russia over the war in Ukraine

Published Wed, 26 Feb 2025 14:26:42 GMT

BRUSSELS (AP) — European Union countries on Wednesday agreed on a new package of sanctions against Russia for its war against Ukraine.Sweden, which currently holds the rotating EU presidency, said that the package includes measures aimed at countering sanctions circumvention and individual listings.Details of the measures will be unveiled later this week when the sanctions are officially adopted by written procedure.The EU had previously imposed 10 rounds of sanctions on Russia since President Vladimir Putin ordered his forces into Ukraine on Feb. 24, 2022. Banks, companies and markets have been hit — even parts of the sensitive energy sector. More than 1,000 officials are subject to asset freezes and travel bans.Much work has involved closing loopholes so that goods vital to Putin’s war effort don’t get through.European Commission President Ursula von der Leyen, the head of the EU’s executive arm, said the new package will “deal a further blow to Putin’s war machine wit...

Statistics Canada says retail sales rose 1.1% in April to $65.9 billion

Published Wed, 26 Feb 2025 14:26:42 GMT

OTTAWA — Canadian retail sales came in stronger than initially estimated as gains at general merchandise retailers and food and beverage stores led the way higher.Statistics Canada said Wednesday retail sales rose 1.1 per cent to $65.9 billion in April, topping its initial estimate for the month that pointed to an increase of 0.2 per cent.The agency’s advance estimate for May suggested a gain of 0.5 per cent for that month, though it cautioned the figure would be revised.BMO economist Shelly Kaushik said the Canadian consumer continued to prove its resilience. “That said, higher prices drove most of the increase as spending volumes rose at a much slower pace,” Kaushik wrote in a report.In volume terms, retail sales rose 0.3 per cent for April.“Looking ahead, momentum in consumer spending is expected to slow in the second half of the year, as yet higher interest rates and still-elevated inflation continue to weigh on purchasing power,” Kaushik wrote.The ...

Two missing RCAF members found dead after helicopter crash near Petawawa

Published Wed, 26 Feb 2025 14:26:42 GMT

OTTAWA — The Department of National Defence says two Royal Canadian Air Force members who had been missing since a Chinook helicopter crashed in eastern Ontario have been found dead.The pair were found late Tuesday evening after an extensive search of the Ottawa River near Petawawa, Ont., about 160 kilometres northwest of Ottawa.Four people were on board the helicopter when it crashed just after midnight Tuesday during a training exercise. The Armed Forces says it is not releasing the names of the members who were killed out of respect for their families’ wishes.The other two crew members were taken to hospital with minor injuries and have since been released.The military says a full investigation into what caused the crash is underway. This report by The Canadian Press was first published June 21, 2023.The Canadian Press

Iranian man charged in Germany over alleged plot for attack using deadly chemicals

Published Wed, 26 Feb 2025 14:26:42 GMT

BERLIN (AP) — An Iranian man arrested in western Germany earlier this year after a tip from U.S. officials has been charged with plotting an Islamist attack using ricin or cyanide, German prosecutors said Wednesday.The 26-year-old, identified only as J.J. in line with Germany’s privacy rules, was arrested in January along with his brother in Castrop-Rauxel, a city in the industrial Ruhr region. Prosecutors in Duesseldorf said he was charged with preparing a serious act of violence and terror financing. An indictment was filed in the state court in Dortmund.A case against the suspect’s 32-year-old brother, who initially was suspected of involvement in the plot, was dropped for lack of sufficient evidence, prosecutors said. They said the younger man had decided by the end of October to carry out an attack in line with the ideology of the Islamic State group by spreading ricin or a cyanide compound, and intended to kill as many people as possible by spreading the chemicals....

Virginians oust Democrat who sought abortion limits and Republican who denied 2020 results

Published Wed, 26 Feb 2025 14:26:42 GMT

RICHMOND, Va. (AP) — Voters ousted two of Virginia’s most controversial political figures in Tuesday’s primary election, along with at least three more of their Senate colleagues. Sen. Joe Morrissey, a political centrist and increasingly rare Democrat who supports limits on abortion access, lost to former state legislator Lashrecse Aird, who calls herself a 100% supporter of abortion rights. “Joe’s been here too long. It’s time for new blood,” said Gail Coleman, 62, who voted for Aird Tuesday afternoon in suburban Richmond. Republican Sen. Amanda Chase, a right-wing firebrand who has served in the Senate since 2016 and embraced falsehoods about the 2020 presidential election, was edged out by Glen Sturtevant, a lawyer and former senator seeking a political comeback in the red-leaning suburban Richmond district. Voters decided dozens of other nominees, including in some swing districts that will help determine the balance of power in the General Assembly in the Nove...

Biden administration moves to restore endangered species protections dropped by Trump

Published Wed, 26 Feb 2025 14:26:42 GMT

BILLINGS, Mont. (AP) — The Biden administration proposed new rules for protecting imperiled plants and animals on Wednesday that would reverse changes under former President Donald Trump that weakened the Endangered Species Act.The U.S. Fish and Wildlife Service plans to reinstate a decades-old regulation that mandates protections for species newly classified as threatened. That provision was dropped under Trump as part of a suite of changes to the species law encouraged by industry.Under Wednesday’s proposal, officials also would drop consideration of economic impacts when deciding if animals and plants need protection. Another change would expand requirements for federal agencies to consult with the wildlife service or the National Marine Fisheries Service before taking actions that could affect threatened or endangered species.Details on the proposal were obtained by The Associated Press in advance of their public release.Under Trump, officials rolled back endangered specie...

Threats against Norway’s LGBTQ+ Pride festival rise following deadly 2022 attack

Published Wed, 26 Feb 2025 14:26:42 GMT

COPENHAGEN, Denmark (AP) — Threats have increased against next week’s LGBTQ+ Pride festival in Oslo following a deadly shooting last year at the annual event, the Norwegian Police Security Service said Wednesday.However, the domestic security agency, known by its Norwegian acronym PST, said it was not aware of any concrete danger. The head of its counterterror unit, Lars Lilleby, said the threats might be an attempt to force the cancellation of the July 1 parade.The threats have come from right-wing extremists and radical Islamists, PST said.“We all take it very seriously,” Lilleby said. “It is perhaps right now that it is important to carry out this event, we encourage that.”During last year’s festival, a gunman opened fire in Oslo’s nightlife district, killing two people and wounding 20 others. A Norwegian citizen originally from Iran, Zaniar Matapour, was arrested and charged with murder, attempted murder and terrorism. No trial date has been set.There are three other...

Girl, 17, dies after shooting in Garfield Park

Published Wed, 26 Feb 2025 14:26:42 GMT

CHICAGO — A 17-year-old girl has died after a shooting Monday night in the city's Garfield Park neighborhood.The medical examiner has identified the teen as Shaniya Robinson.According to police, Robinson was one of three teenagers standing on a front porch in the 3800 block of West Gladys, when a dark-colored sedan approached and someone inside fired shots.Robinson was shot in the right eye and transported to Stroger Hospital, where she later died. 3 teens among 75 shot across Chicago over holiday weekend Another 17-year-old was transported in good condition to Stroger Hospital with a gunshot wound to the left leg and buttocks. A 19-year-old man was transported to Mount Sinai Hospital in good condition with a gunshot wound to the right arm.No one is in custody. Area Four detectives are investigating the shooting.The teens are among 75 victims shot across Chicago over the holiday weekend, with at least 14 people dying from their injuries, according to police.

Teen boys dead after Garfield Park shooting

Published Wed, 26 Feb 2025 14:26:42 GMT

CHICAGO — Two teen boys, 14 and 16, are dead after a shooting that happened in Garfield Park late Saturday afternoon.According to the Chicago Police Department, officers responded to a report of a person shot around 4:45 p.m. in the 100 block of South Homan Avenue. When police arrived, they found two male victims — one being 14 years old, and the other being an unknown age.Family members told WGN the second victim is 16 years old and the two boys are related.The 14-year-old was shot multiple times throughout the body, while the 16-year-old was shot in the head. Police said both victims were taken to Stroger Hospital where they were both initially listed in critical condition.The two boys died from their injuries. FBI: 2 male suspects rob Frankfort bank, at-large Police have no one in custody as area detectives continue to investigate.If you or someone you know has information that could help police make an arrest and conviction in the investigation of this incident, anonymous tips...