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Stock market today: Markets are mixed after Fed’s rate hike

Published Wed, 26 Feb 2025 13:11:21 GMT

NEW YORK (AP) — Stocks are mixed Wednesday after the Federal Reserve announced its latest hike to interest rates but hinted the end to them may be near. The S&P 500 was down 0.3% in late trading, and it drifted between modest gains and losses immediately after the Fed’s announcement. The Dow Jones Industrial Average was down 158 points, or 0.5%, at 33,526, as of 3:28 p.m. Eastern time, while the Nasdaq composite was virtually flat. The move was widely expected, and it’s supposed to slow the economy further in hopes of getting inflation under control. The hope on Wall Street is that this is the final increase following the Fed’s fastest flurry in decades. The central bank gave a nod toward the possibility in its statement, where it dropped a reference saying it “anticipates that some additional policy firming may be appropriate.” “That’s a meaningful change,” Fed Chair Jerome Powell said. But the Fed stopped short of declaring the end to rate hikes, which ...

California companies pay higher taxes for unemployment debt

Published Wed, 26 Feb 2025 13:11:21 GMT

SACRAMENTO, Calif. (AP) — One potential consequence of California’s ballooning budget deficit: Higher taxes for businesses, with increases possible every year for the next decade.Business owners pay a tax on each of their workers. The money goes into a fund that states use to pay unemployment benefits when people lose their jobs. During the coronavirus pandemic, so many people lost jobs that many of these funds ran out of money.Twenty-two states borrowed from the federal government so they could keep paying unemployment benefits. Those states must pay that money back, plus interest. Most states have already done this. But California is one of five states that hasn’t. The state owes $18.9 billion.If California doesn’t pay the money back, businesses have to do it through higher taxes. California was supposed to start paying off the debt this year with $1.5 billion — $1 billion toward the debt, plus another $500 million to help small businesses pay their increased tax...

Ex-UN food chief returns to South Carolina roots for speech

Published Wed, 26 Feb 2025 13:11:21 GMT

COLUMBIA, S.C. (AP) — For the first time in 25 years, former South Carolina Gov. David Beasley stood before lawmakers in his home state and gave a speech Wednesday. His wasn’t a look back at old times, but a talk about his second career — combatting world hunger.While he shook hands and swapped stories, Beasley has moved on. Since then he has been instrumental in securing a Nobel Peace Prize for the United Nations World Food Program, which has saved millions around the globe from starvation.The Republican whose political career appeared to tank after he lost a reelection bid in 1998 only briefly mentioned that part of his life. Instead, he talked about his second career leading the World Food Program. He worked there for six years, appointed by Donald Trump and continuing under President Joe Biden before stepping aside last month.Beasley told legislators — just 11 of the 170 of them were serving when he last addressed them at his 1998 State of the State speech — to hang on to ...

Wrongfully convicted Massachusetts man gets $13M settlement

Published Wed, 26 Feb 2025 13:11:21 GMT

BOSTON (AP) — A Massachusetts man who spent 32 years in prison after he was wrongfully convicted of setting a fire that killed eight people will receive $13 million from the city where he was arrested.Victor Rosario, 65, said Wednesday he has forgiven those who put him behind bars.“One of the things for me to be able to continue moving forward is basically to learn how to forgive,” he said at a news conference the day after the Lowell City Council voted to settle a $13 million civil rights lawsuit he brought against the city.Rosario was 24 years old when he was convicted of arson and multiple counts of murder in connection with the 1982 fire in Lowell, Massachusetts. Three adults and five children died in the fire.Rosario tried to help the victims escape the flames, his attorneys said.But investigators identified Rosario as a suspect, and then fabricated evidence and hid evidence that the fire was actually an accident, attorney Mark Loevy-Reyes said.“They brought Victor Rosari...

Canadian film and TV production rebounded in 2021/22 from early pandemic woes: report

Published Wed, 26 Feb 2025 13:11:21 GMT

Canadian producers say spending on film and TV productions leapt by a record 28 per cent during the second year of the pandemic.A report from the Canadian Media Producers Association (CMPA) found a “robust rebound” between April 1, 2021 and March 31, 2022.It says spending jumped more than $2.5 billion to an all-time high of $11.7 billion. That’s also nearly 22 per cent higher than the previous record of $9.6 billion in 2019/20, before the pandemic.The biggest growth was in foreign productions shot in Canada, which rose 27 per cent to $6.7 billion, and Canadian television production, which jumped 39 per cent to $3.5 billion.But producers say it’s uncertain whether such growth can be sustained, pegging the bump to short-term government funds that helped the industry withstand COVID-19 restrictions and Canadian broadcasters who increased commissions and spending that had dropped earlier in the pandemic.The report says challenges ahead include lingering inflation and a possi...

'MVP! MVP!' The 12th anniversary of Derrick Rose's biggest moment with the Bulls

Published Wed, 26 Feb 2025 13:11:21 GMT

CHICAGO — It was quite a moment for a kid from Chicago who'd not only arrived on basketball's biggest stage but had risen to the very top. That moment happened 12 years ago on Wednesday when Derrick Rose was given the highest individual honor in a season by the National Basketball Association. On May 3, 2011, the Englewood native was named the league's Most Valuable Player in which he not only elevated his own status in professional basketball but also the Bulls as a franchise. Rose received 113 of 121 first place votes in a decisive victory after averaging 25 points and 7.7 assists per game. He remains one of only two players in Bulls history to win the regular season MVP award, joining Hall of Famer Michael Jordan, who won it five times.It was an emotional day for Rose, who'd started his basketball journey at Simeon High School, then went to Memphis for a year and helped that team to a national title game, and then was picked first overall by the Bulls in the 2008 NBA Draft. The g...

'All clear' given at twice evacuated Glenbard West High School after bomb threat

Published Wed, 26 Feb 2025 13:11:21 GMT

GLEN ELLYN, Ill. — Police in Glen Ellyn have given the 'all clear' at Glenbard West High School after the school was evacuated for the second time in less than a week following a bomb threat. Police said they were notified of the threat around 11:30 a.m. Wednesday and cleared the building as a precaution. Around 1:45 p.m., police said students and staff were clear to exit the area. School buildings remain closed until the 'all clear' was given at 2 p.m.No arrests have been made in either incident. Read more: Latest Chicago news headlinesThe swatting investigation is ongoing.

CPD Memorial Foundation gifts police 500 new bulletproof vests

Published Wed, 26 Feb 2025 13:11:21 GMT

CHICAGO — The Chicago Police Department is receiving hundreds of new bulletproof vests.  The Chicago Police Memorial Foundation delivered 500 new vests Wednesday morning. The vests were purchased with $540,000 in federal funding. The foundation says it has now spent more than $13,000 on bulletproof vests for Chicago police officers. Read more: Latest Chicago news headlinesBulletrpoof vests should be replaced every five years due to wear and tear. Click here if you are interested in donating to Chicago Police Memorial Foundation's Get Behind the Vest Program.

LIVE: 18 year old arrested, charged with murder in fentanyl-related death of Lehman High student

Published Wed, 26 Feb 2025 13:11:21 GMT

HAYS COUNTY, Texas (KXAN) -- An 18 year old was arrested and faces drug-related charges and a murder charge in connection to the overdose death of a 15 year old from Kyle.On April 11, the Hays County Sheriff's Office and Hays County EMS responded to a call about a 15 year old who was found unresponsive in the 100 block of Cotton Gin Road in Kyle. EMS performed life-saving measures, but the 15 year old died. They were a student at Lehman High School. The HSCO Criminal Investigation Division and the Special Services Division (SSD) started an investigation. The preliminary investigation found the victim’s death was caused by an accidental drug overdose, specifically from fentanyl. During the criminal investigation, SSD identified a suspect believed to have sold the fentanyl to the victim.Jaquell Desean Ray, 18, was arrested April 11 and charged with delivery of a controlled substance or marijuana to a minor, which is a second-degree felony. An additional charge of murder was filed May ...

Poll: 76% of Texas voters support raising gun purchase age

Published Wed, 26 Feb 2025 13:11:21 GMT

AUSTIN (KXAN) — Three out of four Texas voters support the idea of enacting stricter gun control measures that would raise the age requirement to purchase a weapon in the state, according to a new poll released Wednesday. Pollsters from the Texas Politics Project asked 1,254 registered voters about several proposed laws under consideration this legislative session, including how they felt about potentially increasing the legal age to purchase any firearm from 18 to 21. According to the findings, 57% said they strongly support that proposal, while 19% said they "somewhat support" it. Those numbers combined eclipse the 20% of voters who expressed opposition to the proposal (9% somewhat oppose; 11% strongly oppose). Uvalde families call to raise age for buying semi-automatic guns in overnight Texas House hearing This idea garnered attention recently because of advocacy from the families who lost loved ones in the deadly shooting last year at Robb Elementary School in Uvalde. The gun...