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Stock market today: Wall Street tumbles to its worst loss in months

Published Wed, 26 Feb 2025 14:54:53 GMT

NEW YORK (AP) — Wall Street tumbled to its worst drop in months on Wednesday as its torrid rally that critics called overdone lost more momentum. The S&P 500 sank 1.4% for its sharpest tumble since April. It was the second straight loss for the index after it hit a 16-month high last week. The Dow Jones Industrial Average dropped 348 points, or 1%, while the Nasdaq composite fell 2.2%.Prices were mixed in the bond market after Fitch Ratings cut the credit rating of the U.S. government. The repeated standoffs in Congress about whether to allow a default on the U.S. debt were just some of the reasons for Fitch’s cut. The downgrade strikes at the core of the global financial system because U.S. Treasurys are considered some of the safest possible investments.Fitch’s move follows a similar one by Standard & Poor’s in 2011, one that coincided with a European debt crisis to help cause stocks and bonds around the world to swing violently. So far, this most recent downgrade ha...

Adidas is donating Yeezy sales to anti-hate groups. US Jews say it’s making best of bad situation

Published Wed, 26 Feb 2025 14:54:53 GMT

When Adidas cut ties with Ye, the rapper formerly known as Kanye West, due to his antisemitic comments, it was left with more than a billion dollars worth of high-end Yeezy sneakers. Now, Jewish Americans are evaluating the German company’s plan to give some of the proceeds from the sneakers’ sale to groups engaged in fighting antisemitism.Like other Jewish civic leaders contacted by The Associated Press, Rabbi Bradley Shavit Artson said he wasn’t planning to buy a pair of Yeezys himself, but he also doesn’t see the value of wasting the labor and material that went into making them.“Antisemitism, like all forms of bigotry and hate, must be actively resisted by us all,” said Artson, dean of the Ziegler School of Rabbinic Studies of American Jewish University in Los Angeles. “This move will raise funds for that fight, without minimizing his vile words.” Rabbi Jill Jacobs, the CEO of T’ruah, a rabbinic human rights organization based in the U.S., said it was better than at least one al...

S&P/TSX composite down more than 300 points Wednesday, U.S. stocks also fall

Published Wed, 26 Feb 2025 14:54:53 GMT

TORONTO — Canada’s main stock index fell more than 300 points Wednesday amid a broad-based decline, while U.S. markets also slid. Fitch Ratings cut the U.S. government’s credit rating from AAA to AA+ and that news was the focus for Wednesday, said Anish Chopra, managing director with Portfolio Management Corp. “It’s really the Fitch news today that’s dominating the market,” he said. Among Fitch’s concerns were the growing debt-to-GDP ratio, said Chopra, as well as rising fiscal deficits and higher debt repayment costs due to interest rate hikes. Investors are reacting by pulling back in one of the more risk-off days the markets have seen in a while, he said. It was one of the worst days in months for Wall Street after a months-long rally appeared to lose its steam Wednesday. In New York, the Dow Jones industrial average was down 348.16 points, or almost one per cent, at 35,282.52. The S&P 500 index was down 63.34 points, or almost 1.4 per cent, at 4,513.39, whi...

City releases music, food lineup for 2023 Taste of Chicago

Published Wed, 26 Feb 2025 14:54:53 GMT

CHICAGO — The music and food lineup for the 2023 edition of the Taste of Chicago was released on Wednesday.The event is being held for the first time in September this year due to NASCAR's first-ever street race in Grant Park this summer.The Taste of Chicago, established in 1980, is once again being held for free downtown from Sept. 8-10.The music headliner for Friday is "Masters of the Mic: Hip Hop 50" which is a tour going on this year consisting of hip hop pioneers Doug E. Fresh, EPMD, KRS-One and Slick Rick.Headliners Saturday will be Lupita Infante and Proyecto Uno. The Sunday night headliner will be the Chicago indie band Whitney.For food purchases, organizers are reminding patrons that food tickets are a thing of the past at the Taste and vendors will be taking cards or cash only.Speaking of food, a list of the 2023 lineup is below.Cumin Club Indian KitchenSapori Trattoria Arun’s Thai Restaurant The Original Rainbow Cone Healthy Substance KitchenLC Pho Restaurant, Yum DumChur...

VIDEO: School bus crashes into home on Northwest Side

Published Wed, 26 Feb 2025 14:54:53 GMT

CHICAGO — At least one person was injured after a school bus crashed into a house on the city's Northwest Side.The accident happened around 8:20 a.m. Wednesday in the 6000 block of West Waveland. Police said a 63-year-old bus driver was traveling on Waveland when he hit a parked vehicle, a city utility pole and crashed into a home.There were three people on the bus at the time of the accident: the driver, a child in a wheelchair and the child's 43-year-old female caretaker — who was transported in stable condition to Community First Hospital with neck pains. No citations have been issued at this time. It is unclear what exactly caused the crash to happen.Watch home security video of the crash below:

Mayor Johnson takes questions from the media

Published Wed, 26 Feb 2025 14:54:53 GMT

CHICAGO — Chicago Mayor Brandon Johnson addressed the media Wednesday afternoon, where the ongoing migrant crisis, crime, and Chicago Public Schools were among the topics of discussion. The press conference started just after 1 p.m. at City Hall. City releases music, food lineup for 2023 Taste of Chicago WGN News Now streamed the full press conference and video will be available shortly.

Lollapalooza 2023: Facts, features and fun

Published Wed, 26 Feb 2025 14:54:53 GMT

CHICAGO — Lollapalooza returns to Grant Park Thursday for a four-day festival that will takeover Grant Park from Aug. 3 to Aug. 6. The music fest will feature over 170 bands, eight stages and headliners that include Billie Eilish (Thursday), Kendrick Lamar, The 1975 (Friday), Odesza, Tomorrow X Together (Saturday) and Red Hot Chili Peppers, Lana Del Rey (Sunday).Full Lineup: Lolla Lineup Daily schedule:  Lolla Schedule.SAFETY FIRSTYou can learn bout safety, allowed and prohibited items, how to get help at Lollapalooza and more here.   MOBILE APP Presented by Bud Light: Download The Official Lolla Mobile App presented by Bud Light for Android and iPhone to have everything Lolla right at your fingertips. Also, opt-in for push notifications to stay in the loop on schedule changes, fun giveaways, important updates and emergency information all weekend long! WRISTBAND ACTIVATION: Fans...

Police say all Senate buildings cleared, no active shooter found

Published Wed, 26 Feb 2025 14:54:53 GMT

Police say there is no active shooter at the Senate office buildings and no injuries, after what appears to be "a bogus call" locked down the buildings and drew a massive police response. Capitol Police Chief Thomas Manger said police had responded around 2:30 p.m. to reports of an active shooter wearing body armor in the Hart Senate Office Building.Lawmakers are not in Washington due to the August recess, but aides were working in the buildings.More than 200 officers responded "within seconds," clearing all three buildings — Hart, Russell and Dirksen — floor-by-floor.“So far, nothing. We’ve found nothing concerning. We’ve gotten nobody that has actually heard shots and certainly no victims,” Manger said.Authorities have had no further contact with the initial caller.“I think at this point we can say that we’ve found no confirmation that there was an active shooter and that this might have been a bogus call," he said.By about 4 p.m., the buildings had been evacuated, and shortly aft...

Body of missing man from Chicago area found in New York creek

Published Wed, 26 Feb 2025 14:54:53 GMT

NEW YORK CITY — A Chicago area man who went missing after a concert in Brooklyn last weekend was found dead in a New York creek Tuesday morning.John Castic, 27 of Elk Grove, went missing after leaving the Brooklyn Mirage concert venue around 2:30 a.m. Saturday.Castic graduated from DePaul University and was working at Goldman Sachs in New York. USPS offering $50K reward for information after mail carrier shot He is the second young man to be found dead in the Brooklyn creek near the popular music venue this summer.The cause of Castic's death is currently unknown.

Pittsburgh synagogue gunman sentenced to death

Published Wed, 26 Feb 2025 14:54:53 GMT

PITTSBURGH (AP) — The gunman who stormed a synagogue in the heart of Pittsburgh’s Jewish community and killed 11 worshippers will be sentenced to death for perpetrating the deadliest antisemitic attack in U.S. history.Robert Bowers spewed hatred of Jews and espoused white supremacist beliefs online before methodically planning and carrying out the 2018 massacre at the Tree of Life synagogue, where members of three congregations had gathered for Sabbath worship and study. Bowers, a truck driver from suburban Baldwin, also wounded two worshippers and five responding police officers.The same federal jury that convicted the 50-year-old Bowers on 63 criminal counts recommended Wednesday that he be put to death for an attack whose impacts continue to reverberate nearly five years later. He showed little reaction as the sentence was announced, briefly acknowledging his legal team and family as he was led from the courtroom. A judge will formally impose the sentence later.Jurors were unanim...