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Fed Chairman Jerome Powell downplays interest rate cut debate, says inflation is easing
WASHINGTON (AP) — Chairman Jerome Powell said inflation is steadily slowing, but it’s too early to declare victory or discuss when the Federal Reserve will cut interest rates. . Powell noted that consumer prices, which exclude volatile food and energy costs, have risen at an annual rate of only 2.5% over the past six months. This is not much higher than the Fed’s 2% inflation target. Still, Powell said more progress is needed. He also said it is “too early to conclude with any confidence” that the Fed has raised its benchmark interest rate to a level sufficient to completely eliminate high inflation. Powell also mentioned the possibility of lowering the Fed’s benchmark interest rate, saying it was also not the time to “speculate when policy will ease.”
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Stock Market Today: Wall Street gains ground with best month in more than a year
Stocks rose on Wall Street as the market enjoyed its best month in more than a year. The S&P 500 rose 0.6% on Friday, marking its fifth straight week of gains. The Dow Jones Industrial Average rose 294 points, and the Nasdaq Composite Index rose 0.6%. In corporate news, Ulta Beauty jumped 10.8% after reporting better-than-expected results for its latest quarter and raising its estimates. Advancing issues outnumbered declining issues on the New York Stock Exchange by about 6 to 1. Investors entered December on track to end the year with solid gains. Government bond yields and oil prices fell.
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New US rules aimed at curbing China could make it harder for EV buyers to claim full tax credits
WASHINGTON (AP) — Americans could have a harder time finding electric vehicles that qualify for a $7,500 federal tax credit under proposed new rules. The Treasury Department and Department of Energy announced the rule on Friday. It restricts electric vehicle buyers from claiming full tax credits when purchasing vehicles that contain battery materials from China or other countries deemed hostile to the United States. But the rule comes at a time when Biden is trying to boost sales to meet his goal of halving greenhouse gas emissions, which cause global warming, by 2030. may be delayed.
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Fed-recommended inflation indicators show price pressures continue to decline
WASHINGTON (AP) – The Federal Reserve’s preferred inflation measure slowed last month, the latest sign that price pressures are easing in the face of high interest rates and slow economic growth. It is. Prices were flat in September-October, slowing from the previous month’s 0.4% rise. The price increase rate in October was 3% compared to a year ago, lower than September’s annual rate of 3.4%. The year-on-year inflation rate was the lowest in two and a half years. Excluding the highly volatile food and energy costs, so-called core price increases also slowed. The rate of increase in the September-October period was just 0.2%, slowing from the previous month’s 0.3% rise. Compared to 12 months ago, core prices rose 3.5%, lower than September’s 3.7% year-on-year rise.
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Pfizer halts further study of twice-daily obesity drug treatment that caused nausea in many patients
Pfizer stock fell on Friday after the drugmaker announced it was discontinuing twice-daily dosing of an obesity drug after more than half of patients in clinical trials stopped taking it. The New York company plans to focus on danuglipron, a once-daily pill, instead of starting late-stage studies of other versions. Late-stage studies are typically the last and most expensive clinical trials that drug companies conduct before seeking regulatory approval. Obesity treatment is one of the most popular and more profitable fields of medicine. Pfizer’s rivals Novo Nordisk and Eli Lilly already have shots on the market.
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Thousands of fake Facebook accounts shut down by Meta were poised to polarize voters heading into 2024
WASHINGTON (AP) — Meta has discovered and disabled thousands of fake Facebook accounts linked to China that were used to spread political and partisan content in the United States ahead of next year’s elections. announced. The accounts released Thursday were designed to appear as if they were run by ordinary Americans. The network reposted content from both the right and the left, apparently with the purpose of stirring up political tensions. Meta executives said Thursday they are wary of similar efforts to interfere with next year’s elections in the United States and elsewhere. Critics say Meta doesn’t do enough to address its role in spreading misinformation and hate speech. California-based Meta has not publicly announced the network’s ties to the Chinese government.
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Lawmakers ask Justice Department to investigate water utility hack, warn it can happen anywhere
HARRISBURG, Pa. (AP) — Three members of Congress are calling on the U.S. Department of Justice to investigate how hackers broke into a water utility system near Pittsburgh. Following the attack, the country’s top cyber defense agency warned that other water and wastewater treatment facilities could be vulnerable. In a letter released Thursday, Pennsylvania lawmakers said Americans need to know their drinking water and other basic infrastructure is safe. The system targeted was the Aliquippa Water Department in Pennsylvania. The electronic phone cards left behind by the hackers suggest they chose their targets because they use components manufactured by Israeli companies.
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Walmart’s latest major advertiser withdraws from Musk’s ‘X’ amid concerns over hate speech and reach
SAN FRANCISCO (AP) — Walmart is swarming with big advertisers eager to extract spending from Company X, Elon Musk’s beleaguered social media company amid hate speech concerns. is the latest company to join the company, while also reaching a sizeable audience on the platform. In a statement, Walmart said it would no longer run ads on X because it “determined it would be easier to reach customers on other platforms.” The announcement came two days after Musk went on an expletive-filled rant about companies suspending advertising in response to anti-Semitism and other hateful content. Musk said the advertisers who are leaving were making “blackmail” and using profanity to effectively tell them to leave.
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The S&P 500 rose 26.83 points, or 0.6%, to 4,594.63. The Dow Jones Industrial Average rose 294.61 points, or 0.8%, to $36,245.50. The Nasdaq Composite Index rose 78.81 points, or 0.6%, to 14,305.03. The Russell 2000 index of small companies rose 53.62 points, or 3%, to 1,862.64.