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NEW YORK (AP) — U.S. stocks rose to records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect. The S&P 500 climbed 0.6% to top the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 123 points, or 0.3%, to its own record set the day before, while the Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way. Stock markets abroad mostly fell after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China once he takes office. But the movements were mostly modest. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada’s main index edged down by less than 0.1%. Trump has often praised the use of tariffs , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. The consequences otherwise for markets and the global economy could be painful. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. And unlike tariffs in Trump’s first term, his latest proposal would affect products across the board. General Motors sank 9%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.3%. The value of the Mexican peso fell 1.8% against the U.S. dollar. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support for the job market . While lower interest rates can boost the economy, they can also offer more fuel for inflation. “Many” officials at the Fed’s last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon. The talk about tariffs overshadowed another mixed set of profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates imposed by the Fed to get inflation under control. A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected. Kohl’s tumbled 17% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. Best Buy fell 4.9% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. Still, more stocks rose in the S&P 500 than fell. J.M. Smucker had one of the biggest gains and climbed 5.7% after topping analysts’ expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. Big Tech stocks also helped prop up U.S. indexes. Gains of 3.2% for Amazon and 2.2% for Microsoft were the two strongest forces lifting the S&P 500. All told, the S&P 500 rose 34.26 points to 6,021.63. The Dow gained 123.74 to 44,860.31, and the Nasdaq composite climbed 119.46 to 19,174.30. In the bond market, Treasury yields held relatively steady following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury inched up to 4.29% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It’s since dipped back toward $91,000, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed.Behind the Scenes of SoFi Techs's Latest Options Trends
With 2024 coming to a close, take a look back at some of the year’s biggest moments with Robin Roberts and other ABC news members. “ The Year: 2024 ” airs Thursday, Dec. 26, at 9 p.m. ET on ABC . Stream the news special for free with a trial from DIRECTV Stream or Fubo , or watch it starting on Dec. 27 with a free Hulu trial or Hulu with the Disney Bundle . “Good Morning America” anchor Robin Roberts hosts a look back at the top stories, trends and entertainment obsessions that defined 2024. The special, now in its 14th year, will include interviews with newsmakers, celebrities and cultural and political contributors. This two-hour special will cover everything from landmark legal decisions and the presidential election to breakout stars and champions that had us tuned to the TV. Interviews will include Elton John, Teddy Swims, Shaboozey, Lisa Ann Walter, Ilona Maher, Stephen Nedoroscik and many more names from an eventful year. Roberts will be joined by “World News Tonight” anchor David Muir, “Good Morning America’s” Michael Strahan and Lara Spencer, “World News Tonight” Sunday anchor Linsey Davis, “Nightline” co-anchor Juju Chang, “20/20” co-anchor Deborah Roberts and ABC News correspondent Will Reeve. Tune in to see what 2024 will be remembered for. “ The Year: 2024 ” airs tonight, Dec. 26, at 9/8c on ABC .
PAT ONUKWULI argues that the success of the budgets will not be measured by economic growth alone but by improvements in the lives of ordinary people In the swirling winds of Nigeria’s economic landscape, the Tinubu administration’s 2024 ‘Budget of Renewed Hope’ and 2025 ‘Budget of Restoration’ stand like a tightrope stretched over a yawning abyss. These budgets, with their lofty ideals and carefully crafted promises, balance economic revival and collapse. Yet, as with any high-wire performance, one false step could plunge the nation into more profound despair, leaving millions of Nigerians, already dangling on the edge of poverty, as casualties of ambition unmet by execution. The story begins with the 2024 Budget, aptly named ‘Renewed Hope’, a declaration of optimism for a nation battered by years of economic turbulence. This budget sought to stabilise the ship, leveraging Public-Private Partnerships (PPPs) to fund ambitious energy and infrastructure projects and introducing a student loan scheme to bolster human capital. On paper, it was a blueprint for transformation: a conservative oil benchmark of $77.96 per barrel, a production target of 1.78 million barrels per day, and a Naira exchange rate of N750/USD. Yet, beneath this calculated optimism lay the storm. Inflation surged above 30 per cent, eroding the purchasing power of Nigerians and revealing the fragility beneath the surface. The Federal Inland Revenue Service (FIRS)’s achievement of 75 per cent of its revenue target by the third quarter of 2024 showcased some progress. However, challenges like soaring living costs, insecurity, corruption, ballooning debt, and widespread discontent remained glaring. The narrative is one of a house built on shifting sands, vulnerable to external shocks and internal inefficiencies. Then comes the 2025 Budget, a bolder gambit christened ‘Restoration’. This time, the stakes are higher, the ambitions grander. With an unprecedented expenditure of N47.9 trillion, the government aims to consolidate the “progress” of 2024 while targeting inflation reduction to 15 per cent, stabilising the Naira at N1,500/USD, and expanding investments in security, agriculture, and social services. It is a budget of promises built on the premise of hope restored. But the risks are glaring: debt servicing costs surge to N15.81 trillion, swallowing revenues and threatening to leave critical sectors gasping for funds. Oil revenue, the lifeline of Nigeria’s economy, remains a volatile foundation for such towering aspirations. The tightrope act is precarious not because the goals are unworthy but because the ground beneath Nigeria’s institutional framework remains unstable. Macroeconomic stability, employment generation, and poverty reduction are laudable aims, but they hinge on more than fiscal policy. They demand the preservation of fundamental principles of the state and its constitution, such as security, judicial independence, and the rule of law. Without these cornerstones, even the most meticulous budget becomes a brittle scaffold, incapable of supporting the weight of its ambitions. Security is the foundation upon which all progress is built. Without it, businesses falter, investments flee, and citizens live in perpetual fear. The administration’s pledge to overhaul internal security systems is laudable, but implementation is key. Financial allocations alone cannot combat entrenched corruption, mismanagement, and inefficiency within the security apparatus. Decisive actions are crucial, from equipping law enforcement to fostering inter-agency coordination. If this fails, the promised transformation will remain elusive, and insecurity will suffocate economic growth. A thriving democracy depends on the impartiality and independence of its judiciary. For policies to take root and flourish, the justice system must be free from political interference and corruption. It must serve as an instrument of fairness and accountability, ensuring the rule of law prevails. Without this, the budgets’ potential to foster equitable income distribution and human capital development will be undermined. In its wake, a parlous and dysfunctional system will endure for ordinary Nigerians. Corruption, the insidious monster gnawed at Nigeria’s progress for decades, remains the greatest threat to these budgets’ success. It seeps into every sector, distorting priorities and siphoning resources meant for development. The fight against corruption cannot be half-hearted. It requires a comprehensive strategy, from strengthening anti-corruption agencies to promoting transparency in public financial management. Without this, the ‘Renewed Hope’ and ‘Restoration’ agendas risk being devoured by the system they seek to reform. The journey from ‘Renewed Hope’ to ‘Restoration’ is not just a fiscal challenge but a moral and institutional one. Success lies in balance: between ambition and realism, promises and actions, and short-term fixes and long-term solutions. For the Nigerian farmer in Borno, braving insecurity to till the soil or the small business owner in Lagos grappling with inflation and power outages, these budgets must transcend numbers to become catalysts for real change. Therefore, success will not be measured by economic growth alone but by the tangible improvements in the lives of ordinary Nigerians. The question remains: Can these promises ripple through Nigeria’s diverse socio-economic strata to foster honest and lasting development? For these budgets to resonate, they must address these lived realities. One critical challenge lies in implementation. History has shown that even the best-laid plans falter without meticulous execution and robust accountability frameworks. The Tinubu administration must resist the allure of symbolic achievements and instead prioritise measurable, impactful interventions. For instance, investments in education and healthcare, highlighted as cornerstones of the 2025 Budget, must translate into functional schools, accessible student loans, and revitalised hospitals equipped to serve the masses. Nigeria’s overreliance on oil revenue is a well-worn narrative, but diversification, its elixir, remains elusive. The 2025 Budget’s emphasis on agricultural revitalisation and manufacturing growth is a step in the right direction. However, it requires more than rhetoric. It demands infrastructure development, access to modern technologies, and policies that empower local producers. By reducing dependency on imports and creating jobs, these efforts can lay the foundation for a more resilient economy. Trust is the currency of governance, and transparency is its guarantor. Citizens, as stakeholders, must have avenues to monitor and engage with budgetary processes. This participatory approach builds trust and ensures that projects meet people’s needs. The government’s commitment to leveraging technology for financial management reforms is commendable, but it must be backed by consistent implementation and independent oversight. The world beyond Nigeria’s borders adds another layer of complexity. Rising geopolitical tensions, fluctuating commodity prices, and the lingering effects of the COVID-19 pandemic cast long shadows over national ambitions. Navigating these external pressures requires adaptive strategies and cohesive leadership, which will be tested as the Tinubu administration progresses. Amid these challenges, the resilience of the Nigerian people inspires hope. Time and again, they have shown an ability to thrive against all odds. It is this spirit that the Tinubu administration must harness and amplify but never underrate or treat with disdain. By empowering citizens through education, entrepreneurial support, and social safety nets, the government can transform these budgets from theoretical frameworks into engines of collective progress. Accordingly, for the Tinubu administration, the path ahead demands courage, collaboration, and untiring devotion to the principles of good governance. Only by addressing the systemic issues that underlie Nigeria’s economic struggles can the promises of ‘Renewed Hope’ and ‘Restoration’ materialise. Onukwuli PhD, writes from Bolton, UK patonukwuli2003@yahoo.co.ukOne of the top runners in college football will be on display when Joshua Carter and the Eastern Kentucky Colonels (7-4) take on the North Alabama Lions (3-8) on Saturday, November 23, 2024. Find out how to watch this game on ESPN+ in the article below. Watch college football live without cable. Stream ACC, SEC, ESPN and more with Fubo. What is Fubo? Fubo is a streaming service that gives you access to your favorite live sports and shows on demand. Start your risk free trial today and start watching college football games now. Stop missing games and start streaming college football right now on Fubo. Stop missing games and start streaming college football right now on ESPN+. Get tickets for any college football game this season at Ticketmaster. Rep your favorite players with officially licensed gear. Head to Fanatics to find jerseys, shirts, hats, and much more.
Soccer-Arsenal climb to second with 1-0 win over struggling IpswichSANTA CLARA, Calif. (AP) — When the San Francisco 49ers used a third-round pick to draft Jake Moody last year, the hope was it would settle their kicking position for years to come. A shaky second half to Moody's second season with San Francisco has put that into question headed to the offseason. Moody missed his sixth field goal in the past seven games last week, leading to questions about whether the 49ers will need to replace him or at least bring in competition for next season. Coach Kyle Shanahan expressed confidence in Moody on Thursday, attributing some of the struggles to a high ankle sprain he suffered in his kicking leg earlier in the season. “I still feel the same about him, that I believe he is going to be our guy," Shanahan said. “Everyone has got to perform and do things like that and I think he has had a tough year. ... I thought he was doing really well and then had a high ankle sprain to his kicking foot. Since he’s come back, he hasn’t been as consistent, obviously. But I think a lot of that probably has to do with that, just common-sense wise.” Moody got off to a strong start this season, making all six field goals he attempted in the season opener and going 13 for 14 before injuring his ankle while attempting to make a tackle on a kickoff return in Week 5. He missed three games and has struggled since he returned. He missed three field goals in first first game back at Tampa Bay, two more in the snow at Buffalo in Week 13 and then a 41-yarder last week against the Dolphins. “That’s the great thing about kicking is, you can be as talented as whoever and you can struggle,” Moody said. “I feel like this year, I’ve struggled. It doesn’t really waver my confidence or anything. I feel like, throughout my entire life, I’ve gone through struggles, I’ve gone through high points. The biggest thing is to just stay consistent, not change anything.” Moody had an up-and-down rookie season, making 21 of 25 field goals in the regular season and missing only one extra point. But he missed a potential game-winning kick in a loss at Cleveland and missed field goals in playoff wins against Green Bay and Detroit. Moody then made three field goals in the Super Bowl with two coming from more than 50 yards, including a go-ahead 53-yard kick late in the fourth quarter against Kansas City. But Moody also had an extra point blocked in that game. “I believe we’ve got the right guy and I think that eventually, I think he has shown that at times,” Shanahan said. "I thought he showed that at times his rookie year. I thought he showed that big time being 12 out of 13 to start this year. And I think he’ll show us all that in the future.” NOTES: The Niners placed LT Trent Williams on IR after his ankle injury hasn't healed as quickly as hoped. Shanahan didn't think there were any long-term issues. ... LB Dre Greenlaw (calf) will be shut down for the rest of the season after playing parts of two games in his return from a torn left Achilles tendon. ... OL Spencer Burford (calf) didn't practice but might be able to play this week. ... San Francisco has signed two OL this week, adding Matt Hennessy and Charlie Heck. ... RB Isaac Guerendo (hamstring, foot) was limited but appears on track to play this week. AP NFL: https://apnews.com/hub/NFLCash appetites go separate ways in US and Europe
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