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How major US stock indexes fared Monday, 12/23/2024Stock indexes drifted to a mixed finish on Wall Street as some heavyweight technology and communications sector stocks offset gains elsewhere in the market. The S&P 500 slipped less than 0.1% Thursday, its first loss after three straight gains. The Dow Jones Industrial Average added 0.1%, and the Nasdaq composite fell 0.1%. Gains by retailers and health care stocks helped temper the losses. Trading volume was lighter than usual as U.S. markets reopened following the Christmas holiday. The Labor Department reported that U.S. applications for unemployment benefits held steady last week, though continuing claims rose to the highest level in three years. Treasury yields fell in the bond market. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. Stocks wavered on Wall Street in afternoon trading Thursday, as gains in tech companies and retailers helped temper losses elsewhere in the market. The S&P 500 was up less than 0.1% after drifting between small gains and losses. The benchmark index is coming off a three-day winning streak. The Dow Jones Industrial Average was up 10 points, or less than 0.1%, as of 3:20 p.m. Eastern time. The Nasdaq composite was up 0.1%. Trading volume was lighter than usual as U.S. markets reopened after the Christmas holiday. Chip company Broadcom rose 2.5%, Micron Technology was up 1.3% and Adobe gained 0.8%. While tech stocks overall were in the green, some heavyweights were a drag on the market. Semiconductor giant Nvidia, whose enormous valuation gives it an outsize influence on indexes, slipped 0.1%. Meta Platforms fell 0.5%, Amazon was down 0.4%, and Netflix gave up 0.7%. Tesla was among the biggest decliners in the S&P 500, down 1.4%. Health care stocks helped lift the market. CVS Health rose 1.4% and Walgreens Boots Alliance rose 3.9% for the biggest gain among S&P 500 stocks. Several retailers also gained ground. Target rose 3.1%, Ross Stores added 1.8%, Best Buy was up 2.5% and Dollar Tree gained 3.6%. Traders are watching to see whether retailers have a strong holiday season. The day after Christmas traditionally ranks among the top 10 biggest shopping days of the year, as consumers go online or rush to stores to cash in gift cards and raid bargain bins. U.S.-listed shares in Honda and Nissan rose 4.2% and 15.9%, respectively. The Japanese automakers announced earlier this week that the two companies are in talks to combine. Traders got a labor market update. U.S. applications for unemployment benefits held steady last week , though continuing claims rose to the highest level in three years, the Labor Department reported. Treasury yields turned mostly lower in the bond market. The yield on the 10-year Treasury fell to 4.58% from 4.59% late Tuesday. Major European markets were closed, as well as Hong Kong, Australia, New Zealand and Indonesia. Trading was expected to be subdued this week with a thin slate of economic data on the calendar. Still, U.S. markets have historically gotten a boost at year’s end despite lower trading volumes. The last five trading days of each year, plus the first two in the new year, have brought an average gain of 1.3% since 1950. So far this month, the U.S. stock market has lost some of its gains since President-elect Donald Trump’s win on Election Day, which raised hopes for faster economic growth and more lax regulations that would boost corporate profits. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation , a bigger U.S. government debt and difficulties for global trade. Even so, the U.S. market remains on pace to deliver strong returns for 2024. The benchmark S&P 500 is up roughly 26% so far this year and remains near its most recent all-time high it set earlier this month — its latest of 57 record highs this year. Wall Street has several economic reports to look forward to next week, including updates on pending home sales and home prices, a report on U.S. construction spending and snapshots of manufacturing activity. ___ AP Business Writers Elaine Kurtenbach and Matt Ott contributed. Alex Veiga, The Associated Press
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Carson Beck completed 20 of 31 passes for 297 yards and four touchdowns as No. 10 Georgia pummeled UMass 59-21 on Saturday in Athens, Ga. Nate Frazier ran for career highs of 136 yards and three touchdowns, while Arian Smith caught three passes for 110 yards and a score as the Bulldogs (9-2) won their second straight game and 30th straight at home, dating back to 2019. AJ Hairston completed 7 of 16 passes for 121 yards and a score for the Minutemen (2-9), who dropped their third straight. Jalen John ran for 107 yards and a score and Jakobie Keeney-James caught three passes for 101 yards and a touchdown. Peyton Woodring kicked a 53-yard field goal to extend Georgia's lead to 31-14 on the first drive of the third quarter. But UMass wasted little time responding, as Hairston hit Keeney-James for a 75-yard touchdown to get the deficit down to 10. Georgia then finished its sixth straight drive with a score, as Frazier's 9-yard run up the middle gave the Bulldogs a 38-21 lead at the 8:44 mark of the third quarter. After UMass punted, Georgia played add-on in its next possession, with Frazier scoring from 15 yards out with 1:39 left in the third to lead 45-21. Frazier stamped his career day with his third touchdown run, a 2-yarder with 6:33 left, before Georgia capped the scoring with Chris Cole's 28-yard fumble return with 3:28 remaining. UMass took the game's opening drive 75 yards down the field -- aided by Ahmad Haston's 38-yard run -- and scored on CJ Hester's 1-yard run with 9:15 left. Georgia answered on its ensuing drive, as Beck's 17-yard passing touchdown to Oscar Delp tied the game at the 5:05 mark of the first quarter. Following a short punt by UMass, Beck connected with Smith for 49 yards, and a roughing-the-passer penalty put the ball at Minutemen's 14-yard line. Facing a fourth-and-4 from the 8-yard line, Beck found Cash Jones for a touchdown to take a 14-7 lead with 10:30 left in the second quarter. On UMass' next play from scrimmage, Raylen Wilson recovered John's fumble on the Minutemen's 28-yard line. Three plays later, Beck connected with Dominic Lovett for a 15-yard touchdown with 8:56 remaining. UMass then scored after a 14-play, 75-yard drive, finished off with John's 3-yard rushing score with 1:55 left in the first half. Georgia answered quickly, as Beck's 20-yard pass to Cole Speer set up a 34-yard touchdown pass to Smith with 43 seconds remaining, giving the Bulldogs a 28-14 halftime lead. --Field Level MediaEPA lays charges over asbestos-tainted mulch in SydneyLennar: A Solid Investment With Its Land-Light Strategy
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Juleani is on a Mission to Empower Women and Change the World with Stunning, Strong JewelryNo. 24 Arizona is coming off consecutive defeats for the first time in the Tommy Lloyd era when it faces undefeated Davidson on Wednesday to begin the Battle 4 Atlantis in Paradise Island, Bahamas. Arizona (2-2) lost at Wisconsin 103-88 on Nov. 15 and followed that with a home loss against Duke 69-55 on Friday. The Wildcats have dropped 15 spots in the Associated Press Top 25 poll in two weeks. Arizona's record is .500 this early in a season for the first time since it was 3-3 to start the 2017-18 schedule. "I've got work to do, so let's get to work," said Lloyd, in his fourth year as Arizona's head coach. "Let's see where we're at in a month, and if we're still struggling, you know what I'll do? I still got work to do, but I'm gonna get to it." Arizona shot 39.6 percent from the field against Duke, and just 26.1 percent (6 of 23) from 3-point range. The Wildcats were outrebounded by 43-30 and their 15 turnovers led to 19 points. Jaden Bradley led Arizona with 18 points and KJ Lewis added 12. Preseason All-American Caleb Love had eight points on 3-of-13 shooting from the field, including 1-of-9 from 3-point range. Arizona made only one field goal in the last 5:39 as Duke pulled away after its lead was trimmed to six points. "We didn't play great," Lloyd said. "Now we need to take a step back and figure out why. Are there some schematic problems? Are there some problems with how our personnel is kind of put together? "We got to figure out what our certainties are, and the things we have to have, and then over the course of the next couple of days, if there's adjustments we need to make, we need to figure out what those are." Davidson is 4-0 after a 15-17 record last season, in which it lost its last six games to put an end to postseason hopes. A 93-66 win over visiting VMI on Friday followed a 91-85 win at Bowling Green and 76-70 victory over visiting East Tennessee State. The two wins by 10 points or fewer are important because Davidson was 6-12 in such games last season. It was 4-11 in games decided by five points or fewer. "The goal (is) to get better," Davidson head coach Matt McKillop said after the season opener. "We talk about fighting to win every possession. I think we had to figure out what that really felt like with the lights on." Davidson made 13 shots from 3-point range in the win over VMI. Reed Bailey had 23 points, eight rebounds and six assists. Bobby Durkin added 19 points, including 17 of them and a career-best five 3-pointers in the first half. Bailey leads Davidson in scoring (19 points per game) and rebounding (7.8). Durkin is shooting 57.9 percent (22 of 38) from the field and 54.2 percent (13 of 24) from 3-point range. By contrast, Arizona's Love is shooting 32 percent (16 of 50) from the field and 21.4 percent (6 of 28) from beyond the arc. Bradley leads Arizona with 15.5 points per game. He is shooting 50 percent (24 of 48) from the field and is 35.7 percent (5 of 14) from 3-point range. --Field Level Media
With 2025 just around the corner, several new laws and regulations in Ontario will be taking effect soon that will impact business owners, tenants, and those requiring childcare across the province. The Ontario government and the City of Toronto will both be introducing new rules in 2025, and here are some of the ones that you should keep on your radar. Drawing inspiration from a Hamilton bylaw enacted in 2024, Toronto formally adopted a in November to curb bad-faith evictions and protect tenants from “renovictions.” The bylaw officially comes into effect on July 31, 2025. Renovictions describe situations in which tenants are evicted under the false pretense of necessary renovations so that landlords can significantly increase rents or refuse tenants from returning to their homes. The City says the practice has become increasingly common in Toronto’s tight rental housing market and disproportionately impacts low-income and marginalized communities. Starting July 31, 2025, tenants who have been issued an N-13 notice should contact the City to verify that their landlord is in compliance with the new bylaw. Under the new regulations, landlords issuing an N-13 notice to end tenancy will require a Rental Renovation Licence. To apply for a licence, landlords will need to provide approved building permits, provide a copy of the N-13 notice, submit a $700 application fee, notify tenants of a licence application, post a tenant information notice in the building, and provide a report prepared by a qualified person noting that the renovation requires vacant possession. Landlords will also need to complete a tenant accommodation/compensation plan and provide tenants with prescribed severance compensation where the tenant chooses not to return to the unit. Starting January 1, 2025, the City of Toronto will be implementing updated licensing and zoning bylaws for restaurants, bars, and entertainment venues that seek to . Key changes include clarified criteria and new names for business licence categories, retired and merged business licence categories with existing re-named categories, increasing permitted maximum areas that bars and restaurants can use for entertainment, and permitting entertainment establishments and nightclubs city-wide in most commercial zones. As a result, restaurants, bars, and entertainment venues currently holding business licences might need to transition to a new licence type, depending on the activities and services they provide. The zoning bylaw changes for nightclubs are aimed at reducing the clustering of nightclubs in the downtown core. Still, entertainment establishments must be located in a non-residential building, the only nightclub in the building, and located on the first storey or in the basement. Starting January 1, 2025, Ontario’s Highway 407 ETR will be rolling out a new rate schedule that will affect how much you’ll have to pay depending on the vehicle you drive. The new vehicle classifications aim to better reflect each vehicle’s impact, including motorcycles (charged 0.8x of light vehicle rate) and medium-sized vehicles (charged 1.5x of light vehicle rate). The roll rate for light vehicles will range from three to 14 cents per kilometre, depending on the time of day and zone you travel on the highway. Instead of the highway’s current four zones, there will be 12 zones starting next year, which will allow the highway operator to set different toll rates for each section. The annual transponder lease in January 2025 will also cost $29.50 plus tax. Toronto residents will have to such as water and garbage collection in 2025. The 3.75% increase — which will take effect on January 1, 2025 — is intended to support the continued delivery of services such as waste management and water treatment while also funding ongoing projects. Next year, factoring in the increase, the yearly solid waste fee for a single-family household will be $306.36 for a small bin (an increase of $11.07), $371.91 for a medium bin (an increase of $13.44), $505.12 for a large bin (an increase of $18.26) and $585.89 for an extra-large bin (an increase of $21.18). For an average Toronto household that uses 230 cubic metres of water per year, the 3.75% increase equates to an increase of $39 yearly, for a total annual cost of $1,078 in 2025. The comes into effect on January 1, 2025, with a three-month grace period that lasts until March 31, 2025 for certain designs that are already underway. The new Building Code seeks to reduce regulatory burdens for the construction industry, increase the safety and quality of buildings, and make it easier to build housing. The latest addition streamlines processes for the sector and increases harmonization with the National Construction Codes by eliminating at least 1,730 technical variations between the provincial and national requirements. The provincial government says the new code was developed in consultations with partners in the sector, including building officials, fire prevention officials, architects, engineers, builders, and the construction industry. In 2025, the Ontario government says it is taking the next step in as part of the national Canada-wide Early Learning and Child Care (CWELCC) system with a new fee cap to reduce costs for families as well as a cost-based funding approach to provide more stability for operators. Starting in January 2025, parent fees will be capped at $22 per day for children under the age of six in CWELCC programs, which is estimated to result in additional savings of nearly $300 million in 2025 for families. Ontario’s cost-based funding approach for childcare operators — which also comes into effect on January 1 — replaces the “revenue replacement approach” the government used between 2022 and 2024, where operators were eligible for the amounts required to buy down the parent fees (plus cost escalation). “The new funding approach prioritizes a simple and easy-to-administer system that is consistent across the province and is representative of the true costs of operating child care,” the province says. Starting July 1, 2025, will take effect, which introduces a suite of new protections for workers in digital platform-based services like Uber and DoorDash. The new regulations apply to workers and operators of digital platforms, regardless of their employment status under the Employment Standards Act (ESA). Under the Act, operators must pay at least the ESA-prescribed minimum wage for each work assignment, provide details about how worker pay is calculated, and establish recurring pay. Operators are also barred from withholding tips, and workers cannot be removed from digital platform access without written notice (except in cases that involve public safety, legal restrictions, etc.). Ontario will be appointing compliance officers to investigate violations and issue penalties. Back in November, Prime Minister Justin Trudeau announced a on groceries for Canadians ahead of the pricey holiday season. The temporary tax break — which went into effect on December 15 — applies to several categories of products, including those related to childcare, alcoholic beverages like beer and wine, groceries, decorative items for the holidays, and books. The cuts also applied to restaurant meals and takeout. The federal government estimates that a family spending $2,000 on qualifying foods would see GST savings of over $100 over the two-month period. Along with this, the province also announced that it would be removing the HST from qualifying goods, meaning the same $2,000 basket of purchases would realize savings of $260 over the two months. However, this temporary tax break is set to expire on February 15, 2025. In October, Immigration Minister Marc Miller announced , which seeks to pause population growth in the short term. For the first time, the levels plan includes controlled targets for temporary residents (specifically international students and foreign workers), as well as for permanent residents. “In response to the evolving needs of our country, this transitional levels plan alleviates pressures on housing, infrastructure and social services so that over the long term, we can grow our economic and social prosperity through immigration,” the federal government said in a press release. “This unprecedented plan offers a comprehensive approach to welcoming newcomers— one that preserves the integrity of our immigration programs and sets newcomers up for success.” The 2025-2027 Immigration Levels Plan is expected to result in a population decline of 0.2% in 2025 and 2026, before returning to a population growth of 0.8% in 2027. Compared to 2024’s plan, the federal government will be reduced from 500,000 permanent residents to 395,000 in 2025. Along with the temporary resident reduction measures announced in September, the Canadian government expects to see the country’s temporary population decline by 445,901 in 2025.
On a rare two-game skid, No. 24 Arizona faces DavidsonMALIBU, Calif. (AP) — Dovydas Butka had 18 points in Pepperdine's 85-46 win over UC Davis on Saturday. Butka had 10 rebounds for the Waves (6-7). Jaxon Olvera scored 15 points and added three steals. Stefan Todorovic went 4 of 10 from the field (1 for 5 from 3-point range) to finish with 11 points. Carl Daughtery Jr. led the way for the Aggies (7-5) with 11 points. Ty Johnson added nine points and two steals for UC Davis. Niko Rocak had seven points. Pepperdine took the lead with 18:20 remaining in the first half and did not give it up. Olvera led their team in scoring with 11 points in the first half to help put them up 43-19 at the break. Pepperdine pulled away with a 13-0 run in the second half to extend a 29-point lead to 42 points. They outscored UC Davis by 15 points in the final half, as Butka led the way with a team-high 10 second-half points. Both teams next play Saturday. Pepperdine visits Santa Clara and UC Davis squares off against Cal Maritime at home. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
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Boxing Day shopper footfall was down 7.9% from last year across all UK retail destinations up until 5pm, MRI Software’s OnLocation Footfall Index found. However, this year’s data had been compared with an unusual spike in footfall as 2023 was the first “proper Christmas” period without Covid-19 pandemic restrictions, an analyst at the retail technology company said. It found £4.6 billion will be spent overall on the festive sales. Before the pandemic the number of Boxing Day shoppers on the streets had been declining year on year. The last uplift recorded by MRI was in 2015. Jenni Matthews, marketing and insights director at MRI Software, told the PA news agency: “We’ve got to bear in mind that (last year) was our first proper Christmas without any (Covid-19) restrictions or limitations. “Figures have come out that things have stabilised, we’re almost back to what we saw pre-pandemic.” There were year-on-year declines in footfall anywhere between 5% and 12% before Covid-19 restrictions, she said. MRI found 12% fewer people were out shopping on Boxing Day in 2019 than in 2018, and there were 3% fewer in 2018 than in 2017, Ms Matthews added. She said: “It’s the shift to online shopping, it’s the convenience, you’ve got the family days that take place on Christmas Day and Boxing Day.” People are also increasingly stocking-up before Christmas, Ms Matthews said, and MRI found an 18% increase in footfall at all UK retail destinations on Christmas Eve this year compared with 2023. Ms Matthews said: “We see the shops are full of people all the way up to Christmas Eve, so they’ve probably got a couple of good days of food, goodies, everything that they need, and they don’t really need to go out again until later on in that week. “We did see that big boost on Christmas Eve. It looks like shoppers may have concentrated much of their spending in that pre-Christmas rush.” Many online sales kicked off between December 23 and the night of Christmas Day and “a lot of people would have grabbed those bargains from the comfort of their own home”, she said. She added: “I feel like it’s becoming more and more common that people are grabbing the bargains pre-Christmas.” Footfall is expected to rise on December 27 as people emerge from family visits and shops re-open, including Next, Marks and Spencer and John Lewis that all shut for Boxing Day. It will also be payday for some as it is the last Friday of the month. A study by Barclays Consumer Spend had forecast that shoppers would spend £236 each on average in the Boxing Day sales this year, but that the majority of purchases would be made online. Nearly half of respondents said the cost-of-living crisis will affect their post-Christmas shopping but the forecast average spend is still £50 more per person than it was before the pandemic, with some of that figure because of inflation, Barclays said. Amid the financial pressures, many people are planning to buy practical, perishable and essential items such as food and kitchenware. A total of 65% of shoppers are expecting to spend the majority of their sales budget online. Last year, Barclays found 63.9% of Boxing Day retail purchases were made online. However, a quarter of respondents aim to spend mostly in store – an 11% rise compared with last year. Karen Johnson, head of retail at Barclays, said: “Despite the ongoing cost-of-living pressures, it is encouraging to hear that consumers will be actively participating in the post-Christmas sales. “This year, we’re likely to see a shift towards practicality and sustainability, with more shoppers looking to bag bargains on kitchen appliances and second-hand goods.” Consumers choose in-store shopping largely because they enjoy the social aspect and touching items before they buy, Barclays said, adding that high streets and shopping centres are the most popular destinations.