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NEW YORK (AP) — U.S. stocks rose Monday, with those benefiting the most from lower interest rates and a stronger economy leading the way. The S&P 500 climbed 0.3% to pull closer to its all-time high set two weeks ago. The Dow Jones Industrial Average added 440 points, or 1%, to its own record set on Friday, while the Nasdaq composite rose 0.3%. Treasury yields also eased in the bond market amid what some analysts called a “Bessent bounce” after President-elect Donald Trump said he wants Scott Bessent , a hedge fund manager, to be his Treasury Secretary. Bessent has argued for reducing the U.S. government’s deficit, which is how much more it spends than it takes in through taxes and other revenue. Such an approach could soothe worries on Wall Street that Trump’s policies may lead to a much bigger deficit, which in turn would put upward pressure on Treasury yields. After climbing above 4.44% immediately after Trump’s election, the yield on the 10-year Treasury fell back to 4.26% Monday, down from 4.41% late Friday. That’s a notable move, and lower yields make it cheaper for all kinds of companies and households to borrow money. They also give a boost to prices for stocks and other investments. That helped stocks of smaller companies lead the way, and the Russell 2000 index of smaller stocks jumped 1.5%. It finished just shy of its all-time high, which was set three years ago. Smaller companies can feel bigger boosts from lower borrowing costs because of the need for many to borrow to grow. The two-year Treasury yield, which more closely tracks the market’s expectations for what the Federal Reserve will do with overnight interest rates, also eased sharply. The Fed began cutting its main interest rate just a couple months ago from a two-decade high, hoping to keep the job market humming after bringing inflation nearly all the way down to its 2% target. But immediately after Trump’s victory, traders had reduced bets for how many cuts the Fed may deliver next year. They were worried Trump’s preference for lower tax rates and higher spending on the border would balloon the national debt. A report coming on Wednesday could influence how much the Fed may cut rates. Economists expect it to show that an underlying inflation trend the Fed prefers to use accelerated to 2.8% last month from 2.7% in September. Higher inflation would make the Fed more reluctant to cut rates as deeply or as quickly as it would otherwise. Goldman Sachs economist David Mericle expects that to slow by the end of next year to 2.4%, but he said inflation would be even lower if not for expected tariff increases on imports from China and autos favored by Trump. In the stock market, Bath & Body Works jumped 16.5% after delivering stronger profit for the latest quarter than analysts expected. The seller of personal care products and home fragrances also raised its financial forecasts for the full year, even though it still sees a “volatile retail environment” and a shorter holiday shopping season this year. Much focus has been on how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates. Last week, two major retailers sent mixed messages. Target tumbled after giving a dour forecast for the holiday shopping season. It followed Walmart , which gave a much more encouraging outlook. Another big retailer, Macy’s, said Monday its sales for the latest quarter were in line with its expectations, but it will delay the release of its full financial results. It found a single employee had intentionally hid up to $154 million in delivery expenses, and it needs more time to complete its investigation. Macy’s stock fell 2.2%. Among the market’s leaders were several companies related to the housing industry. Monday’s drop in Treasury yields could translate into easier mortgage rates, which could spur activity for housing. Builders FirstSource, a supplier or building materials, rose 5.9%. Homebuilders, D.R. Horton, PulteGroup and Lennar all rose at least 5.6%. All told, the S&P 500 rose 18.03 points to 5,987.37. The Dow Jones Industrial Average jumped 440.06 to 44,736.57, and the Nasdaq composite gained 51.18 to 19,054.84. In stock markets abroad, indexes moved modestly across much of Europe after finishing mixed in Asia. In the crypto market, bitcoin was trading below $95,000 after threatening to hit $100,000 late last week for the first time. AP Business Writer Elaine Kurtenbach contributed.
Both Oklahoma and Providence are hoping they'll have key pieces back in place when the two undefeated teams square off in the first round of the Battle 4 Atlantis on Wednesday in Paradise Island, Bahamas. The Friars (5-0) are expected to have Bryce Hopkins available, according to a report from Field of 68. Hopkins was averaging 15.5 points and 8.6 rebounds last season before suffering a torn anterior cruciate ligament Jan. 3. He returned to full-go practices last week, and Tuesday, Providence coach Kim English said Hopkins would be a "game-time decision" against the Sooners. "It's been a process," English said. "We're not rushing it." But English praised Hopkins' progress since the Friars' last game, Nov. 19, when Hopkins went through pregame warmups. "I thought he looked better than I remembered," English said. "He's been in our system for the past year. His patience, his understanding, his versatility on offense and defense ... it's been great to see him in practice." The Sooners (4-0) are hopeful that they'll get Brycen Goodine back. Goodine played for the Friars for two seasons from 2020-22 before transferring to Fairfield for two seasons and then to Oklahoma this offseason. Goodine suffered an ankle injury in the Sooners' opener Nov. 4 and has not played since. "He's a really tough kid and trying to push through it," Oklahoma coach Porter Moser said. "It will truly be one of those game-time decisions. He hasn't gone a full practice yet, just been pieces of practices." Playing with Goodine and Jadon Jones, expected to be two of the Sooners' top outside shooters, Moser said he's learned plenty about his team's offense. "When you're down those shooters, it's really a great weapon to know that a lot of other guys can knock down the open shot," Moser said. "It's been a huge takeaway." The Sooners have been led by Jalon Moore, who is averaging 18.8 points per game, and freshman Jeremiah Fears, who is averaging 15.5. Providence has been led by senior guard Bensley Joseph, who is averaging 11.8 points and 4.0 assists per game. Oklahoma has not played a game closer than 16 points yet this season, with an average margin of victory of 24 points. Providence has won its five games by an average of nearly 17 points per game. The teams will square off against either Davidson or No. 24 Arizona in the second round Thursday, with the winners playing each other in one semifinal while the losers play in a consolation semifinal. --Field Level MediaWASHINGTON (AP) — President-elect Donald Trump has identified what he sees as an all-purpose fix for what ails America: Slap huge new tariffs on foreign goods entering the United States. On Monday, Trump sent shockwaves across the nation's northern and southern borders, vowing sweeping new tariffs on Mexico, Canada , as well as China, as soon as he takes office as part of his effort to crack down on illegal immigration and drugs. In a pair of posts on his Truth Social site Trump railed against an influx of immigrants lacking permanent legal status, even though southern border apprehensions have been hovering near four-year lows. He said he would impose a 25% tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China, as one of his first executive orders. He said the new tariffs would remain in place “until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” The president-elect asserts that tariffs — basically import taxes — will create more factory jobs, shrink the federal deficit, lower food prices and allow the government to subsidize childcare. Economists are generally skeptical, considering tariffs to be a mostly inefficient way for governments to raise money. They are especially alarmed by Trump’s latest proposed tariffs. Carl B. Weinberg and Rubeela Farooqi, economists with High Frequency Economics said Tuesday that energy, automobiles and food supplies will be particularly hit hard. “Imposing tariffs on trade flows into the United States without first preparing alternative sources for the goods and services affected will raise the price of imported items at once," Weinberg and Farooqi wrote. "Since many of these goods are consumer goods, households will be made poorer.” High Frequency Economics believes the threats are not meant to support new trade policy and are instead a tool to elicit some changes along the borders and for imports from Canada, Mexico and China. Though Vice President Kamala Harris criticized Trump’s tariff threats as unserious during her failed bid for the presidency, the Biden-Harris administration retained the taxes the Trump administration imposed on $360 billion in Chinese goods. And it imposed a 100% tariff on Chinese electric vehicles. Indeed, the United States in recent years has gradually retreated from its post-World War II role of promoting global free trade and lower tariffs. That shift has been a response to the loss of U.S. manufacturing jobs, widely attributed to unfettered trade and an increasingly aggressive China. They are typically charged as a percentage of the price a buyer pays a foreign seller. In the United States, tariffs are collected by Customs and Border Protection agents at 328 ports of entry across the country. The tariff rates range from passenger cars (2.5%) to golf shoes (6%). Tariffs can be lower for countries with which the United States has trade agreements. For example, most goods can move among the United States, Mexico and Canada tariff-free because of Trump’s US-Mexico-Canada trade agreement. Trump insists that tariffs are paid for by foreign countries. In fact, its is importers — American companies — that pay tariffs, and the money goes to U.S. Treasury. Those companies, in turn, typically pass their higher costs on to their customers in the form of higher prices. That's why economists say consumers usually end up footing the bill for tariffs. Still, tariffs can hurt foreign countries by making their products pricier and harder to sell abroad. Yang Zhou, an economist at Shanghai’s Fudan University, concluded in a study that Trump’s tariffs on Chinese goods inflicted more than three times as much damage to the Chinese economy as they did to the U.S. economy By raising the price of imports, tariffs can protect home-grown manufacturers. They may also serve to punish foreign countries for committing unfair trade practices, like subsidizing their exporters or dumping products at unfairly low prices. Before the federal income tax was established in 1913, tariffs were a major revenue driver for the government. From 1790 to 1860, tariffs accounted for 90% of federal revenue, according to Douglas Irwin, a Dartmouth College economist who has studied the history of trade policy. Tariffs fell out of favor as global trade grew after World War II. The government needed vastly bigger revenue streams to finance its operations. In the fiscal year that ended Sept. 30, the government is expected to collect $81.4 billion in tariffs and fees. That's a trifle next to the $2.5 trillion that's expected to come from individual income taxes and the $1.7 trillion from Social Security and Medicare taxes. Still, Trump wants to enact a budget policy that resembles what was in place in the 19th century. He has argued that tariffs on farm imports could lower food prices by aiding America’s farmers. In fact, tariffs on imported food products would almost certainly send grocery prices up by reducing choices for consumers and competition for American producers. Tariffs can also be used to pressure other countries on issues that may or may not be related to trade. In 2019, for example, Trump used the threat of tariffs as leverage to persuade Mexico to crack down on waves of Central American migrants crossing Mexican territory on their way to the United States. Trump even sees tariffs as a way to prevent wars. “I can do it with a phone call,’’ he said at an August rally in North Carolina. If another country tries to start a war, he said he’d issue a threat: “We’re going to charge you 100% tariffs. And all of a sudden, the president or prime minister or dictator or whoever the hell is running the country says to me, ‘Sir, we won’t go to war.’ ” Tariffs raise costs for companies and consumers that rely on imports. They're also likely to provoke retaliation. The European Union, for example, punched back against Trump’s tariffs on steel and aluminum by taxing U.S. products, from bourbon to Harley-Davidson motorcycles. Likewise, China responded to Trump’s trade war by slapping tariffs on American goods, including soybeans and pork in a calculated drive to hurt his supporters in farm country. A study by economists at the Massachusetts Institute of Technology, the University of Zurich, Harvard and the World Bank concluded that Trump’s tariffs failed to restore jobs to the American heartland. The tariffs “neither raised nor lowered U.S. employment’’ where they were supposed to protect jobs, the study found. Despite Trump’s 2018 taxes on imported steel, for example, the number of jobs at U.S. steel plants barely budged: They remained right around 140,000. By comparison, Walmart alone employs 1.6 million people in the United States. Worse, the retaliatory taxes imposed by China and other nations on U.S. goods had “negative employment impacts,’’ especially for farmers, the study found. These retaliatory tariffs were only partly offset by billions in government aid that Trump doled out to farmers. The Trump tariffs also damaged companies that relied on targeted imports. If Trump’s trade war fizzled as policy, though, it succeeded as politics. The study found that support for Trump and Republican congressional candidates rose in areas most exposed to the import tariffs — the industrial Midwest and manufacturing-heavy Southern states like North Carolina and Tennessee.Need for the High Court to sign off on every assisted death 'could be dropped amid fears of lengthy court backlogs'
KHAN YOUNIS, Gaza Strip (AP) — Israeli airstrikes tore through a tent camp for displaced Palestinians in southern Gaza on Wednesday, sparking fires and killing at least 21 people, according to the head of a nearby hospital, in the latest assault on a sprawling tent city that Israel designated a humanitarian safe zone but has repeatedly targeted. The Israeli military said it struck senior Hamas militants “involved in terrorist activities” in the area, without providing additional details, and said it took precautions to minimize harm to civilians. The strike on the Muwasi tent camp was one of several deadly assaults across the Gaza Strip on Wednesday. An Israeli attack in central Gaza killed at least 10 more people, including four children, according to Palestinian medics. Israel’s devastating war in Gaza , launched after Hamas’ October 2023 attack, shows no signs of ending after nearly 14 months. Hamas is still holding dozens of Israeli hostages, and most of Gaza’s population has been displaced and is reliant on international food aid to survive. Israel is also pressing a major offensive in the isolated north, where experts say Palestinians might be experiencing famine . The Biden administration has pledged to make a new push for a Gaza ceasefire now that there's a truce in Lebanon between Israel and the militant group Hezbollah, ending more than a year of cross-border fighting. Meanwhile, President-elect Donald Trump demanded this week the release of hostages held by Hamas before he is sworn into office in January. Wednesday's strike in Muwasi — a desolate area with few public services that holds hundreds of thousands of displaced people — wounded at least 28 people, according to Atif al-Hout, the director of Nasser Hospital in the southern city of Khan Younis. An Associated Press journalist at the hospital counted at least 15 bodies, but said reaching a precise number was difficult because many of the dead were dismembered, some without heads or badly burned. In the morgue, an infant's blackened hand and face peeked out from beneath a heavy blanket used to transport bodies to the hospital. “It was like doomsday,” said a wounded woman, Iman Jumaa, who held back tears as she described how the strike killed her father, her brothers and her brothers' children. Videos and photos of the strike shared widely on social media showed flames and a column of black smoke rising into the night sky, as well as twisted metal tent frames and shredded fabric. Palestinian men searched through the still-burning wreckage, shouting, “Over here guys!” Further away, civilians stood at a distance, observing the destruction. The military said the strikes had set off secondary blasts, indicating explosives present in the area had detonated. It was not possible to independently confirm the Israeli claims, and the strikes could also have ignited fuel, cooking gas canisters or other materials in the camp. Shortly after the strike, Al-Awda Hospital said two people had been killed and 38 wounded in an attack on a residential block in the Nuseirat refugee camp. The military had no immediate comment on the strike, but said earlier strikes in central Gaza had hit “terrorist targets." Israel says it tries to avoid harming civilians and blames Hamas for their deaths, saying the militants often operate in residential areas and are known to position tunnels, rocket launchers and other infrastructure near homes, schools and mosques. Previous Israeli strikes on tent camps in Gaza have drawn widespread international outrage, such as when a wounded student’s last moments were caught on video as he burned to death in a tent outside a hospital. In northern Gaza, dozens of Palestinian families said Israel's expanding offensive had forcibly displaced them from schools-turned-shelters. Associated Press footage showed people on the road Wednesday leaving Beit Lahia, many crowded onto donkey carts with their belongings in their arms. Others walked on foot. “This morning a quadcopter (drone) detonated four bombs at the school. There were people injured, human remains — we left with nothing,” said Sadeia al-Rahel. The 57-year-old said her family has been eating grass, leaves, and animal feed for two months due to the lack of food aid in the north. The amount of aid entering Gaza plunged in October, and hunger is widespread across the territory, even in central Gaza where aid groups have more access. Humanitarian organizations say Israeli restrictions, ongoing fighting and the breakdown of law and order make it difficult to deliver assistance. Israel has said it is working to increase the flow of aid. Israel’s offensive has killed over 44,500 Palestinians in Gaza, mostly women and children, according to the Gaza Health Ministry, which does not say how many were combatants. The Israeli military says it has killed over 17,000 militants, without providing evidence. The Oct. 7, 2023 Hamas-led attack on southern Israel killed some 1,200 people, mostly civilians, and around 250 people were abducted. Some 100 hostages are still inside Gaza, at least a third of whom are believed to be dead. On Wednesday, Israel said its forces recovered the body of a hostage who was captured alive during the Oct. 7 attack. Israel believes Itay Svirsky was killed by his captors. The families of hostages held in Gaza have grown increasingly concerned that their loved ones are at risk so long as the war continues. Israel’s military released on Wednesday the findings of a probe into the circumstances behind the deaths of six hostages whose bodies were recovered in August, determining they were probably shot by their captors after a nearby Israeli strike in February. Shurafa reported from Deir al-Balah, Gaza Strip. Associated Press writer Tia Goldenberg in Jerusalem contributed to this report. Follow AP’s war coverage at https://apnews.com/hub/mideast-wars
13 British healthcare companies take part in 10th UK-India Healthcare Trade MissionJustin Herbert tosses 3 TDs, Chargers clinch a playoff spot with a 40-7 rout of Patriots FOXBOROUGH, Mass. (AP) — Justin Herbert threw three touchdown passes and the Los Angeles Chargers clinched their second playoff appearance in three seasons with a 40-7 victory over the New England Patriots. The win also secured the fourth postseason appearance in Jim Harbaugh’s five seasons as an NFL coach, adding to the three he made during his stint with the San Francisco 49ers. Herbert finished 26 of 38 for 281 yards to become the third player in NFL history with at least 3,000 passing yards and 20 touchdown passes in each of his first five seasons. The Patriots have lost six straight games, their second such losing streak of the season. They are now 2-14 the last two seasons at home. Dallas' Naji Marshall gets 4-game suspension, Phoenix's Jusuf Nurkic is banned 3 games for fight The NBA has suspended Dallas Mavericks forward Naji Marshall for four games and Phoenix Suns center Jusuf Nurkic for three games for their roles in an on-court fight during Friday night’s game. Dallas forward P.J. Washington was suspended for one game. All of the suspensions are without pay. Nurkic was called for an offensive foul while being guarded by Daniel Gafford with 9:02 left in the third quarter before the altercation quickly escalated. Nurkic confronted Marshall before taking an open-handed swing at his head and then Marshall responded with a punch. Washington quickly shoved Nurkic to the ground before the teams were separated. The NBA said Marshall “attempted to further engage Nurkic in a hostile manner in the corridor outside the locker rooms.” Shohei Ohtani to become a father for the 1st time in 2025 LOS ANGELES (AP) — Shohei Ohtani is adding a newcomer to his family lineup. The Los Angeles Dodgers superstar has posted on his Instagram account that he and wife Mamiko Tanaka are expecting a baby in 2025. The photo shows the couple's beloved dog, Decoy, as well as a pink ruffled onesie along with baby shoes and a sonogram that is covered by a baby emoji. Ohtani announced in February that he had married Tanaka, a former professional basketball player from his native Japan. The news from the intensely private player stunned Ohtani's teammates and his fans. Eli Manning and Antonio Gates are among the finalists for the Pro Football Hall of Fame Two-time Super Bowl MVP Eli Manning, former Defensive Players of the Year Luke Kuechly and Terrell Suggs, and prolific tight end Antonio Gates are among the finalists for the 2025 Pro Football Hall of Fame class. The Hall on Saturday announced the names of the 15 modern-era finalists who advanced from a group of 25 to the final stage of voting. The selection committee will vote next month to pick the class of between three and five modern-era players that will be announced the week of the Super Bowl. Georgia QB Carson Beck announces plan to enter NFL draft after season-ending elbow injury Georgia quarterback Carson Beck has announced his plans to enter the NFL draft, five days after having season-ending elbow surgery. The fifth-year senior made his NFL plans official on social media. Beck suffered a right elbow injury in the first half of the Bulldogs’ 22-19 overtime win over Texas in the Southeastern Conference championship game on Dec. 7. Beck had surgery on Monday to repair his ulnar collateral ligament in the elbow. He is expected to begin throwing next spring. Backup Gunner Stockton will make his first start in the Sugar Bowl against Notre Dame on Wednesday. Victor Wembanyama plays 1-on-1 chess with fans in New York Victor Wembanyama went to a park in New York City and played 1-on-1 with fans on Saturday. He even lost a couple of games. Not in basketball, though. Wemby was playing chess. Before the San Antonio Spurs left New York for a flight to Minnesota, Wembanyama put out the call on social media: “Who wants to meet me at the SW corner of Washington Square park to play chess? Im there,” Wembanyama wrote. It was 9:36 a.m. And people began showing up almost immediately. Mavs star Luka Doncic is latest pro athlete whose home was burglarized, business manager says DALLAS (AP) — Luka Doncic of the Dallas Mavericks is the latest professional athlete whose home has been burglarized. The star guard’s business manager tells multiple media outlets there was a break-in at Doncic’s home Friday night. Lara Beth Seager says nobody was home, and Doncic filed a police report. The Dallas Morning News reports that jewelry valued at about $30,000 was stolen. Doncic is the sixth known pro athlete in the U.S. whose home was burglarized since October. Star NFL quarterbacks Patrick Mahomes of Kansas City and Joe Burrow of Cincinnati are among them. The NFL and NBA have issued security alerts to players over the break-ins. Panthers place 1,000-yard rusher Chuba Hubbard on IR for final 2 games with strained calf CHARLOTTE, N.C. (AP) — The Carolina Panthers have shut down leading rusher Chuba Hubbard for the final two games of the season because of a strained calf. He was placed on injured reserve Saturday. Hubbard was limited in practice Friday with a knee injury and was listed as questionable to play Sunday against the Tampa Bay Buccaneers. After practice, Hubbard complained of pain and had an MRI, which revealed a grade two calf strain, according to the team. Hubbard ran for 1,195 yards and 10 touchdowns this season. He becomes the third Panthers running back to be placed on injured reserve this season, joining Miles Sanders and rookie Jonathan Brooks. Patriots QB Drake Maye returns to game after evaluation for head injury vs. Chargers FOXBOROUGH, Mass. (AP) — Patriots rookie quarterback Drake Maye has returned to the game after being evaluated for a head injury following a blow to the helmet in the first quarter of New England’s matchup with the Los Angeles Chargers. Maye was scrambling near the sideline on third down of the Patriots’ first possession of the game when he was hit by Chargers cornerback Cam Hart. Maye stayed down on the turf for several seconds before eventually getting up and jogging off the field on his own power. He briefly sat on the bench before going to the medical tent and then the locker room. He was replaced by backup Jacoby Brissett in the next series. But Maye returned at the 10:15 mark of the second quarter. Corbin Burnes and Arizona Diamondbacks agree to $210 million, 6-year deal, AP source says PHOENIX (AP) — Corbin Burnes and the Arizona Diamondbacks have agreed to a $210 million, six-year contract, a person familiar with the negotiations told The Associated Press. The person spoke to the AP on condition of anonymity because the deal was pending a successful physical. The 30-year-old Burnes was perhaps the top free agent pitcher on the market after going 15-9 with a 2.92 ERA for Baltimore last season. The Orioles acquired the right-hander in a February trade after he spent his first six major league seasons with the Milwaukee Brewers.