U.S. stock indexes reached more records after tech companies talked up how much artificial intelligence is boosting their results. The S&P 500 climbed 0.6% Wednesday to add to what looks to be one of its best years of the millennium. The Dow Jones Industrial Average gained 0.7%, while the Nasdaq composite added 1.3% to its own record. Salesforce pulled the market higher after highlighting its artificial-intelligence offering for customers. Marvell Technology jumped even more after saying it’s seeing strong demand from AI. Treasury yields eased, while bitcoin climbed after President-elect Donald Trump nominated a crypto advocate to head the Securities and Exchange Commission. On Wednesday: The S&P 500 rose 36.61 points, or 0.6%, to 6,086.49. The Dow Jones Industrial Average rose 308.51 points, or 0.7%, to 45,014.04. The Nasdaq composite rose 254.21 points, or 1.3%, to 19,735.12. The Russell 2000 index of smaller companies rose 10.22 points, or 0.4%, to 2,426.56. For the week: The S&P 500 is up 54.11 points, or 0.9%. The Dow is up 103.39 points, or 0.2%. The Nasdaq is up 516.95 points, or 2.7%. The Russell 2000 is down 8.16 points, or 0.3%. For the year: The S&P 500 is up 1,316.66 points, or 27.6%. The Dow is up 7,324.50 points, or 19.4%. The Nasdaq is up 4,723.76 points, or 31.5%. The Russell 2000 is up 399.49 points, or 19.7%.
U.S. stock indexes reached more records after tech companies talked up how much artificial intelligence is boosting their results. The S&P 500 climbed 0.6% Wednesday to add to what looks to be one of its best years of the millennium. The Dow Jones Industrial Average gained 0.7%, while the Nasdaq composite added 1.3% to its own record. Salesforce pulled the market higher after highlighting its artificial-intelligence offering for customers. Marvell Technology jumped even more after saying it’s seeing strong demand from AI. Treasury yields eased, while bitcoin climbed after President-elect Donald Trump nominated a crypto advocate to head the Securities and Exchange Commission. On Wednesday: The S&P 500 rose 36.61 points, or 0.6%, to 6,086.49. The Dow Jones Industrial Average rose 308.51 points, or 0.7%, to 45,014.04. The Nasdaq composite rose 254.21 points, or 1.3%, to 19,735.12. The Russell 2000 index of smaller companies rose 10.22 points, or 0.4%, to 2,426.56. For the week: The S&P 500 is up 54.11 points, or 0.9%. The Dow is up 103.39 points, or 0.2%. The Nasdaq is up 516.95 points, or 2.7%. The Russell 2000 is down 8.16 points, or 0.3%. For the year: The S&P 500 is up 1,316.66 points, or 27.6%. The Dow is up 7,324.50 points, or 19.4%. The Nasdaq is up 4,723.76 points, or 31.5%. The Russell 2000 is up 399.49 points, or 19.7%.
(The Center Square) – Legislators in Washington, D.C., have taken a number of steps over the past few days to push for insurance and pharmaceutical reforms to be passed before the end of the year. On Wednesday, a bicameral group of Republican and Democrat lawmakers held a press conference discussing the need for pharmacy benefit manager reform to protect small pharmacies across the country and “save lives.” “Whether you are a Republican, Democrat, or an independent, we all want the same thing. We want accessible, affordable, quality health care,” said Rep. Buddy Carter, R-Ga. “We’re not here today to just discuss one bill or to discuss just one patient’s story. We're here because there's broad, bipartisan pharmacy benefit manager, or PBM, reform that is needed to save lives.” Pharmacy benefit managers are the middlemen responsible for managing the drug prices covered by health insurance plans. According to the Harvard Political Review , the problem with pharmacy benefit managers is that they “have vertically integrated with pharmacy chains and health insurers through massive conglomerates.” That then allows them to abuse their power to cut out small pharmacies and increase prices. Carter also signed a letter that was released last week calling on the Department of Justice to dig into the role pharmacy benefit managers played in the opioid epidemic. Reps. Raja Krishnamoorthi, D-Ill., Deborah Ross, D-N.C., and Cliff Benz, R-Ore., all joined him in signing that letter. “The opioid crisis has devastated communities in North Carolina and across the country, and PBMs may have fueled it by prioritizing profits over people,” Ross said on social media . “That’s why I joined a letter calling on the DOJ to investigate their role and hold these bad actors accountable.” The letter looked at recent reports on the largest pharmacy benefit managers, CVS Caremark, Express Scripts, and OptumRx which state that they “colluded and conspired to steer patients towards OxyContin in exchange for $400 million.” OxyContin is a trade name for the narcotic oxycodone hydrochloride, a painkiller available by prescription only. This and the general “lack of transparency” is just one of the many complaints that legislators aired on Wednesday. “My colleagues who are joining me today, Democrats and Republicans ... all recognize that PBMs are decreasing the accessibility, the affordability, and therefore the quality of health care in America,” Carter said. “We have an opportunity, right now, to advance bipartisan legislation that increases reporting requirements, which would heighten transparency and shine a light on the opaque practices of these PBMs.” Carter was also joined by Sen. James Lankford, R-Okla., who is leading the effort to get legislation passed in the U.S. Senate. “This year, we're losing about one pharmacy a day in America,” Lankford said. “We want leadership to be able to take this up and to bring it up in the end-of-year package ... Stop holding up legislation that is bipartisan, bicameral, and solving a problem that Americans need solved.”A shooter kills UnitedHealthcare's CEO in an ambush in New York, police say NEW YORK (AP) — UnitedHealthcare’s CEO has been shot and killed in what police say is a “brazen, targeted attack” outside a Manhattan hotel where the health insurer was holding its investor conference. The shooting rattled the city and set off a massive dragnet hours before the annual Rockefeller Center Christmas tree lighting. Police say 50-year-old Brian Thompson was shot around 6:45 a.m. Wednesday as he walked alone to the New York Hilton Midtown from a nearby hotel. New York City Police Commissioner Jessica Tisch says the shooter appeared to be “lying in wait for several minutes” before approaching Thompson from behind and opening fire. Police have not yet established a motive. UnitedHealthcare CEO kept a low public profile. Then he was shot to death in New York NEW YORK (AP) — Brian Thompson led one of the biggest health insurers in the US but was unknown to the millions of people his decisions affected. The fatal shooting of UnitedHealthcare's chief executive on a midtown Manhattan sidewalk early Wednesday swiftly became a mystery that riveted the nation. Police say it was a targeted killing. Thompson was 50. He had run health care giant UnitedHealth Group Inc.'s insurance business since 2021. It provides health coverage for more than 49 million Americans. He had worked at the company for 20 years. The business run by Thompson brought in $281 billion in revenue last year. Thompson's $10.2 million annual compensation package made him one of the company’s highest-paid executives. Hegseth fights to save Pentagon nomination as sources say Trump considers DeSantis WASHINGTON (AP) — Pete Hegseth, Donald Trump’s Pentagon pick, is fighting to hold on to his Cabinet nomination amid growing questions about his personal conduct as the president-elect’s team considers alternatives, including Florida Gov. Ron DeSantis. But Hegseth says, “We’re not backing down one bit." The Trump transition team is concerned about Hegseth’s path to Senate confirmation and is actively looking at potential replacements, according to a person familiar with the matter. Hegseth is under pressure as senators weigh a series of allegations that have surfaced against him. Beyond DeSantis, there have been discussions about shifting Michael Waltz, who was named by Trump as his national security adviser, to the Defense Department Supreme Court seems likely to uphold Tennessee's ban on medical treatments for transgender minors WASHINGTON (AP) — Hearing a high-profile culture-war clash, the Supreme Court on Wednesday seemed likely to uphold Tennessee’s ban on gender-affirming care for minors. The justices’ decision, not expected for several months, could affect similar laws enacted by another 25 states and a range of other efforts to regulate the lives of transgender people, including which sports competitions they can join and which bathrooms they can use. The case is being weighed by a conservative-dominated court after a presidential election in which Donald Trump and his allies promised to roll back protections for transgender people. The Biden administration’s top Supreme Court lawyer warned a decision favorable to Tennessee also could be used to justify nationwide restrictions on transgender healthcare for minors. Peter Navarro served prison time related to Jan. 6. Now Trump is bringing him back as an adviser WASHINGTON (AP) — President-elect Donald Trump is bringing Peter Navarro back to the White House for his second administration. Trump announced Wednesday on Truth Social that Navarro will serve as a senior counselor for trade and manufacturing. He was a trade adviser in Trump's first term. Navarro served four months in prison after being held in contempt of Congress for defying a subpoena from the House committee that investigated the Jan. 6 attack on the U.S. Capitol. Trump also chose Daniel Driscoll as Army secretary, Jared Isaacman as NASA administrator and Adam Boehler as special presidential envoy for hostage affairs. Israeli strikes on a Gaza tent camp kill at least 21 people, hospital says KHAN YOUNIS, Gaza Strip (AP) — A Palestinian health official said Wednesday that at least 21 people were killed in Israeli strikes on a camp housing displaced people in Gaza. The Israeli military said it struck senior Hamas militants. The strikes hit in the Muwasi area, a sprawling coastal camp housing hundreds of thousands of displaced people. It came after Israeli forces struck targets in other areas of Gaza. According to Palestinian medics, strikes in central Gaza killed eight people, including four children. The war in Gaza is nearly 14 months old and showing no end in sight, despite international efforts to revive negotiations toward a ceasefire. South Korean President Yoon's martial law declaration raises questions over his political future SEOUL, South Korea (AP) — President Yoon Suk Yeol’s stunning martial law declaration lasted just hours, but experts say it raised serious questions about his ability to govern for the remaining 2 1/2 years of his term. The opposition-controlled parliament overturned the edict, and his rivals on Wednesday took steps to impeach him. Yoon's move baffled many experts. One analyst called his action “political suicide.” Yoon’s political fate may depend on whether a large number of people in coming days take to the streets to push for his ouster. Yoon hasn't commented on the impeachment bid. But the political instability he unleashed could make it more difficult for his government to nurse a decaying economy. French lawmakers vote to oust prime minister in the first successful no-confidence vote since 1962 PARIS (AP) — France’s far-right and left-wing lawmakers have joined together to vote on a no-confidence motion prompted by budget disputes that forces Prime Minister Michel Barnier and his Cabinet to resign. The National Assembly approved the motion by 331 votes. A minimum of 288 were needed. President Emmanuel Macron insisted he will serve the rest of his term until 2027. However, he will need to appoint a new prime minister for the second time after July’s legislative elections led to a deeply divided parliament. Macron will address the French on Thursday evening, his office said, without providing details. Barnier is expected to formally resign by then. White House says at least 8 US telecom firms, dozens of nations impacted by China hacking campaign WASHINGTON (AP) — A top White House official says at least eight U.S. telecom firms and dozens of nations have been impacted by a Chinese hacking campaign. Deputy national security adviser Anne Neuberger offered the new details Wednesday about the breadth of the sprawling Chinese hacking campaign that gave officials in Beijing access to private texts and phone conversations of an unknown number of Americans. Neuberger divulged the scope of the hack a day after the FBI and the Cybersecurity and Infrastructure Security Agency issued guidance intended to help root out the hackers and prevent similar cyberespionage in the future. White House officials cautioned that a number of telecommunication firms and countries impacted could still grow. Harris found success with women who have cats, but Trump got the dog owner vote: AP VoteCast WASHINGTON (AP) — The lead-up to the 2024 election was all about cat owners. But in the end, the dogs had their day. Donald Trump won more than half of voters who own either cats or dogs, and he had with a big assist from dog owners. That's according to AP VoteCast, a survey of more than 120,000 voters. Dog owners were much more likely to support Trump over Kamala Harris. Cat owners were evenly split between the two candidates. Harris did end up decisively winning support from women who own a cat but no dog. Past comments by Trump's running mate, JD Vance, about “childless cat ladies” briefly became a campaign issue.