EU warns of possible action after the US bars 5 Europeans accused of censorship
BRUSSELS (AP) — France, Germany, the European Union and the United Kingdom are hitting out at a U.S. decision to impose travel bans on five Europeans the Trump administration accuses of pressuring tech firms to censor or suppress American views. The EU’s executive branch, the European Commission, which supervises tech regulation in Europe, is warning that it will take action against any “unjustified measures." U.S. Secretary of State Marco Rubio called the five "radical" activists. They include Thierry Breton, who is the former EU commissioner responsible for supervising social media rules. The move is part of a Trump administration campaign against foreign influence over online speech.
Resilient US consumers drive strongest economic expansion in 2 years
WASHINGTON (AP) — The U.S. economy economy expanded at a strong 4.3% annual rate from July through September as consumer spending, exports and government spending all grew. Tuesday’s report from the Commerce Department said U.S. gross domestic product — the economy’s total output of goods and services — up from its 3.8% growth rate in the April-June quarter. Analysts surveyed by the data firm FactSet forecast growth of 3% in the period. However, inflation remains higher than the Federal Reserve would like. The Fed’s favored inflation gauge — called the personal consumption expenditures index, or PCE — climbed to a 2.8% annual pace last quarter, up from 2.1% in the second quarter.
Asian shares are mixed after US stocks drift to more records
BANGKOK (AP) — Asian shares are mixed in thin holiday trading, with most markets in the region and elsewhere closed for Christmas. Shares rose in Tokyo and Shanghai but fell in Bangkok and Jakarta. On Wednesday, U.S. stocks drifted to more records in a holiday-shortened trading session. The S&P 500 rose 0.3%. The Dow Jones Industrial Average climbed 0.6%, and the Nasdaq composite edged up 0.2%. The S&P 500 is up more than 17% this year, driven by optimism about artificial intelligence and deregulatory policies. Investors' focus is on the U.S. economy's direction and Federal Reserve interest rate policy. Unemployment claims fell last week, indicating a still-healthy labor market.
US unemployment claims fall again last week, remain at historically healthy level
WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell last week and remain at historically healthy levels despite some signs that the labor market is weakening. U.S. applications for jobless claims for the week ending Dec. 20 fell by 10,000 to 214,000 from the previous week’s 224,000, the Labor Department reported Wednesday. That’s below the 232,000 new applications forecast of analysts surveyed by the data firm FactSet. The weekly report was released a day early due to the Christmas holiday. Applications for unemployment aid are viewed as a proxy for layoffs and are close to a real-time indicator of the health of the job market.
Pro-Russian hackers claim cyberattack on French postal service
PARIS (AP) — French prosecutors say a pro-Russian hacking group has claimed responsibility for a major cyberattack on France’s national postal service. The attack halted package deliveries just days before Christmas. French intelligence agency DGSI has taken over the investigation. The cybercrime group, known as Noname057, has been linked to other cyberattacks in Europe. Central computer systems at La Poste were knocked offline Monday in a distributed denial of service attack. Postal workers couldn’t track packages, and online payments were disrupted. France and European allies accuse Russia of waging “hybrid warfare” to undermine support for Ukraine.
Here's what stores are open, and which ones are closed, on Christmas
From department stores to grocers, many companies across the U.S. close early on Christmas Eve and shut their doors entirely on Christmas Day — while others opt to cut back hours. But there’s also a handful of businesses that stay open on the holiday. Before you run out the door this Christmas — whether it’s to buy last-minute gifts or simply get out of the house — it’s wise to double-check operating hours, which can range by location. When in doubt, call ahead or look up more specific schedules for spots in your neighborhood online. The following list assembled by The Associated Press shows which major chains are open during this week's holiday.
Average US long-term mortgage rate ticks down to 6.18% this week
WASHINGTON (AP) — The average rate on a 30-year U.S. mortgage ticked down modestly this week, remaining in the same narrow range of the past two months. The average long-term mortgage rate fell to 6.18% from 6.21% last week, mortgage buyer Freddie Mac said Wednesday. A year ago, the rate averaged 6.85%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, rose this week. The rate averaged 5.50%, up from 5.47% last week. Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation.
US stocks drift to more records on a holiday-shortened day of trading
NEW YORK (AP) — US stocks drifted higher to more records on a holiday-shortened day of trading. The S&P 500 rose 0.3%. The Dow Jones Industrial Average climbed 0.6%, and the Nasdaq composite edged up 0.2%. Markets closed early for Christmas Eve and will remain closed for Christmas Thursday. The S&P 500 is up more than 17% this year, driven by optimism about artificial intelligence and deregulatory policies. Investors' focus is on the U.S. economy's direction and Federal Reserve interest rate policy. Unemployment claims fell last week, indicating a still-healthy labor market. Dynavax Technologies soared after French pharmaceutical company Sanofi said it would buy the vaccine maker.
How a fast-moving $50 cash relief program buoyed needy families when SNAP payments were paused
GiveDirectly got $50 gift cards out to SNAP recipients during last month’s shutdown through a new approach to cash assistance. The nonprofit is used to providing thousands of dollars to natural disaster survivors in collaboration with Propel, an app used by millions of Americans to track their benefits. But GiveDirectly U.S. Country Director Dustin Palmer said the “man-made disaster” of the government shutdown required something different. One of their largest fundraisers yet offered SNAP-reliant families with enough money for a decent trip to the grocery store. Recipients credit the rapid payments for buoying them financially — and emotionally — when they felt the existing safety net had fallen through.
US regulators approve Wegovy pill for weight loss
U.S. regulators have approved a pill version of the weight-loss drug Wegovy. This gives Novo Nordisk an edge over Eli Lilly, whose similar drug is still under review. Both pills mimic a hormone that controls appetite. The Wegovy pill is expected to be available within weeks. Experts say oral pills could expand access and reduce costs for obesity treatments. In a clinical trial, participants taking Wegovy lost 13.6% of their body weight. The pills promise convenience, though Wegovy must be taken on an empty stomach.
