2025

BANGKOK (AP) — Asian shares were mixed Thursday in thin holiday trading, with most markets in the region and elsewhere closed for Christmas.

In Tokyo, the Nikkei 225 edged 0.1% higher to 50,407.79. It has gained nearly 30% this year.

The dollar slipped to 155.85 Japanese yen from 155.94 yen. The euro climbed to $1.1786 from $1.1780.

Markets in mainland China advanced, with the Shanghai Composite index up 0.5% at 3,959.62. Hong Kong’s exchange was closed.

Investors were encouraged by a statement by the People’s Bank of China, China’s central bank, promising to ensure adequate money supply to support financing, economic growth and inflation targets. Earlier in the week, the PBOC had opted to keep its key short-term lending rates unchanged.

Shares fell in Thailand and Indonesia.

On Wednesday, the S&P 500 index rose 0.3% to 6,932.05 and the Dow Jones Industrial Average added 0.6% to close at 48,731.16. The Nasdaq composite added 0.2% to 23,613.31

Trading was extremely light as markets closed early for Christmas Eve and will be closed for Christmas on Thursday. U.S. markets will reopen for a full day of trading on Friday, though volumes will likely remain light this week with most investors having closed out their positions for the year.

The S&P 500 is up more than 17% this year, as investors have embraced the deregulatory policies of the Trump administration and been optimistic about the future of artificial intelligence in helping boost profits for not only technology companies but also for Corporate America.

Much of the focus for investors for the next few weeks will be on where the U.S. economy is heading and where the Federal Reserve will move interest rates. Investors are betting the Fed will hold steady on interest rates at its January meeting.

The U.S. economy grew at a surprisingly strong 4.3% annual rate in the third quarter, the most rapid expansion in two years, driven by consumers who continue to spend despite strong inflation. There have also been recent reports showing shaky confidence among consumers worried about high prices. The labor market has been slowing and retail sales have weakened.

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.

Dynavax Technologies soared 38.2% after Sanofi said it was acquiring the California-based vaccine maker in a deal worth $2.2 billion. The French drugmaker will add Dynavax’s hepatitis B vaccines to its portfolio, as well as a shingles vaccine that is still in development.

Novo Nordisk’s shares rose 1.8% after the weight-loss drug company got approval from U.S. regulators for a pill version of its blockbuster drug Wegovy. However, Novo Nordisk shares are still down almost 40% this year as the company has faced increased competition for weight-loss medications, particularly from Eli Lilly. Shares of Eli Lilly are up 40% this year.

U.S. crude oil closed at $58.35 a barrel and Brent crude finished at $61.80 a barrel.

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LOS GATOS, Calif. (AP) — Like many retirement communities, The Terraces serves as a tranquil refuge for a nucleus of older people who no longer can travel to faraway places or engaging in bold adventures.

But they can still be thrust back to their days of wanderlust and thrill-seeking whenever caretakers at the community in Los Gatos, California, schedule a date for residents — many of whom are in their 80s and 90s — to take turns donning virtual reality headsets.

Within a matter of minutes, the headsets can transport them to Europe, immerse them in the ocean depths or soar them on breathtaking hang-gliding expeditions while they sit by each other. The selection of VR programming was curated by Rendever, a company that has turned a sometimes isolating form of technology into a catalyst for better cognition and social connections in 800 retirement communities in the United States and Canada.

A group of The Terraces residents who participated in a VR session earlier this year found themselves paddling their arms alongside their chairs as they swam with a pod of dolphins while watching one of Rendever’s 3D programs. “We got to go underwater and didn’t even have to hold our breath!” exclaimed 81-year-old Ginny Baird following the virtual submersion.

During a session featuring a virtual ride in a hot-air balloon, one resident gasped, “Oh my God!” Another shuddered, “It’s hard to watch!”

The Rendever technology can also be used to virtually take older adults back to the places where they grew up as children. For some, it will be the first time they’ve seen their hometowns in decades.

A virtual trip to her childhood neighborhood in New York City’s Queens borough helped sell Sue Livingstone, 84, on the merits of the VR technology even though she still is able to get out more often than many residents of The Terraces, which is located in Silicon Valley about 55 miles south of San Francisco.

“It isn’t just about being able to see it again, it’s about all the memories that it brings back,” Livingstone said. “There are a few people living here who never really leave their comfort zones. But if you could entice them to come down to try out a headset, they might find that they really enjoy it.”

Adrian Marshall, The Terraces’ community life director, said that once word about a VR experience spreads from one resident to another, more of the uninitiated typically become curious enough to try it out — even if it means missing out on playing Mexican Train, a dominoes-like board game that’s popular in the community.

“It turns into a conversation starter for them. It really does connect people,” Marshall said of Rendever’s VR programming. “It helps create a human bridge that makes them realize they share certain similarities and interests. It turns the artificial world into reality.”

Rendever, a privately owned company based in Somerville, Massachusetts, hopes to build upon its senior living platform with a recent grant from the National Institutes of Health that will provide nearly $4.5 million to study ways to reduce social isolation among seniors living at home and their caregivers.

Some studies have found VR programming presented in a limited viewing format can help older people maintain and improve cognitive functions, burnish memories and foster social connections with their families and fellow residents of care facilities. Experts say the technology may be useful as an addition to and not a replacement for other activities.

“There is always a risk of too much screen time,” Katherine “Kate” Dupuis, a neuropsychologist and professor who studies aging issues at Sheridan College in Canada, said. “But if you use it cautiously, with meaning and purpose, it can be very helpful. It can be an opportunity for the elderly to engage with someone and share a sense of wonder.”

VR headsets may be an easier way for older people to interact with technology instead of fumbling around with a smartphone or another device that requires navigating buttons or other mechanisms, said Pallabi Bhowmick, a researcher at the University of Illinois Urbana-Champaign who is examining the use of VR with older adults.

“The stereotypes that older adults aren’t willing to try new technology needs to change because they are willing and want to adapt to technologies that are meaningful to them,” Bhowmick said. “Besides helping them to relieve stress, be entertained and connect with other people, there is an intergenerational aspect that might help them build their relationships with younger people who find out they use VR and say, ‘Grandpa is cool!’”

Rendever CEO Kyle Rand’s interest in helping his own grandmother deal with the emotional and mental challenges of aging pushed him down a path that led him to cofound the company in 2016 after studying neuroengineering at Duke University.

“What really fascinates me about humans is just how much our brain depends on social connection and how much we learn from others,” Rand said. “A group of elderly residents who don’t really know each other that well can come together, spend 30 minutes in a VR experience together and then find themselves sitting down to have lunch together while continuing a conversation about the experience.”

It’s a large enough market that another VR specialist, Dallas-based Mynd Immersive, competes against Rendever with services tailored for senior living communities.

Besides helping create social connections, the VR programming from both Rendever and Mynd has been employed as a possible tool for potentially slowing down the deleterious effects of dementia. That’s how another Silicon Valley retirement village, the Forum, sometimes uses the technology.

Bob Rogallo, a Forum resident with dementia that has rendered him speechless, seemed to be enjoying taking a virtual hike through Glacier National Park in Montana as he nodded and smiled while celebrating his 83rd birthday with his wife of 61 years.

Sallie Rogallo, who doesn’t have dementia, said the experience brought back fond memories of the couple’s visits to the same park during the more than 30 years they spent cruising around the U.S. in their recreational vehicle.

“It made me wish I was 30 years younger so I could do it again,” she said of the virtual visit to Glacier. “This lets you get out of the same environment and either go to a new place or visit places where you have been.”

In another session at the Forum, 93-year-old Almut Schultz laughed with delight while viewing a virtual classical music performance at the Red Rocks Amphitheatre in Colorado and later seemed to want to play with a puppy frolicking around in her VR headset.

“That was quite a session we had there,” Schultz said with a big grin after she took off her headset and returned to reality.

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