Resilient economy energizes investors, as financial markets end 2023 up 24%
NEW YORK (AP) — The S&P 500 closed out 2023 with a gain of more than 24% as easing inflation, a resilient economy and the prospect of lower interest rates buoyed investors, particularly in the last two months of the year. The Dow Jones Industrial Average rose more than 13% this year. The Nasdaq soared 43% for the year, driven by gains in big technology companies, including Nvidia, Amazon and Microsoft. The size of the market’s gains were surprising given that Wall Street came into the year worried that higher interest rates could weaken the U.S. economy and even cause a recession. Stocks posted modest losses on Friday.
Federal agency orders recall of hazardous magnetic-ball kits sold at Walmart.com
SAN FRANCISCO (AP) — The Consumer Product Safety Commission has ordered a recall of toys sold at Walmart.com containing powerful magnetic balls that could pose a hazard to children if swallowed. The agency said Friday that the balls, which are 5 millimeters (0.2 inches) in diameter, exceed federal standards for magnetic strength and could clump together to block parts of the digestive system when ingested. The CPSC estimates that 2,400 magnet ingestions were treated in hospital emergency rooms between 2017 and 2021 and says it is aware of seven deaths related to the ingestion of hazardous magnets, including two outside of the U.S. The magnet kit was sold at Walmart.com by Joybuy Marketplace Express, a unit of the Chinese e-commerce giant JD.com.
Google settles $5 billion privacy lawsuit over tracking people using ‘incognito mode’
SAN FRANCISCO (AP) — Google has agreed to settle a $5 billion privacy lawsuit alleging it spied on people who used the “incognito” mode in its Chrome browser — along with similar “private” modes in other browsers — to track their internet use. The lawsuit filed in 2020 says Google misled users into believing that it wouldn’t track their internet activities while incognito. The settlement was reached Thursday. It must still be approved by a federal judge. Terms weren’t disclosed, but the suit originally sought $5 billion on behalf of users. Plaintiffs’ lawyers said they expect to present the court with a final settlement agreement by Feb. 24. Google did not immediately respond to a request for comment.
Maui’s economy needs tourists. Can they visit without compounding wildfire trauma?
LAHAINA, Hawaii (AP) — Hawaii’s governor and mayor are welcoming tourists back to the west side of Maui months after August wildfires killed at least 100 people and destroyed more than 2,000 buildings. They want the economic boost tourists will bring, particularly heading into the year-end holidays. But some residents are struggling with the return of an industry requiring workers to be attentive and hospitable even though they are trying to care for themselves after losing their loved ones, friends, homes and community. One server at a Lahaina restaurant was so worn out by customer questions about the fire she quit five weeks after going back to work.
Stock market today: U.S. futures are little changed as Wall Street wraps up surprisingly good year
NEW YORK (AP) — U.S. stock futures are little changed Friday as the market puts the wraps on a year of surprisingly robust gains. The benchmark S&P 500 index is just 0.3% from an all-time high after a gain of 24.6% for the year. The Dow Jones Industrial Average hit another record Thursday. The Nasdaq shows a year-to-date gain of 44.2%, driven by gains in big technology companies. The so-called Magnificent 7 companies _ Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms and Tesla _ accounted for about two-thirds of the gains in the S&P 500 this year, according to S&P Dow Jones Indices. Nvidia leads the group after its shares have more than tripled.
US companies are picky about investing in China. The exceptions? Burgers and lattes
WASHINGTON (AP) — It was a tumultuous 2023 for the Chinese economy. Some of the world’s biggest brands took action or said they were considering shifting manufacturing away from China during a time of unease about security controls and wobbly relations between Beijing and Washington. But there was at least one bright spot for China in all the tough news about declining foreign investment. American fast-food companies have announced a surge of investment in the market of 1.4 billion people. KFC, McDonald’s and Starbucks are among the companies that have announced plans for major investment in China in recent months.
New weight loss drugs are out of reach for millions of older Americans because Medicare won’t pay
WASHINGTON (AP) — Obesity drugs like Wegovy and Zepbound are capturing the attention of celebrities and showing promising results in helping people shed pounds. But those drugs remain out of reach for millions of older Americans. A decades-old law bans Medicare from paying for weight loss drugs. Now, drugmakers and a wide-ranging bipartisan coalition of lawmakers are gearing up to push for that to change next year. Obesity rates are rising among older adults, and some lawmakers say the United States can’t afford to keep the law on the books. But research shows the initial price tag of covering those drugs is so steep it could drain Medicare’s already shaky bank account.
A tax increase, LGBTQ+ youth protections and more sick leave highlight California’s new laws in 2024
SACRAMENTO, Calif. (AP) — A new year brings new laws in California. Most of the new laws Democratic Gov. Gavin Newsom signed in 2023 take effect on Jan. 1, 2024. But some don’t because lawmakers delayed their effective dates for various reasons. That’s why fast food workers won’t see a minimum wage increase until April and health care workers won’t see an increase until June. Laws taking effect Jan. 1 include protections for workers who smoke marijuana at home and doctors who mail abortion pills to patients in states where the procedure is banned. The laws also include harsher penalties for fentanyl dealers.
Casino smoking and boosting in-person gambling are among challenges for Atlantic City in 2024
ATLANTIC CITY, N.J. (AP) — What to do about smoking in the casinos, and how to keep gamblers coming to the resort are among the challenges that Atlantic City faces in the new year. State lawmakers, backed by many casino workers, will renew a push to ban smoking in the nine casinos next year, even as the industry proposes enclosed smoking areas. Whether the resort can continue to attract large numbers of in-person gamblers to the resort — or whether they will migrate to internet gambling and sports betting — is also a key question. Another one is whether a pedestrian safety project to narrow the main road through the city’s downtown will succeed, or tie the city into gridlock during busy periods.
Biden administration grants Louisiana power to approve carbon capture wells
The Biden administration is granting Louisiana’s request to administer its own permit program for wells that store carbon dioxide. It will be just the third state to take over that job from the Environmental Protection Agency. It’s a win for carbon capture proponents that want projects approved more quickly. The EPA said the Louisiana agreement includes safeguards to protect poorer, often majority-Black communities that live near those facilities — and that those standards will serve as a model for other states. The Biden administration has supported tax breaks for carbon capture, arguing it’s a needed tool to combat climate change. Some environmental groups are skeptical, arguing it will allow polluting industry to operate for longer.