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Stock market today: Wall Street climbs closer to its record high

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Stock market today: Wall Street climbs closer to its record high
News

News

Stock market today: Wall Street climbs closer to its record high

2024-09-13 04:22 Last Updated At:04:30

NEW YORK (AP) — U.S. stocks pulled closer to their records on Thursday following a couple reports on the economy that came in close to expectations.

The S&P 500 rose 0.7% and climbed back within 1.3% of its record set in July following a shaky summer. It remains on track for a fourth winning week in the last five.

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FILE - American flags hang from the front of the New York Stock Exchange on Sept. 11, 2024, in New York. (AP Photo/Peter Morgan, File)

FILE - American flags hang from the front of the New York Stock Exchange on Sept. 11, 2024, in New York. (AP Photo/Peter Morgan, File)

The American flag hangs from the front of the New York Stock Exchange on Wednesday, Sept. 11, 2024, in New York. (AP Photo/Peter Morgan)

The American flag hangs from the front of the New York Stock Exchange on Wednesday, Sept. 11, 2024, in New York. (AP Photo/Peter Morgan)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 12, 2024. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 12, 2024. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 12, 2024. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 12, 2024. (AP Photo/Ahn Young-joon)

Currency traders pass by a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 12, 2024. (AP Photo/Ahn Young-joon)

Currency traders pass by a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 12, 2024. (AP Photo/Ahn Young-joon)

The Dow Jones Industrial Average added 235 points, or 0.6%, and the Nasdaq composite gained 1%.

Nvidia was the strongest force lifting the S&P 500 and rose another 1.9% to bring its gain for the week to nearly 16%. The chip company’s stock has stabilized recently after falling more than 20% during the summer on worries investors had taken it too high in their frenzy around artificial-intelligence technology.

It and other Big Tech stocks helped offset a 12.4% slump for Moderna after the vaccine maker said it expects to break even in 2028, pushing out its earlier prediction of 2026. The company, whose sales have cratered in the aftermath of the COVID-19 pandemic, is also reducing its 2025-2028 research and development investment by 20%.

Treasury yields held relatively steady in the bond market following reports on layoffs and inflation that included few surprises. The data did little to change the overriding belief in the market that the U.S. economy is slowing, along with inflation, and that the Federal Reserve will deliver a cut to interest rates next week in hopes of protecting the job market and preventing a recession.

One report said the number of U.S. workers applying for unemployment benefits last week ticked up, though it remains low relative to history. Another said prices charged at the wholesale level were 1.7% higher in August than a year before. That’s a slowdown from July’s inflation rate, but an underlying measure that economists see as a better predictor of future trends also ticked up more than expected.

The inflation data was similar to Wednesday’s report on prices at the U.S. consumer level. It kept traders betting the Fed will deliver a traditional-sized cut of a quarter of a percentage point next week, instead of the larger half-point that some had earlier been expecting.

While lower interest rates help goose the economy and investment prices, they can also give inflation more fuel.

In the bond market, the yield on the 10-year Treasury edged up to 3.68% from 3.66% late Wednesday. It’s steadying a bit after sliding since April on expectations for coming cuts to rates. That easing helped pull the average rate on a 30-year mortgage in the U.S. this week to its lowest level in 19 months, according to Freddie Mac.

Any cut to rates by the Fed would be the first in more than four years, as it’s been more focused on fighting inflation. Across the Atlantic, moves to protect the economy have already begun. The European Central Bank cut interest rates by a quarter of a percentage point on Thursday, the second time it’s done so to prop up economic growth.

Despite all the focus on how much the Fed will cut rates by in September, the more important factor is how much in total the Fed will ultimately cut, and how much the market has already priced in, say strategists at UBS. Many traders are forecasting total cuts of more than 2 percentage points over the next year, down from the federal funds rate’s current range of 5.25% to 5.50%, according to data from CME Group.

“Any divergence from this path - whether from resurgent inflation or recessionary risks - will likely be received poorly by the market,” according to the strategists led by Jonathan Golub.

On Wall Street, Kroger climbed 7.2% after reporting stronger profit for the latest quarter than analysts expected. The grocer’s revenue fell short of expectations, but it raised the floor of its forecasted range for a key revenue measure for the full year.

Alaska Air Group rose 1.2% after raising its forecast for profit in the summer quarter. The airline said an important underlying measure of revenue will likely be higher than a year earlier. Fuel costs are also likely to be lower than expected.

American Airlines gained 1% after its flight attendants voted to approve a labor contract and avert a possible strike.

All told, the S&P 500 gained 41.63 points to 5,595.76. The Dow rose 235.06 to 41,096.77, and the Nasdaq jumped 174.15 to 17,569.68.

In stock markets abroad, indexes rose across much of Europe. In Asia, Japan’s Nikkei 225 index was a standout and jumped 3.4%. It clawed back some of its sharp losses following a seven-day losing streak.

AP Business Writers Yuri Kageyama and Matt Ott contributed.

FILE - American flags hang from the front of the New York Stock Exchange on Sept. 11, 2024, in New York. (AP Photo/Peter Morgan, File)

FILE - American flags hang from the front of the New York Stock Exchange on Sept. 11, 2024, in New York. (AP Photo/Peter Morgan, File)

The American flag hangs from the front of the New York Stock Exchange on Wednesday, Sept. 11, 2024, in New York. (AP Photo/Peter Morgan)

The American flag hangs from the front of the New York Stock Exchange on Wednesday, Sept. 11, 2024, in New York. (AP Photo/Peter Morgan)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 12, 2024. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 12, 2024. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 12, 2024. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 12, 2024. (AP Photo/Ahn Young-joon)

Currency traders pass by a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 12, 2024. (AP Photo/Ahn Young-joon)

Currency traders pass by a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 12, 2024. (AP Photo/Ahn Young-joon)

LONDON (AP) — A British teen pleaded guilty Monday to murdering three girls and attempting to kill 10 other people in what a prosecutor said was a “meticulously planned” stabbing rampage at a Taylor Swift-themed dance class in England last summer.

Axel Rudakubana, 18, entered the surprise plea as jury selection had been expected to begin at the start of his trial in Liverpool Crown Court.

The July 29 stabbings sent shock waves across the U.K. and led to a week of widespread rioting across parts of England and Northern Ireland after the suspect was falsely identified as an asylum-seeker who had recently arrived in Britain by boat. He was born in Wales.

The attack occurred on the first day of summer vacation when the little girls at the Hart Space, a sanctuary hidden behind a row of houses, were in a class to learn yoga and dance to the songs of Taylor Swift. What was supposed to be a day of joy turned to terror and heartbreak when Rudakubana, armed with a knife, intruded and began stabbing the girls and their teacher in the seaside town of Southport in northwest England.

“This was an unspeakable attack — one which left an enduring mark on our community and the nation for its savagery and senselessness," Deputy Chief Crown Prosecutor Ursula Doyle said. “A day which should have been one of carefree innocence; of children enjoying a dance workshop and making friendship bracelets, became a scene of the darkest horror as Axel Rudakubana carried out his meticulously planned rampage.”

Prosecutors haven’t said what they believe led Rudakubana — who was days shy of his 18th birthday — to commit the atrocities, but Doyle said that it was clear he had a “a sickening and sustained interest in death and violence.”

Rudakubana had consistently refused to speak in court and did so once again when asked to identify himself at the start of the proceedings. But he broke his silence when he was read the 16-count indictment and asked to enter a plea, replying “guilty” to each charge.

He pleaded guilty to three counts of murder, 10 counts of attempted murder and additional charges related to possessing the poison ricin and for having an al-Qaida manual.

Rudakubana faces life imprisonment when sentenced Thursday, Justice Julian Goose said.

Defense lawyer Stanley Reiz said that he would present information to the judge about Rudakubana's mental health that may be relevant to his sentence.

The surviving victims and family members of those killed were absent in court, because they had expected to arrive Tuesday for opening statements.

Goose asked the prosecutor to apologize on his behalf that they weren't present to hear Rudakubana plead guilty.

He pleaded guilty to murdering Alice Da Silva Aguiar, 9, Elsie Dot Stancombe, 7, and Bebe King, 6.

Eight other girls, ranging in age from 7 to 13, were wounded, along with instructor Leanne Lucas and John Hayes, who worked in a business next door and intervened. Fifteen other girls, as young as 5, were at the class but uninjured. Under a court order, none of the surviving girls can be named.

Hayes, who was stabbed and seriously wounded, said he still had flashbacks to the attack and was “hugely upset at the time that I wasn’t able to do more.”

“But I did what I could in the circumstances,” he told Sky News. “I’m grateful to be here, and by all accounts I’ll make a full recovery, at least physically. … I’m going to be OK and others won’t be, and that’s really where I I think the focus of attention should be.”

Police said the stabbings weren’t classified as acts of terrorism because the motive wasn’t known.

Several months after his arrest at the scene of the crime, Rudakubana was charged with additional counts for production of a biological toxin, ricin and possession of information likely to be useful to a person committing or preparing to commit an act of terrorism for having the manual in a document on his computer.

Police said they found the evidence during a search of his family's home in a neighboring village.

The day after the killings — and shortly after a peaceful vigil for the victims — a violent group attacked a mosque near the crime scene and pelted police officers with bricks and bottles and set fire to police vehicles.

Rioting then spread to dozens of other towns over the next week when groups made up mostly of men mobilized by far-right activists on social media clashed with police during violent protests and attacked hotels housing migrants.

More than 1,200 people were arrested for the disorder and hundreds have been jailed for up to nine years in prison.

Media waits outside Liverpool Crown Court in Liverpool, England, Monday, Jan. 20, 2025 where Axel Rudakubana is charged with killing three girls and wounding 10 other people in a stabbing rampage at a Taylor Swift-themed dance class in England last summer.(AP Photo/Jon Super)

Media waits outside Liverpool Crown Court in Liverpool, England, Monday, Jan. 20, 2025 where Axel Rudakubana is charged with killing three girls and wounding 10 other people in a stabbing rampage at a Taylor Swift-themed dance class in England last summer.(AP Photo/Jon Super)

A prison van believed to contain Axel Rudakubana leaves Liverpool Crown Court in Liverpool, England, Monday, Jan. 20, 2025 where Rudakubana is charged with killing three girls and wounding 10 other people in a stabbing rampage at a Taylor Swift-themed dance class in England last summer.(AP Photo/Jon Super)

A prison van believed to contain Axel Rudakubana leaves Liverpool Crown Court in Liverpool, England, Monday, Jan. 20, 2025 where Rudakubana is charged with killing three girls and wounding 10 other people in a stabbing rampage at a Taylor Swift-themed dance class in England last summer.(AP Photo/Jon Super)

In this Court artist sketch by Elizabeth Cook, Southport stabbings suspect Axel Rudakubana appears on the first day of his trial at Liverpool Crown Court, where he has pleaded guilty to killing three young girls and wounded 10 other people in a knife attack at a Taylor Swift-themed dance class, in Liverpool, England, Monday, Jan. 20, 2025. (Elizabeth Cook/PA via AP)

In this Court artist sketch by Elizabeth Cook, Southport stabbings suspect Axel Rudakubana appears on the first day of his trial at Liverpool Crown Court, where he has pleaded guilty to killing three young girls and wounded 10 other people in a knife attack at a Taylor Swift-themed dance class, in Liverpool, England, Monday, Jan. 20, 2025. (Elizabeth Cook/PA via AP)

People queue at Liverpool Crown Court in Liverpool, England, Monday, Jan. 20, 2025 where Axel Rudakubana is charged with killing three girls and wounding 10 other people in a stabbing rampage at a Taylor Swift-themed dance class in England last summer.(AP Photo/Jon Super)

People queue at Liverpool Crown Court in Liverpool, England, Monday, Jan. 20, 2025 where Axel Rudakubana is charged with killing three girls and wounding 10 other people in a stabbing rampage at a Taylor Swift-themed dance class in England last summer.(AP Photo/Jon Super)

A prison van believed to contain Axel Rudakubana arrives at Liverpool Crown Court in Liverpool, England, Monday, Jan. 20, 2025 where Rudakubana is charged with killing three girls and wounding 10 other people in a stabbing rampage at a Taylor Swift-themed dance class in England last summer.(AP Photo/Jon Super)

A prison van believed to contain Axel Rudakubana arrives at Liverpool Crown Court in Liverpool, England, Monday, Jan. 20, 2025 where Rudakubana is charged with killing three girls and wounding 10 other people in a stabbing rampage at a Taylor Swift-themed dance class in England last summer.(AP Photo/Jon Super)

A prison van believed to contain Axel Rudakubana arrives at Liverpool Crown Court in Liverpool, England, Monday, Jan. 20, 2025 where Rudakubana is charged with killing three girls and wounding 10 other people in a stabbing rampage at a Taylor Swift-themed dance class in England last summer.(AP Photo/Jon Super)

A prison van believed to contain Axel Rudakubana arrives at Liverpool Crown Court in Liverpool, England, Monday, Jan. 20, 2025 where Rudakubana is charged with killing three girls and wounding 10 other people in a stabbing rampage at a Taylor Swift-themed dance class in England last summer.(AP Photo/Jon Super)

FILE - Police officers watch members of the public outside the Town Hall in Southport, England, Aug. 5, 2024 after three young girls were killed in a knife attack at a Taylor Swift-themed holiday club the week before. (AP Photo/Darren Staples, File)

FILE - Police officers watch members of the public outside the Town Hall in Southport, England, Aug. 5, 2024 after three young girls were killed in a knife attack at a Taylor Swift-themed holiday club the week before. (AP Photo/Darren Staples, File)

FILE - Tributes are seen outside the Town Hall in Southport, England, Aug. 5, 2024 after three young girls were killed in a knife attack at a Taylor Swift-themed holiday club the week before. (AP Photo/Darren Staples, File)

FILE - Tributes are seen outside the Town Hall in Southport, England, Aug. 5, 2024 after three young girls were killed in a knife attack at a Taylor Swift-themed holiday club the week before. (AP Photo/Darren Staples, File)

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