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2 charged with setting some Northeast wildfires amid New Jersey drought warning and blazes out West

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2 charged with setting some Northeast wildfires amid New Jersey drought warning and blazes out West
News

News

2 charged with setting some Northeast wildfires amid New Jersey drought warning and blazes out West

2024-11-14 22:47 Last Updated At:22:51

BRICK, N.J. (AP) — New Jersey's governor declared a drought warning. Black Hawk helicopters scooped water from a lake to dump on a burning forest in New York state. A park in Manhattan caught fire. And authorities in two states revealed criminal charges Wednesday against people accused of setting some of the wildfires that have plagued the northeast U.S. in recent weeks.

The actions came as conditions in some northeast states are the driest they've been in nearly 120 years as numerous wildfires continue to burn in places that haven't seen significant rain since August. Meanwhile, dry conditions from coast to coast were contributing to the spread of wildfires, particularly in Southern California.

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Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Police officers stand guard on a local road as wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Police officers stand guard on a local road as wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Firefighters attend the wildfires as they burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Firefighters attend the wildfires as they burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Firefighters attend the wildfires as they burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Firefighters attend the wildfires as they burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Firefighters attend the wildfires as they burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Firefighters attend the wildfires as they burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

FILE - Firefighters work against the Mountain Fire, Nov. 6, 2024, near Camarillo, Calif. (AP Photo/Ethan Swope,FIle)

FILE - Firefighters work against the Mountain Fire, Nov. 6, 2024, near Camarillo, Calif. (AP Photo/Ethan Swope,FIle)

Water levels sit below normal at the Brick Reservoir in Brick N.J., on Tuesday, Nov. 12, 2024 amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

Water levels sit below normal at the Brick Reservoir in Brick N.J., on Tuesday, Nov. 12, 2024 amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

A stream in Allaire State Park in Wall, N.J., has shrunk to a trickle on Tuesday, Nov. 12, 2024, amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

A stream in Allaire State Park in Wall, N.J., has shrunk to a trickle on Tuesday, Nov. 12, 2024, amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

A spillway, designed to keep a pond in Allaire State Park in Wall, N.J., from overflowing under normal conditions, is exposed on Tuesday, Nov. 12, 2024, amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

A spillway, designed to keep a pond in Allaire State Park in Wall, N.J., from overflowing under normal conditions, is exposed on Tuesday, Nov. 12, 2024, amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

Water levels sit below normal at the Brick Reservoir in Brick N.J., on Tuesday, Nov. 12, 2024 amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

Water levels sit below normal at the Brick Reservoir in Brick N.J., on Tuesday, Nov. 12, 2024 amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

Smoke from a forest fire rises above the trees in Evesham,N.J. on Thursday, Nov. 7, 2024, when firefighters said conditions were the driest in New Jersey in nearly 120 years. (AP Photo/Wayne Parry)

Smoke from a forest fire rises above the trees in Evesham,N.J. on Thursday, Nov. 7, 2024, when firefighters said conditions were the driest in New Jersey in nearly 120 years. (AP Photo/Wayne Parry)

The drought declaration by New Jersey Gov. Phil Murphy asked people to take voluntary conservation steps, like shorter showers, turning the faucet off while brushing teeth, and waiting until the dishwasher is full to run it. But it stopped short of mandatory water usage restrictions, which would be included in the event of a drought emergency, the highest alert the government can impose.

New Jersey is not yet at the point where communities are in danger of running out of water for drinking or fighting fires. And the state wants to prevent things from reaching that point.

“Please take this seriously,” Murphy said. “We have a very dry winter ahead of us.”

The dry weather has brought a spate of brush and woodland fires to a part of the country that rarely has to deal with them on this level.

Firefighting crews continued efforts to contain a wildfire in a woodland on the New Jersey-New York border that has burned around 7.8 square miles (20 square kilometers) in the two states.

No homes have been damaged, but Greg McLaughlin, an administrator with the New Jersey Forest Fire Service, said rugged hill terrain, coupled with few road access points, were making it difficult to fight the blaze from the ground. Water-dropping helicopters were being used in both states. And firefighters in New York took advantage of changing wind directions Wednesday by starting a controlled line of fires to burn away underbrush and leaves that could serve as fuel.

Around 30 miles (50 kilometers) away in New York City, a brush fire broke out in a park on the northern tip of Manhattan, sending smoke billowing across the Big Apple. The city’s fire department has responded to a record number of brush fires over the past two weeks.

“Due to a significant lack of rainfall, the threat of fast spreading brush fires fueled by dry vegetation and windy conditions pose a real threat to our members and our city,” Fire Commissioner Robert S. Tucker said in a statement.

Late Wednesday, police in the Philadelphia suburb of Evesham Township said they had charged a juvenile with deliberately setting an Oct. 30 fire that burned less than a tenth of a square mile. The youth, whose age was not released, was arrested Nov. 7 and taken to a juvenile detention center.

On New York's Long Island, a 20-year-old volunteer firefighter was charged with intentionally setting a brush fire Tuesday that wound up damaging a parked car, the Suffolk County Police Department said in a news release.

Dry conditions from coast to coast were contributing to the spread of wildfires.

Across the country, California made good progress against a major wildfire in Ventura County, northwest of Los Angeles, that broke out a week ago and quickly exploded in size because of dry Santa Ana winds. The Mountain fire was 60% contained on Wednesday.

The 32-square-mile (83-square-kilometer) fire forced thousands of residents to flee and has destroyed more than 215 structures, most of them houses, and damaged at least 210.

The fires in the Northeast haven't caused major evacuations, but a Connecticut firefighter died battling a wildfire last month and the blaze on the New York-New Jersey border claimed the life of an 18-year-old New York state parks employee who was assisting firefighters last weekend.

Dry conditions in the northeast U.S. are a growing concern, not only for firefighting efforts but for the continued availability of drinking water.

Two major reservoirs in New Jersey were at 51% and 45% of capacity on Wednesday, enough to keep the taps flowing, but low enough to cause concern for what might happen with additional weeks or months of low rainfall. One river that is a supplemental source of drinking water was at 14% of normal.

September and October were the driest two-month period ever recorded in New Jersey. Since August, the state has received 2 inches (5 cm) of rain when it should have gotten a foot (0.3 meters). No significant rainfall was in the foreseeable forecast, officials said.

New York City issued a drought watch last week. Mayor Eric Adams mayor urged residents to take shorter showers, fix dripping faucets and otherwise conserve water.

Just 0.01 inches (0.02 centimeters) of rain fell last month on the city’s Central Park, where October normally brings about 4.4 inches (11.2 centimeters) of precipitation. New York says it was the driest October in over 150 years.

Massachusetts declared a drought Tuesday after more than a month of decreased rainfall.

The ground is also bone-dry, McLaughlin added. This makes wildfires even more dangerous in that they can burn downward through dry soil and root systems, and endure for months.

On a ground dryness scale in which 800 is the highest possible score, New Jersey is at 748, meaning that the soil is dry almost 8 inches (20 centimeters) below the surface. That level had never before been reached, McLaughlin said.

A wildfire that broke out July 4 in New Jersey's Wharton State Forest by someone using illegal fireworks has long been considered contained. But it has been smoldering underground for four months and could reignite above ground, McLaughlin said.

Associated Press writers Christopher Weber in Los Angeles and Kathy McCormack in Concord, New Hampshire contributed to this report.

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Police officers stand guard on a local road as wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Police officers stand guard on a local road as wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Firefighters attend the wildfires as they burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Firefighters attend the wildfires as they burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Firefighters attend the wildfires as they burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Firefighters attend the wildfires as they burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Wildfires burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Firefighters attend the wildfires as they burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

Firefighters attend the wildfires as they burn along the New York and New Jersey border in Greenwood Lake, New York, Wednesday, Nov. 13, 2024. (AP Photo/Eduardo Munoz Alvarez)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

This aerial image taken from video shows a brush fire that broke out in a park on the northern tip of Manhattan in Inwood, N.Y., Wednesday, Nov. 13, 2024. (WABC-TV via AP)

FILE - Firefighters work against the Mountain Fire, Nov. 6, 2024, near Camarillo, Calif. (AP Photo/Ethan Swope,FIle)

FILE - Firefighters work against the Mountain Fire, Nov. 6, 2024, near Camarillo, Calif. (AP Photo/Ethan Swope,FIle)

Water levels sit below normal at the Brick Reservoir in Brick N.J., on Tuesday, Nov. 12, 2024 amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

Water levels sit below normal at the Brick Reservoir in Brick N.J., on Tuesday, Nov. 12, 2024 amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

A stream in Allaire State Park in Wall, N.J., has shrunk to a trickle on Tuesday, Nov. 12, 2024, amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

A stream in Allaire State Park in Wall, N.J., has shrunk to a trickle on Tuesday, Nov. 12, 2024, amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

A spillway, designed to keep a pond in Allaire State Park in Wall, N.J., from overflowing under normal conditions, is exposed on Tuesday, Nov. 12, 2024, amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

A spillway, designed to keep a pond in Allaire State Park in Wall, N.J., from overflowing under normal conditions, is exposed on Tuesday, Nov. 12, 2024, amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

Water levels sit below normal at the Brick Reservoir in Brick N.J., on Tuesday, Nov. 12, 2024 amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

Water levels sit below normal at the Brick Reservoir in Brick N.J., on Tuesday, Nov. 12, 2024 amid record-breaking dry conditions in New Jersey. (AP Photo/Wayne Parry)

Smoke from a forest fire rises above the trees in Evesham,N.J. on Thursday, Nov. 7, 2024, when firefighters said conditions were the driest in New Jersey in nearly 120 years. (AP Photo/Wayne Parry)

Smoke from a forest fire rises above the trees in Evesham,N.J. on Thursday, Nov. 7, 2024, when firefighters said conditions were the driest in New Jersey in nearly 120 years. (AP Photo/Wayne Parry)

NEW YORK (AP) — U.S. stocks are drifting at the open of trading as the market’s big burst following Donald Trump’s election continues to cool. The S&P 500 added 0.1% in early Thursday trading. The Dow Jones Industrial Average rose 121 points, and the Nasdaq composite gained 0.2%. The Walt Disney Co. helped lead the market after reporting a stronger profit than analysts expected. ASML, a major supplier to the global chip industry, also gave some encouraging signals for semiconductor sales. But Tesla was on track for just its second loss since Election Day and was helping to keep indexes in check.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

(AP) — Markets on Wall Street rose modestly in early trading Thursday as more corporate earnings are released ahead of another inflation update from the U.S. government.

Futures for the S&P 500 were up just 0.1% before the bell, while futures for the Dow Jones Industrial Average rose 0.2%.

Disney shares jumped more than 6% after it posted stronger profits for the fourth quarter than Wall Street expected. Disney's results were boosted by big box office receipts from Pixar's “Inside Out 2” and Marvel's “Deadpool & Wolverine," the company said.

Subscribers to its streaming service, Disney+, also came in higher than expected and the entertainment behemoth raised its 2025 guidance ahead of analysts' projections.

Tapestry shares climbed 7.3% after the luxury fashion company said it's terminating its merger with Capri, another luxury brand owner. The companies agreed to a $8.5 billion deal in August 2023 to unite the makers of Coach and Michael Kors handbags, but the tie-up has faced numerous challenges, including an FTC lawsuit to block the deal on antitrust grounds.

Capri shares tumbled 5.7%.

Later Thursday, the government reports on inflation at the wholesale level.

On Wednesday, U.S. stocks drifted to a mixed finish after the latest inflation update boosted hopes that a cut to interest rates next month will bring more help for the economy.

U.S. consumer inflation accelerated in October, but an underlying measure called “core inflation” did not rise. Such core inflation can be a better predictor of future trends, economists say, so the figures added to expectations for more help from the Federal Reserve.

T rump’s victory in the presidential election has raised uncertainty over the Fed’s future course. The U.S. central bank began cutting interest rates from their two-decade high in September to keep the job market hummin g after bringing inflation nearly all the way down to its target of 2%. It cut again earlier this month, and traders now see an improved probability of roughly 80% for a third cut at its meeting next month, according to data from CME Group.

Economists say Trump’s preferences for lower tax rates, higher tariffs and less regulation could ultimately lead to higher U.S. government debt and inflation, but also bring faster economic growth.

While lower interest rates can give a boost to the economy and to prices for investments, they can also fuel inflation.

In Europe at midday, Germany's DAX surged 1.3% and the CAC 40 in Paris advanced 1%. Britain's FTSE 100 was 0.4% higher.

The dollar was trading at 155.95 Japanese yen, up from 155.49 yen, reflecting expectations that the greenback will gain against other currencies under policies anticipated with the incoming administration of President-elect Donald Trump.

Japan's Nikkei 225 index fell 0.5% to 38,535.70 and the Kospi in South Korea gained 0.1% to 2,418.86. Australia's S&P/ASX 200 gained 0.4% to 8,224.00.

Chinese markets tumbled, with the Hang Seng in Hong Kong falling 2% to 19,435.95. The Shanghai Composite index lost 1.7% to 3,379.84.

Bangkok's SET lost 0.2% and Taiwan's Taiex fell 0.6%, while the Sensex in India shed 0.2%.

A stronger dollar tends to put strain on other economies, noted Stephen Innes of Capital Economics. The Thai baht has also weakened against the dollar since the U.S. election, as has the Chinese yuan, or renminbi, which now stands at 7.2245 per dollar and was trading at about 7 yuan per dollar in early October.

“For Asia, particularly those economies closely linked to China, the dollar's dominance is poised to become an economic wrecking ball,” he said in a commentary. “Countries with hefty USD-denominated debt are bracing for impact,” he added.

In the crypto market, bitcoin was up less than 1% at $91,206, after crossing above $93,000 as cryptocurrencies generally soared. Trump has embraced cryptocurrencies, pledging to make the U.S. the crypto capital of the world.

Dogecoin, a cryptocurrency that’s been a favorite of Tesla’s Elon Musk, also gave up some of its recent gains, falling 1.6% to 39 cents. Trump named Musk as one of the heads of a “Department of Government Efficiency,” or DOGE for short.

In other dealings early Thursday, U.S. benchmark crude oil rose 42 cents to $68.85 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, added 40 cents to $72.68 per barrel.

The euro fell to $1.0538 from $1.0587.

People pass the New York Stock Exchange, right, on Wednesday, Nov. 13, 2024, in New York. (AP Photo/Peter Morgan)

People pass the New York Stock Exchange, right, on Wednesday, Nov. 13, 2024, in New York. (AP Photo/Peter Morgan)

FILE - A sign marking the intersection of Broadway and Wall Street is shown in New York's Financial District on Oct. 30, 2024. (AP Photo/Peter Morgan, File)

FILE - A sign marking the intersection of Broadway and Wall Street is shown in New York's Financial District on Oct. 30, 2024. (AP Photo/Peter Morgan, File)

Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Nov. 14, 2024. (AP Photo/Ahn Young-joon)

Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Nov. 14, 2024. (AP Photo/Ahn Young-joon)

A currency trader passes 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, Nov. 14, 2024. (AP Photo/Ahn Young-joon)

A currency trader passes 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, Nov. 14, 2024. (AP Photo/Ahn Young-joon)

Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Nov. 14, 2024. (AP Photo/Ahn Young-joon)

Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Nov. 14, 2024. (AP Photo/Ahn Young-joon)

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