Stock market today: S&P 500 climbs to a record

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Stock market today: S&P 500 climbs to a record

2025-01-24 05:36 Last Updated At：05:44

NEW YORK (AP) — U.S. stocks rose to a record Thursday as Wall Street regained some of the momentum that catapulted it to 57 all-time highs last year.

The S&P 500 climbed 0.5% to surpass its record set early last month after coming close the day before. It was the seventh gain in eight days for the main measure of Wall Street's health. The Dow Jones Industrial Average piled on 408 points, or 0.9%, while the Nasdaq composite added 0.2%.

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Traders work on the floor at the New York Stock Exchange in New York, Tuesday, Jan. 21, 2025. (AP Photo/Seth Wenig)

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, Jan. 23, 2025. (AP Photo/Ahn Young-joon)

Currency traders watch monitors 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, Jan. 23, 2025. (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, Jan. 23, 2025. (AP Photo/Ahn Young-joon)

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Traders work on the floor at the New York Stock Exchange in New York, Tuesday, Jan. 21, 2025. (AP Photo/Seth Wenig)

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, Jan. 23, 2025. (AP Photo/Ahn Young-joon)

Currency traders watch monitors 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, Jan. 23, 2025. (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, Jan. 23, 2025. (AP Photo/Ahn Young-joon)

The gains came amid relatively calm moves for Treasury yields in the U.S. bond market. Big swings there in recent months have been shaking the stock market, particularly when rising worries about inflation and the U.S. government’s heavy debt send Treasury yields higher.

Treasury yields took a brief turn upward after President Donald Trump began talking about the prospect of tariffs in a speech by video at the World Economic Forum, saying products made outside of the United States will be subject to a tariff, but they pulled back after he gave few details. Crude prices also sank after Trump called on oil-producing countries to reduce the price of crude, which would ease worries about inflation.

The yield on the 10-year Treasury climbed to 4.64% from 4.61% late Wednesday, though it remains below its high from earlier this month. The two-year Treasury yield eased to 4.29% from 4.30% late Wednesday.

Yields earlier in the day had held relatively steady after a report showed slightly more U.S. workers applied for unemployment benefits last week than economists expected. While the numbers increased, “they were well within the modest range established in recent months,” according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. “Employment continues to highlight US economic outperformance.”

Traders don’t expect the report to push the Federal Reserve to cut its main interest rate at its upcoming meeting next week, according to data from CME Group. If they’re correct, it would be the first meeting since September where the Fed hasn’t lowered the federal funds rate to take pressure off the U.S. economy. Lower rates can goose prices for investments, but they can also give inflation more fuel.

On Wall Street, GE Aerospace flew 6.6% higher after reporting stronger profit for the latest quarter than analysts expected. The company, which split off from General Electric with two other companies last year, said orders for its airplane engines and services jumped 50% from a year earlier to $12.9 billion.

Netflix was another one of the strongest forces lifting the S&P 500. It rose another 3.2% after jumping 9.7% the day before following a better-than-expected profit report.

Union Pacific chugged 5.2% higher after beating analysts’ expectations for profit in the latest quarter. The railroad said its workforce was more productive during the quarter, and its fuel consumption rate likewise improved.

American Airlines lost 8.7% even though it reported stronger profit and revenue for the latest quarter than analysts expected. It said it may report a bigger loss for the first three months of 2025 than analysts expected. American also gave a forecasted range for profit over the full year whose midpoint fell short of analysts’ expectations.

Video game maker Electronic Arts dropped 16.7% after it warned of a slowdown in revenue related to its soccer game, EA Sports FC25. It also said fewer gamers played its Dragon Age game during the latest quarter than it expected, further cutting into its revenue.

All told, the S&P 500 rose 32.34 points to 6,118.71. The Dow Jones Industrial Average climbed 408.34 to 44,565.07, and the Nasdaq composite added 44.34 to 20,053.68.

In stock markets abroad, movements were mostly quiet, even after China’s latest attempt to juice stock prices in the world’s second-largest economy. Stocks in Hong Kong got a brief boost from China’s ordering of pensions and mutual funds to invest more in domestic stocks, for example, but the Hang Seng index ended with a dip of 0.4%.

Japan’s Nikkei 225 gained 0.8% despite a sharp drop for Fuji Media Holdings after Masahiro Nakai, a top TV host and former pop star, said he was retiring to take responsibility over sexual assault allegations that are part of a wave roiling Japan’s entertainment industry. The Fuji TV scandal triggered an avalanche of lost advertising at one of the networks where he worked.

In the cryptocurrency market, where prices have surged on hopes President Donald Trump will make Washington friendlier to the industry, bitcoin fell below $103,000, according to CoinDesk. It had set a record above $109,000 on Monday.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Swollen rivers are flooding towns in the US South after a prolonged deluge of rain

2025-04-08 06:24 Last Updated At：06:31

FRANKFORT, Ky. (AP) — Days of unrelenting downpours swelled rivers to near record levels across Kentucky on Monday, submerging neighborhoods and threatening a famed bourbon distillery in the state capital.

Inundated rivers posed the latest threat from persistent storms that have killed at least 23 people — 10 in Tennessee — since last week as they doused the region with heavy rain and spawned destructive tornadoes. Though the storms have finally moved on, the flood danger likewise remains high in several other states, including parts of Tennessee, Arkansas and Indiana.

Cities ordered evacuations and rescue crews in inflatable boats checked on residents in Kentucky and Tennessee, while utilities shut off power and gas in a region stretching from Texas to Ohio. Floodwaters forced the closure of the historic Buffalo Trace Distillery, close to the banks of the swollen Kentucky River near downtown Frankfort, Kentucky.

Salon owner Jessica Tuggle watched Monday as murky brown water approached her Frankfort business. She and her friends had moved her salon gear — styling chairs, hair products and electronics — to a nearby taproom.

“Everybody was just, ‘stop raining, stop raining,’ so we could get an idea of what the worst situation would be,” she said.

Officials diverted traffic and turned off utilities to businesses in Frankfort as the river crested just short of a record Monday. More than 500 state roads across Kentucky were still closed Monday morning, Gov. Andy Beshear said.

Ashley Welsh, her husband, four children and pets had to leave their Frankfort home along the river Saturday evening, abandoning a lifetime of belongings to the floodwaters.

When she checked her house’s cameras Sunday morning, the water had risen to the second floor.

“My stuff was floating around in the living room. I was just heartbroken. Our life is up there,” Welsh said.

Twenty-three deaths have been reported since the storms began Wednesday. Among the four confirmed killed in Kentucky, a 9-year-old boy in Kentucky was caught up in floodwaters while walking to catch his school bus. A 5-year-old boy in Arkansas died after a tree fell on his family’s home, police said. A 16-year-old volunteer Missouri firefighter died in a crash while seeking to rescue people caught in the storm.

A Carroll County, Tennessee, electric department lineman died while working in the storms, state emergency management officials said.

Kentucky State Police said Monday that they recovered the body of a McCracken County man swept away by floodwaters Sunday while trying to retrieve his boat. And Beshear reported the flood-related death of a Trigg County man Monday.

The Arkansas Division of Emergency confirmed the death of a man found by the Sherwood Fire Department in a submerged vehicle.

Two men sitting in a golf cart, a father and son, were killed when a tree fell on them at a golf course in Columbus, Georgia, according to Muscogee County Coroner Buddy Bryan.

The Kentucky River crested at Frankfort Lock at 48.27 feet (14.71 meters) Monday, just shy of the record of 48.5 feet (14.8 meters) set there on Dec. 10, 1978, according to CJ Padgett, a meteorologist with the National Weather Service’s Louisville, Kentucky, office.

Beshear said more than 1,000 people had no access to water and nearly 3,000 were under boil water advisories. The city of Harrodsburg about 30 miles (48 kilometers) south of Frankfort said on social media that its water system had to discontinue pumping around midnight because of flood levels on the Kentucky River. Bottled water was being handed out Monday.

John and Phyllis Sower hunkered down about a half-block from the river in their Frankfort home, which had about 4 feet (122 centimeters) of water in the cellar. A neighbor waded over Monday to bring them flowers on their front porch.

“We are an island in the Kentucky River,” Phyllis Sower said.

In northeastern Arkansas, Gov. Sarah Huckabee Sanders called the scene “absolutely heartbreaking” around the town of Hardy, which took damage to its city hall and other buildings. Sanders and local officials vowed to rebuild.

West Memphis, Arkansas, Fire Chief Barry Ealy told WREG-TV that crews in the flood-prone city have rescued more than 100 people.

A tornado destroyed more than 100 structures in McNairy County, Tennessee, tearing through the town of Selmer with winds estimated up to 160 mph (257 kph), local emergency management officials said. State officials say severe weather killed five people in the county of roughly 26,100 residents.

Though significant rains have ended in the Southern Plains and the Mississippi, Tennessee and Ohio valleys, flooding on most rivers will persist this week, with some smaller waterways receding in the next few days, according to the weather service.

Forecasters attributed the violent weather to warm temperatures, an unstable atmosphere, strong winds and abundant moisture streaming from the Gulf.

The NWS said 5 inches (13 centimeters) of rain fell Saturday in Jonesboro, Arkansas — making it the wettest day ever recorded in April in the city. Memphis, Tennessee, got 14 inches (35 centimeters) of rain from Wednesday to Sunday, the NWS said.

Marshall County in western Kentucky received nearly 16 inches (41 centimeters) over the last five days, said Padgett, the meteorologist. Parts of central Kentucky received 10 to 12 inches (25 to 30 centimeters) over those days and eastern Kentucky received 6 to 8 inches (15 to 20 centimeters), Padgett said.

The storms come after the Trump administration cut jobs at NWS forecast offices, leaving half of them with vacancy rates of about 20%, or double the level of a decade ago.

Contributing to this report were Associated Press writers Anthony Izaguirre in New York; Kimberlee Kruesi and Jonathan Mattise, in Nashville, Tennessee; Andrew DeMillo in Little Rock, Arkansas; Sarah Brumfield in Cockeysville, Maryland; Rebecca Reynolds in Louisville, Kentucky; Jeff Amy in Atlanta; Adrian Sainz in Memphis; Tennessee; and Obed Lamy in Rives, Tennessee.