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Ticker: Economy grows at surprise 2.4% rate; Jobless claims hit 5-month low

Published Wed, 12 Feb 2025 20:11:32 GMT

The U.S. economy surprisingly accelerated to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve.Thursday’s estimate from the Commerce Department indicated that the gross domestic product — the economy’s total output of goods and services — picked up from the 2% growth rate in the January-March quarter. Last quarter’s expansion was well above the 1.5% annual rate that economists had forecast.Driving last quarter’s growth was a burst of business investment. Excluding housing, business spending surged at a 7.7% annual rate, the fastest such pace since early 2022. Companies plowed more money into factories and equipment. Increased spending by state and local governments also helped fuel the economy’s expansion in the April-June quarter.“This is a strong report, confirming that this economy continues to largely shrug off the Fed’s aggress...

Justice Department investigating Memphis police practices, months after Tyre Nichols’ death

Published Wed, 12 Feb 2025 20:11:32 GMT

By ADRIAN SAINZ and JONATHAN MATTISE (Associated Press)MEMPHIS, Tenn. (AP) — The U.S. Department of Justice said Thursday it is investigating the patterns and practices of the police department in Memphis, Tennessee, nearly seven months after the violent beating of Tyre Nichols by five officers after a traffic stop strengthened nationwide calls for police reform. The in-depth federal probe adds more scrutiny to a city dealing with the aftermath of Nichols’ killing and answers long-standing calls for such an investigation from critics of the way police treat minorities.Federal authorities will look collectively at the Memphis Police Department’s use of force and stops, searches and arrests, and whether it engages in discriminatory policing.Even in the majority Black city of Memphis, the police department may be disproportionately focusing its traffic enforcement on Black drivers, said Assistant Attorney General Kristen Clarke of the Civil Rights Division, who announ...

Hot Property: Spread out in roomy Cambridge reno

Published Wed, 12 Feb 2025 20:11:32 GMT

Local developers Boardman + Company — the founder is a lifelong resident of Cambridge — have another meticulous renovation on the market, this time in the heart of Central Square.The 1902 historic mansard at 15 Pleasant Street has been transformed into luxury residences, including unit 1, currently on the market for $2,335,000. It even has an off-street parking spot.Attention to detail is everywhere, starting with the vestibule where you’ll find a spacious double closet and heated floors. Imagine kicking off your winter boots and stepping onto warm tile in the middle of January.From there, an open floor plan unfolds to include a living and dining area accented with subtle wainscoting around the window frames and a crisp kitchen illuminated by a bank of bay windows.Luxe Thermador appliances, an oversized eat-in island, and clean lines allow the kitchen to work hard for home chefs while blending in perfectly with the home’s serene aesthetic.The three-bedroom residence includes two bed...

A summer road trip along Maine’s coastline will feed your soul and steal your heart

Published Wed, 12 Feb 2025 20:11:32 GMT

Jaclyn Jermyn | for the Chicago TribuneI don’t know what made my parents pack up the family in 2002 and spend our summer vacation in a small Maine town we had no connections to, but I have spent every summer since convinced there is no better place to be than Maine.One of the most rural of the United States, Maine has a prevailing sense of rugged beauty knitting together the hardworking, historic towns that dot the state’s 3,500 miles of coastline. A road trip along the coast between Portland and Acadia National Park offers no shortage of stunning views, good eats and plenty of reasons why the state has long been called Vacationland.Starting your journey in Portland, it’s easy to see how the city’s long life as a fishing and manufacturing center has melded into the current tourist economy. Think cobblestone streets, brick factories repurposed into shops and restaurants, and historic houses turned into eclectic hotels like Blind Tiger Guest House (163 Danforth St., Portland; larkhote...

Biden thanks far-right Italian Premier Meloni for her strong support of Ukraine

Published Wed, 12 Feb 2025 20:11:32 GMT

By AAMER MADHANI, SEUNG MIN KIM and FRANCES D’EMILIO (Associated Press)WASHINGTON (AP) — President Joe Biden on Thursday thanked far-right Premier Giorgia Meloni for Italy’s steady backing of Ukraine, offering a warm welcome to the White House to a leader that his administration saw with some trepidation when she rose to power last year as the head of Italy’s first far-right-led government since the end of World War II. Biden administration concerns about her ideology have been eased by her support for Ukraine and her seeming openness to pull back from Italy’s participation in China’s infrastructure-building Belt and Road Initiative. Her visit came as Italy prepares to take up the presidency next year of the Group of Seven industrialized nations.“Italy and the United States are also standing strong with Ukraine, and I compliment you on your very strong support in defending against Russian atrocities, and that’s what they are,” Bi...

Casino mogul Steve Wynn fined $10M to end Nevada fight over claims of workplace sexual misconduct

Published Wed, 12 Feb 2025 20:11:32 GMT

LAS VEGAS  — Casino mogul Steve Wynn has ended a yearslong legal fight with Nevada gambling regulators that started with claims of workplace sexual misconduct, agreeing to pay a $10 million fine and cut ties to the industry he helped shape in Las Vegas.The Nevada Gaming Commission accepted a settlement Thursday to end the state’s look at allegations that led to Wynn’s resignation from his corporate empire in February 2018. Wynn admitted no wrongdoing.Wynn signed a seven-page document with members of the investigatory Nevada Gaming Control Board on July 17 acknowledging that he had been accused of “failure to exercise discretion and sound judgment” to prevent actions that “reflected negatively on the reputation” of Nevada and its gambling industry.Wynn is now 81 and lives in Florida. He did not attend the hearing held in the state capital, Carson City. His attorney, Colby Williams, called the case the final regulatory matter that Wynn faced stemmin...

Patriots training camp Day 2: JuJu Smith-Schuster emerges, other receivers fade, Matt Judon sits

Published Wed, 12 Feb 2025 20:11:32 GMT

FOXBORO — Four months after signing, the Patriots’ prized free-agent addition finally stepped into the spotlight during Thursday’s training camp practice.JuJu Smith-Schuster led all pass catchers with five targets during team drills, securing two of his three catchable passes. The crown jewel of the Patriots’ rookie class — Christian Gonzalez — batted the other away. Smith-Schuster struck back on the next snap, though, wriggling free from Gonzalez’s tight coverage in the left flat to catch a would-be touchdown.Individually, Smith-Schuster and Gonzalez will be as bellwethers for the Patriots’ offense and defense, respectively. They are two of the 10 most important players on this roster, a fact amplified by the absences of two others at practice: running back Rhamondre Stevenson and edge rusher Matt Judon. As they go, so should the Patriots.By extension, their mixed head-to-head results Thursday should be seen as encouraging, especially for S...

Sell-off begins for Chicago White Sox, who trade pitchers Lucas Giolito and Reynaldo López to Los Angeles Angels

Published Wed, 12 Feb 2025 20:11:32 GMT

Lucas Giolito and Reynaldo López were pivotal additions when the Chicago White Sox began their rebuild in 2016.Late Wednesday, they were the first two players moved in what figures to be a busy sell-off by the trade deadline.The Sox sent Giolito and López to the Los Angeles Angels for switch-hitting minor-league catcher Edgar Quero and left-handed pitcher Ky Bush.“Given this club’s performance over the course of the last several months, it’s apparent that these types of moves have to take place given where we are at and putting us in the best position we can be going forward,” Sox general manager Rick Hahn said.“Certainly not where any of us in the organization thought when this year started we would be come the trade deadline. But clearly moves like these in terms of putting ourselves in the best position going forward are essential, and we are certainly pleased to add Bush and Quero.”Giolito and López, both free agents at the end ...

Rapper Quando Rondo is barred from driving, must take drug tests while awaiting trial on bond

Published Wed, 12 Feb 2025 20:11:32 GMT

SAVANNAH, Ga. (AP) — A Georgia judge ruled Thursday that rapper Quando Rondo can no longer drive and must undergo drug testing if he wants to stay out of jail while awaiting trial on gang and drug charges. The 24-year-old rapper, whose given name is Tyquian Terrel Bowman, appeared in a Savannah courtroom as prosecutors unsuccessfully asked the judge to revoke the $100,000 bail the rapper posted following his indictment last month.Bowman crashed a car July 19, just a few weeks after bonding out of jail. Prosecutors said emergency responders at the scene of the crash administered Narcan, a drug used to treat opioid overdoses, to Bowman because he showed symptoms of an overdose. Bowman had been ordered to refrain from using drugs as a condition of his bail.Chatham County Superior Court Judge Tammy Stokes said that Bowman can remain free before his trial as long as he follows the additional restrictions she imposed Thursday, news outlets reported.“You are a young man with a career in fr...

S&P/TSX composite down Thursday on broad-based weakness, U.S. markets also lower

Published Wed, 12 Feb 2025 20:11:32 GMT

TORONTO — Canada’s main stock index was down almost 200 points Thursday amid broad-based weakness led by telecom and utilities stocks, while U.S. markets also moved lower. The S&P/TSX composite index closed down 176.17 points at 20,385.47.In New York, the Dow Jones industrial average was down 237.40 points at 35,282.72. The S&P 500 index was down 29.34 points at 4,537.41, while the Nasdaq composite was down 77.17 points at 14,050.11.The Canadian dollar traded for 75.75 cents US compared with 75.64 cents US on Wednesday.The September crude oil contract was up US$1.31 at US$80.09 per barreland the September natural gas contract was down 10 cents at US$2.60 per mmBTU.The August gold contract was down US$24.40 at US$1,945.70 an ounce and the September copper contract was down three cents at US$3.88 a pound.This report by The Canadian Press was first published July 27, 2023.Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)The Canadian Press