Toledo trailed throughout the entire game and was down 27-14 late in the fourth…
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Rockets Fight Till the End at Bush’s Boca Raton Bowl of Beans
BOCA RATON, Fla. – The Toledo Rockets fought till the very end at the Bush’s Boca Raton Bowl of Beans but ultimately succumbed to Louisville, 27-22, on Tuesday.
Toledo trailed throughout the entire game and was down 27-14 late in the fourth… -
Microsoft’s Bold Goal: Replace 1B Lines of C/C++ With Rust
Microsoft is hiring top-level engineers to help to get rid of C and C++ in its largest codebases and replace that code with Rust.
In a job listing post on LinkedIn, Galen Hunt, distinguished engineer at Microsoft, wrote: “My goal is to…
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Brilliant red spider found in Morocco is a species new to science
Researchers have described a new ladybird spider species from northern Morocco after examining two male specimens collected during fieldwork outside Rabat. They named it Eresus rubrocephalus, and the report adds a new record to the map of…
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Kate Winslet makes her directorial debut with family Christmas movie Goodbye June
Kate Winslet is hoping you will spend Christmas with her. Well, that is, at least on screen.
While her 2006 whimsical comedy romance The Holiday, which co-starred Cameron Diaz, remains a seasonal favourite, Winslet’s new family Christmas-themed…
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S&P hits a new high at close as strong growth lifts tech stocks
US share markets finished higher on Tuesday, with the S&P 500 closing at a record level, as fresh economic data showed the US economy is running hotter than expected.
A wave of reports, led by stronger-than-forecast growth figures, pushed government bond yields higher and helped lift growth stocks, particularly big technology names.
The US Commerce Department said the economy grew at an annual rate of 4.3 per cent in the September quarter. That was the fastest pace since the September quarter of 2023 and well above the 3.3 per cent forecast from economists surveyed by Reuters. Solid consumer spending did most of the heavy lifting.
The figures were released late because of the 43-day US government shutdown. Many analysts had expected growth to slow in the December quarter, but the surprise strength has changed how markets see the outlook for interest rates.
Investors are now less confident the US Federal Reserve will cut rates in January. Short-term bond yields rose in response, according to CME’s FedWatch Tool.
“The bond market didn’t like this news,” said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.
“It seems to me that when we lose this battle, growth does well, and growth’s doing well today,” he said.
“But if you’re a food company, or you’re a chemical company, or you’re an oil and gas company, or even if you’re like a private credit company, that’s bad news. Unless interest rates go down, it’s bad.”Tech leads the market higher
The Dow Jones Industrial Average rose 79.73 points, or 0.16 per cent, to 48,442.41. The S&P 500 gained 31.30 points, or 0.46 per cent, to 6,909.79. The Nasdaq Composite climbed 133.02 points, or 0.57 per cent, to 23,561.84.
Growth stocks clearly led the way. The S&P 500 growth index rose 0.8 per cent, while value stocks barely moved.
Artificial intelligence-linked shares added to recent gains after last week’s sell-off, which was driven by worries that valuations had run too far ahead of profits and that heavy spending by AI companies could weigh on earnings.
Nvidia jumped 3.0 per cent, making it the single biggest driver of gains in the S&P 500. Amazon, Alphabet and Broadcom also rose more than 1.0 per cent.
Not all good news
Away from the headline growth number, other data painted a mixed picture of the economy.
US consumer confidence fell in December, as households grew more anxious about jobs and incomes. Factory output was flat in November after falling the month before.
Even so, markets remain on a strong footing. All three major US share indexes are on track for a third straight year of gains. The S&P 500 and the Dow are also heading for an eighth consecutive monthly rise.
That recent momentum has fuelled hopes of a so-called “Santa Claus rally” – a seasonal pattern where the S&P 500 often rises in the final five trading days of the year and the first two sessions of January, according to the Stock Trader’s Almanac. This year, that period runs from Wednesday through to 5 January.
Holiday slowdown begins
Trading was already quieter than usual and is expected to thin out further as Christmas approaches.
US share markets will close early at 1.00pm ET on Wednesday and will be shut on Thursday for Christmas. About 14.01 billion shares changed hands during the session, below the recent 20-day average of 16.67 billion.
Company moves to watch
Shares in ServiceNow fell 1.5 per cent after the software company agreed to buy cybersecurity startup Armis for US$7.75bn (A$11.58bn) in cash.
US military shipbuilder Huntington Ingalls edged up 0.3 per cent after President Donald Trump announced plans for a new “Trump class” of battleships, which he said would be larger, faster and “100 times more powerful” than existing vessels.
Miner Freeport-McMoRan climbed 2.5 per cent to a 15-month high of US$52.29 (A$78.13), helped by record copper prices and a higher price target from Wells Fargo.
Market breadth
Falling stocks slightly outnumbered those that rose. On the Nasdaq, declines were more widespread.
The S&P 500 recorded 35 new 52-week highs and five new lows. The Nasdaq Composite logged 70 new highs and 178 new lows.
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SPHEREx Creates Infrared Map of Entire Sky
NASA’s SPHEREx (Spectro-Photometer for the History of the Universe, Epoch of Reionization, and Ices Explorer) space telescope has completed its first infrared map of the entire sky in 102 colors using observations made between May and…
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Why I’ll need earplugs to get through Christmas dinner
Lottie is looking forward to spending time with her family this Christmas, but says one of the only ways she’ll manage to get through it is by wearing her earplugs – especially during Christmas dinner.
For the 23-year-old Christmas can be a…
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Why I’ll need earplugs to get through Christmas dinner
Elena BaileyHealth reporter
Lottie DoyleOver the years, Lottie says she has found ways to try to better manage her misophonia Lottie is looking forward to spending time with her family this Christmas, but says one of the only ways she’ll manage to…
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Single string pull enables rapid assembly of futuristic 3D structures
Researchers at MIT have developed a new way to design 3D structures that deploy from a flat form with a single pull of a string.
The method could help engineers rapidly assemble complex structures in places where speed and portability matter…
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Euclid Focuses on Visual Pair of Galaxies
This new image from ESA’s Euclid space telescope shows two large galaxies: NGC 646 and NGC 646b. They look like neighbors, but they’re actually about 45 million light-years apart.
This Euclid image shows the barred spiral galaxy NGC 646…
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