Stocks Close Higher, Tech Issue, Cable to Blame for Ground Stop, More
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News when you want it with Bloomberg News Now, I'm Amy Morris. And there's your closing bell for this Monday on Wall Street, where a rally in tech giants sent stocks toward their best day since early August. And we bring you the closing numbers each day here at Bloomberg. The S&P 500 gained 114 points. That's nearly one and a half percent. NASDAQ gained 600 points. That's two and one quarter percent. And that is a new high for NASDAQ. The Dow jumped 368 points. That's about three quarters of a percent. The 10-year Treasury yield at 4.95 percent and the two-year yield at 4.75 percent. Crude oil moving lower, still off session lows, however. WTI crude now topping $95 a barrel and Brent crude topping $100 a barrel.
Updating a story we've been following for you all day. A ground stop at JFK is now lifted, but it may still be in effect in Newark, LaGuardia, Teterboro, and Philadelphia airports. A tech failure in Philadelphia started the problem. FAA Administrator Brian Bedford says a primary circuit failed in the Philadelphia facility, which guides flights into and out of Newark and Philly. The backup system was a fiber optic cable in New Jersey that was accidentally cut during construction work. Now, as those ground stops were happening, Transportation Secretary Sean Duffy unveiled a new AI-based system that would amalgamate weather both at ground level and 30,000 feet high, as well as flight paths to help controllers guide takeoffs and landings more efficiently at congested airports, starting in the Washington, D.C.
area.
You're going to be on the airfield much faster. Your airline's going to use less fuel.
How did the tech rally drive the S&P 500, Nasdaq, and Dow to their best day since August?
We are not outsourcing aviation to AI, but we're using predictive tools to help humans better manage the airspace.
Transportation Secretary Sean Duffy. Paramount's guidance has reached a settlement with California and other states suing to block its proposed acquisition of Warner Brothers Discovery. They've also settled the Writers Guild lawsuit in a deal that includes worker protections. California Attorney General Rob Bonta.
With today's settlement, Paramount is required to move production back to the United States by spending, as a floor, at least $300 million more each year in domestic production, in jobs, in economic activity, and productions right here in this country and including, of course, in this state.
California Attorney General Rob Bonta, one of the attorneys general who sued to stop the merger, shares of Paramount Skydance fell about 3% in regular trading. Warner Brothers Discovery shares are about 11% higher. Advanced Micro Devices jumped 10%, giving it a market cap of about a 12%. First time that's happened. Shares of other semiconductor firms also climbed on renewed optimism for chip makers necessary to power AI. The Philadelphia Semiconductor Index, more than 4.25% higher, led by Intel, which jumped more than 12%. CNN, MSNOW, and Politico filing a lawsuit over being denied White House access. This morning, CNN was also removed from any pool duties for the White House. So now the White House television press pool, including NBC, ABC, CBS, and Fox, will stop covering his events.
Virginia Congressman Don Beyer.
The Constitution is very clear. This First Amendment right to free press. This is what dictators and autocrats do whenever they seize power around the world. The first thing they do is shut down the press. And I've been very heartened that the other major news organizations have said that they will come together and refuse to participate in the presidential pools.
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