Dow closes above 48,000 for first time ever, while tech pullback hurts Nasdaq
The Dow Jones Industrial Average ended above 48,000 for...
The Dow Jones Industrial Average ended above 48,000 for the first time on Wednesday as investors moved into non-technology trades and awaited a vote in the House of Representatives that may end the government shutdown.
The Dow rose 326.86 points, or 0.7%, to finish at a record closing high of 48,254.82, based on preliminary data. The blue-chip's biggest gainers were UnitedHealth Group Inc. and Goldman Sachs Group.
The S&P 500 rose just 4.31 points, or less than 0.1%, to end at 6,850.92.
The Nasdaq Composite fell 61.84 points, or 0.3%, to end at 23,406.46.
The International Energy Agency's latest annual World Energy Outlook...
The International Energy Agency's latest annual World Energy Outlook features a Current Policies Scenario for the first time since 2019, marking a reversal in the agency's recent downbeat view on fossil fuels. The CPS predicts oil consumption will climb by 13% to 113 million barrels per day in 2050, contrasting with the IEA's Stated Policies Scenario, which sees oil demand peaking around 2030 and averaging 96.9 million bpd in 2050. The agency also lifted its long-term natural gas demand outlook and forecast a 50% increase in global LNG export capacity by 2030, but warned about oversupply risks.
One long national nightmare is almost over. After eight Democrats broke...
One long national nightmare is almost over. After eight Democrats broke with their caucus and joined with Republicans on Monday night to pass a spending package that would reopen the federal government, it’s the House’s turn to vote. The chamber, which has been on recess since September, is expected to approve the package today before it heads to President Trump’s desk to be signed. Many Democrats denounced the deal for not addressing their demand that the government extend federal healthcare subsidies that are set to expire on Jan. 1. Even if the shutdown ends soon, experts say it could take weeks for air travel to get back to normal. Today is the 43rd day of the shutdown.
SoftBank sells entire Nvidia stake to fund investments in OpenAI.
The Japanese tech investor said it offloaded its entire $5.83 billion...
The Japanese tech investor said it offloaded its entire $5.83 billion stake in Nvidia in order to bankroll its AI bets—namely, the tens of billions of dollars it’s pouring into OpenAI. Earlier this year, SoftBank agreed to invest $30 billion in the ChatGPT-maker by the end of 2025, and that bet is already paying off. It said its fiscal Q2 profit more than doubled from last year, thanks to OpenAI’s ballooning valuation. The move marks the end of SoftBank’s long saga with Nvidia: In 2016, years before the most recent investment, it bought 5% of the chipmaker, but then sold it all in 2019. That stake would currently be worth $210 billion, per the Wall Street Journal.
Meta’s chief AI scientist is reportedly leaving. According...
Meta’s chief AI scientist is reportedly leaving. According to the Financial Times, Yann LeCun has told associates that he will leave the company “in the coming months” as CEO Mark Zuckerberg overhauls Meta’s AI strategy. Considered one of the “Godfathers of AI,” LeCun joined Meta in 2013 but has reportedly seen his longer-term research deprioritized in favor of launching new AI products to compete with OpenAI and Google, per the FT. Zuckerberg hired Scale AI co-founder Alexandr Wang earlier this year to lead a team developing artificial “superintelligence.”
President Trump requested that the Supreme Court overturn the $5 million civil ruling that held him liable for sexual abuse and defamation of author E. Jean Carroll.
Walgreens cut hourly retail workers’ paid vacation time for major holidays in an effort to cut costs under its new owner, the private equity firm Sycamore Partners.
David Szalay won the 2025 Booker Prize for his novel Flesh.
