Things To Do In SW Florida

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Wall Street’s record-setting run keeps rolling, and stocks are rising Thursday after a mixed set of U.S. data kept the path clear for the Federal Reserve to cut interest rates in order to boost the economy.

The S&P 500 rose 0.8% and was on track to set an all-time high for a third straight day. The Dow Jones Industrial Average was up 593 points, or 1.3%, as of 12:18 p.m. Eastern time, and the Nasdaq composite was 0.7% higher. Both are also heading toward records.

Treasury yields eased in the bond market following the economic reports, which were some of the final data releases left that could sway the Federal Reserve’s thinking before its meeting next week. The unanimous expectation on Wall Street is that it will cut its main interest rate for the first time this year.

One of Thursday’s reports said more U.S. workers applied for unemployment benefits last week, an indication that the number of layoffs could be rising. It’s the latest discouraging signal on the job market, where hiring has slowed substantially. The labor market had seemed to be settling into a low-hire, low-fire state, but an increase in layoffs could put it in an even tighter vise. read more

By MATT OTT, Associated Press Business Writer

WASHINGTON (AP) — In another grim sign for the U.S. labor market, jobless claim applications jumped to their highest level in almost four years last week, virtually assuring the Federal Reserve will cut its benchmark interest rate next week.

The number of Americans filing for unemployment benefits for the week ending Sept. 6 rose by 27,000 to 263,000, the Labor Department reported Thursday. That’s the most applications since the week of Oct. 23, 2021 and well above the 231,000 new applications economists forecast. It’s also the biggest week-to-week increase in almost a year.

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Most analysts were already forecasting an interest rate cut after Fed Chair Jerome Powell signaled as much at a conference of central bankers three weeks ago. However, another report Thursday showing that consumer inflation remains elevated could complicate the Fed’s dual mandate of keeping prices in check while supporting a healthy labor market. read more

By CHRISTOPHER RUGABER, AP Economics Writer

WASHINGTON (AP) — Inflation rose last month as the price of gas, groceries and airfares jumped while new data showed applications for unemployment aid soared, putting the Federal Reserve in an increasingly tough spot as it prepares to cut rates at its meeting next week despite persistent price pressures.

Consumer prices increased 2.9% in August from a year earlier, the Labor Department said Thursday, up from 2.7% the previous month and the biggest jump since January. Excluding the volatile food and energy categories, core prices rose 3.1%, the same as in July. Both figures are above the Federal Reserve’s 2% target.

A separate government report Thursday showed that weekly applications for unemployment aid jumped 27,000 to 263,000, the highest in nearly four years. Requests for jobless benefits are a proxy for layoffs. Recent reports have also showed that hiring has weakened dramatically this year and was lower than previously estimated last year. read more

DAYTONA BEACH — Boeing celebrated its new Florida investment Wednesday with the opening of a defense industry hub on the campus of Embry-Riddle Aeronautical University.

Company and school officials were joined by elected officials Wednesday to cut the ribbon on Boeing’s takeover of a new 65,000-square-foot building within ERAU’s Research Park.

“To hear that word, ‘Boeing Daytona Beach,’ just hit me sitting up front here,” said Embry-Riddle president Barry Butler. “I’ve heard Boeing Seattle. I’ve heard Boeing St Louis. To hear Boeing Daytona Beach was really special. So so glad to have you guys here.”

Boeing’s storylines the last couple of years have not been the most positive with the exception of the company’s lucrative defense contracts, and that has been the impetus behind the company’s Florida expansion.

The engineering center dedicated to working on Boeing’s Defense, Space and Security Air Dominance aircraft programs and advanced technology capabilities promises to bring 400 jobs to the region with an average salary of $115,000 a year. read more

By BERNARD CONDON, AP Business Writer

NEW YORK (AP) — Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday, according to wealth tracker Bloomberg, as stock in his software giant rocketed more than a third in a stunning few minutes of trading.

A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years running. Stock in one of Musk’s biggest holdings, Tesla, has been moving in the opposite direction of Oracle’s, dropping 14% so far this year as of Tuesday.

The switch in the ranking came after a blockbuster earnings report from Oracle powered by multibillion dollar orders from customers as the AI race heats up.

Another news organization with a long history of tallying the world’s richest, Forbes, still has Musk at the top, at $439 billion. Bloomberg put his net worth at $385 billion. The difference is in how the two estimate the value of Musk’s rocket company SpaceX, among other private holdings. read more