Inflation spike, Wall Street rebound

WASHINGTON (AP) — A measure of prices that is closely tracked by the Federal Reserve rose 5.8% last year, the biggest increase since 1982, as buoyant consumer spending collided with tight supply chains to drive up costs for food, furniture, appliances and other goods. Friday’s Commerce Department report also said consumer spending fell 0.6% in December. A flurry of omicron cases has discouraged many Americans from traveling, eating out, or visiting theaters and other places of entertainment. Meanwhile, revenue rose 0.3% last month, fueling future spending.

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Stocks end turbulent week with biggest gains of the year

NEW YORK (AP) — A turbulent week for markets ended with a late surge of buying, snapping a three-week losing streak and giving major indices their biggest gains of the year. The S&P 500 gained 2.4% on Friday, almost entirely in the last hour of trading. This followed several days of sudden up and down movements throughout the week. Markets are nervous as investors try to anticipate how aggressively the Federal Reserve will withdraw its economic stimulus and raise interest rates to fight inflation. Tech stocks led the rally. Apple rose after announcing strong iPhone sales over the holidays. Treasury yields fell.

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Court ruling gives Biden a chance to reset his climate policy

WASHINGTON (AP) — President Joe Biden has an opportunity to reset climate policy after a federal judge rejected an administration plan to lease millions of acres in the Gulf of Mexico for offshore oil drilling. A judge rejected the drilling plan on Thursday evening, saying the Interior Department had not given sufficient consideration to the effect of the proposed drilling on emissions of global warming greenhouse gases. Environmentalists say the lease sale should not have been done in the first place and goes against Biden’s campaign promise to stop new oil and gas leases on federal lands and water. The court’s decision came on the one-year anniversary of a federal moratorium on leases that Biden ordered as part of his efforts to fight climate change. ___

FAA allows Verizon and AT&T to turn on more 5G cell towers

WASHINGTON (AP) — Concerns about new high-speed wireless service interfering with airplanes appear to be easing. Federal security regulators said Friday they have paved the way for Verizon and AT&T to turn on more 5G towers. The Federal Aviation Administration says the move is possible because telecommunications companies provide more information about the location of their wireless transmitters. Aviation groups and the FAA had warned that 5G service could interfere with aircraft because it uses part of the radio spectrum close to that used by aircraft radio altimeters. Altimeters measure the height of aircraft above the ground, and they are crucial for landing when visibility is poor due to bad weather.

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Hewlett Packard Enterprise wins $5 billion fraud case against UK tycoon

LONDON (AP) — Tech giant Hewlett Packard Enterprise has won a multibillion-dollar lawsuit against a British businessman accused of fraud after buying its software company Autonomy a decade ago. The UK High Court ruling also removes a hurdle to the possible extradition to the US of Autonomy founder, British entrepreneur Michael Lynch. Hewlett Packard bought Autonomy for $11 billion in 2011, but was forced to write off most of its value the following year, in a corporate debacle that sparked a boardroom shakeup at the company. printer and computer manufacturer. A High Court judge presented a summary of his findings in court, saying HP had “substantially won” his claim.

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Ohio lured Intel’s chip factory with $2 billion incentive package

COLUMBUS, Ohio (AP) — Ohio’s price to land Intel’s new computer chip manufacturing facility is about $2 billion. The state’s director of development said Friday that the combination of tax breaks and incentives was likely the largest Ohio has ever offered. State officials say the deal is worth it. Intel announced last week that it would spend $20 billion to create a new technology hub in the Midwest. Intel’s CEO said the total investment could exceed $100 billion over the next decade and his new facility could become one of the largest chip manufacturing sites in the world.

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After huge pandemic losses, governments see rapid rebound

NEW YORK (AP) — State and local governments reported more than $117 billion in lost revenue in the first year of the coronavirus pandemic. That’s according to an Associated Press analysis of newly available data. But these shortcomings turned out to be less serious than initially feared. Many of those same governments are now inundated with record amounts of money. In response to this dramatic turnaround, governors, legislators and local officials proposed increased spending along with a new wave of tax cuts. The AP calculated estimated revenue loss figures for 2020 by reviewing thousands of reports filed with the Treasury Department by states, counties and major cities.

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In a blow for telecoms, California’s net neutrality law confirmed

SAN FRANCISCO (AP) — A federal appeals court has upheld California’s net neutrality law, rejecting an attempt by telecommunications groups to block it from going into effect. The 9th Circuit Court of Appeals upheld an earlier ruling, meaning the status quo stands and the state can continue to enforce the law. This means California can enforce its ban on ISPs slowing down or blocking access to websites and apps that don’t pay for a premium service. On Friday, net neutrality supporters cheered the decision, but called for federal net neutrality laws. But with Congress divided, such legislation may not garner enough support to pass.

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The S&P 500 rose 105.34 points, or 2.4%, to 4,431.85. The Dow Jones Industrial Average gained 564.69 points, or 1.7%, to 34,725.47. The Nasdaq added 417.79 points, or 3.1%, to 13,770.57. The Russell 2000 Small Business Index rose 37.22 points, or 1.9%, to 1,968.51.

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