>>Dow Falls Over 11-Hundred Points After Rate Cut
(New York, NY) -- The Dow Jones fell over a thousand points Wednesday. At the closing bell, the Dow lost 11-hundred-23 points to 42-326. The S&P 500 lost 178 points to 58-72 and the Nasdaq fell over three-and-a-half-percent, dropping 716 points to 19-392. The Federal Reserve cut interest rates by a quarter point today, but investors turned sour when they learned the Fed would likely cut rates only twice in 2025. This is the Dow's worst losing streak since 1974 when it went through an 11-day slide.
>>White House Criticizes Trump And GOP For Sinking Funding Bill
(Washington, DC) -- The White House is criticizing President-elect Trump for sinking a bipartisan funding bill that would've prevented a government shut down. Although Congress announced they'd reached a deal earlier this week to keep the government open through March, Trump released a statement lambasting the bill, causing House Republicans to reject it. White House press secretary Karine Jean-Pierre said "Republicans need to stop playing politics with this bipartisan agreement or they will hurt hardworking Americans and create instability across the country." She added that a government shutdown will hurt farmers, veterans, and families, saying "A deal is a deal. Republicans should keep their word."
>>Amazon Strike Begins This Morning
(New York, NY) -- Amazon workers are going on strike. The Teamsters says workers will begin striking at Amazon facilities across the country starting this morning. The union says it's the largest strike against Amazon in U.S. history. Picket lines will be going up at Amazon facilities in New York City, Atlanta, San Francisco, the Chicago area and three locations in Southern California. They add that local unions will also be putting up picket lines at hundreds of Amazon Fulfillment Centers across the nation in the days before Christmas.
>>Fed Lowers Interest Rates Once Again
(Washington, DC) -- The Federal Reserve is lowering rates for a third time this year. It announced Wednesday it's cutting interest rates by quarter of a percentage point. It brings the Fed's benchmark short-term rate to a range of four-and-a-quarter percent to four-and-half percent. Fed officials began lowering rates this fall from a 23-year-high of five-and-half percent as inflation eased following the pandemic. Looking ahead, policymakers indicated that just two more rate cuts are likely in 2025.
>>SCOTUS To Hear Arguments Over TikTok Ban Law
(Washington, DC) -- The U.S. Supreme Court will hear arguments over a law that would ban TikTok. The law that requires ByteDance to sell the popular video sharing app or be banned is set to go into effect on January 19th. The company is asking the Supreme Court to block the law while it appeal's a lower-court ruling that upheld it. Oral arguments are set for January 10th. President-elect Trump has signaled he may intervene and stop the ban once he has been sworn back into office.
>>DOJ Sues CVS
(Washington, DC) -- The Department of Justice is accusing pharmacy chain CVS of illegally dispensing massive quantities of opioids in the name of profit over public safety. The lawsuit, filed Wednesday, says for more than a decade filled dubious prescriptions for controlled substances that had no real medical purpose. A CVS spokesperson denied the claims, calling the suit misguided and a dilemma for pharmacists who are already second-guessing about filling prescriptions for opioids.
>>Texas Sues 3M And DuPont Over PFAS
(Undated) -- Texas Attorney General Ken Paxton is suing 3M and DuPont. The suit accuses the companies of deceptively marketing products containing the toxic chemical PFAS. It has been used for decades as a nonstick, waterproof, and stain-resistant coating in products like 3M's Scotchgard and DuPont's Teflon. 3M is phasing out the use of PFAS in products by the end of 2025. It hasn't used PFAS in Scotchgard for years.
>>Senate Passes $845 Billion Defense Bill
(Washington, DC) -- An 845-billion-dollar defense bill is headed to President Biden's desk. The Senate passed the legislation in a 85-to-14 vote Wednesday. Some Democrats objected to a transgender care provision in the bill, leading them to vote against it. The provision bans some gender-affirming care for children of service members. Senate Majority Leader Chuck Schumer said the National Defense Authorization Act "is not perfect, but it still makes several important advances Democrats fought for to secure America's national defense."
