Business digest
Wall Street averages soars to records
NEW YORK — Wall Street romped to records as a delayed jubilation swept markets worldwide following the Federal Reserve's big cut to interest rates. The S&P 500 jumped 1.7% Thursday for one of its best days of the year and topped its last all-time high set in July. The Dow Jones Industrial Average leaped more than 500 points, or 1.3%, to beat its own record set on Monday, and the Nasdaq composite led the market with a 2.5% spurt. Treasury yields were mixed in the bond market as economic reports helped bolster hopes that the economy can avoid a recession with the help of lower rates.
Google execs' testimony contradict writings
ALEXANDRIA, Va. — The judge who will decide whether Google holds a monopoly over technology that matches buyers and sellers of online advertising must choose whether to believe what Google executives wrote or what they've said on the witness stand. The Justice Department is wrapping up its antitrust case against Google this week at a federal courtroom in Virginia. The government contends Google has built and maintained a monopoly on the technology used to buy and sell the ads that appear to consumers when they browse the web. Numerous current and former Google employees have testified. Government lawyers believe internal documents are damning to Google's case. Google employees have spent much time trying to explain away those documents.
Bank of England holds interest rate steady
LONDON — The Bank of England is keeping its main interest rate unchanged at 5% despite a big cut from the U.S. Federal Reserve, its first since the onset of the coronavirus pandemic more than four years ago. The decision Thursday was widely expected amid ongoing concerns about inflation within the bank's monetary policy committee, particularly the elevated levels in the crucial services sector, which accounts for around 80% of the British economy. New inflation figures this week show that inflation overall in the U.K. held steady at an annual rate of 2.2% in August, still above the bank's goal.
Apple begins testing AI software for iPhones
Apple is giving more people the chance to test a software update that will implant artificial intelligence into its virtual assistant Siri and automate a variety of tedious tasks on the latest iPhone coming out Friday. The free update was made available Thursday to an audience that has signed up to test Apple's software before it's released to all iPhone owners next month. As of Thursday, only two premium iPhones that came out last year have the souped-up processor needed for the new AI features, but that will change Friday when four new iPhone 16 models reach store shelves. All those iPhones are equipped to handle a technology being promoted as "Apple Intelligence."
NEW YORK — All of 23andMe's independent directors have resigned from its board in a rare move that marks the latest challenge for the genetic-testing company. The resignations follow drawn-out negotiations with 23andMe CEO and co-founder Anne Wojcicki who wants to take the company private. In a letter addressed to Wojcicki, the seven directors said they believed their departures were for the best due to disagreements over the future of the company. Wojcicki later said that she was surprised and disappointed by the resignations, but was committed to taking the company private.
From Gazette news services
