By Robert SnellThe Detroit NewsFormer Taylor Mayor Rick Sollars wants to serve a federal sentence for corruption in his $369,000 home where a crooked city contractor installed new hardwood floors, a garage door, stainless steel kitchen appliances, a washer and dryer, a new front door and more.The request comes as Sollars tries to avoid being sent to prison next month for orchestrating one of the largest public corruption scandals in the last decade in Metro Detroit. Sollars and three other people — including his top aide, former Taylor Community Development Manager Jeffrey Baum — have been convicted of crimes and face a…
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S&P 500, Dow Jones Hit Record Highs: Magnificent 7 Add $400 Billion After Fed’s Historic Interest Rate CutBulls are stampeding across Wall Street on Thursday in the wake of the Federal Reserve’s decision to cut interest rates for the first time in over four years.The central bank’s bold move, a 50-basis-point cut, caught analysts off guard and sent the U.S. stock market to fresh record highs at the opening of Thursday’s session.The S&P 500 soared to a new all-time high, reaching 5,700 points. Similarly, the Dow Jones Industrial Average climbed to an unprecedented 42,000 points.In the first 30 minutes of…
European stocks closed on a strong note on Thursday with investors cheering the Federal Reserve’s decision to cut interest rates by 50 basis points and its forecast for more reductions in future.Investors also digested the Bank of England’s widely anticipated move to hold interest rates unchanged. The BoE signaled a gradual approach to monetary easing in coming decisions. The central bank also extended its bond reduction plan for another one year.BoE’s Monetary Policy Committee headed by Andrew Bailey voted by a majority of 8-1 to hold the Bank Rate at 5%. At the August meeting, the MPC had voted in…
Artificial intelligence (AI) stocks were soaring today in response to the Federal Reserve’s decision yesterday to cut the benchmark interest rates by 50 basis points.The federal funds rate is now 4.75%-5%, and the central bank signaled that it would cut rates twice more, by 25 basis points each time, before the end of the year.While stocks were volatile after the announcement yesterday, investors gave the news a full-throated cheer this morning, with major stock market indexes up sharply. The S&P 500 was up 1.5% and the Nasdaq up 2.3% as of 10:09 a.m. ET. Growth stocks and those dependent on…
WICHITA, Kan. (KSNW) — Textron Aviation sent its “best and final” contract offer to the Machinists union ahead of Saturday’s contract and strike votes.The current contract expires at 11:59 p.m. Sunday, and the company and the International Association of Machinists Local Lodge 774 have been negotiating a new contract for over a month.Late Wednesday, the company presented its final contract offer. Some of the key points are:A 26% general wage increase over the life of the contract:11% effective immediately upon ratification of the contract,4% on Sept. 21, 2025,5% on Sept. 20, 2026, and6% on Sept. 19, 2027.The wage increase is…
Partner/Managing Director, NewEdge Wealth. getty I believe we’re either on the brink of, or in the midst of, one of the most significant secular bull markets in history. This period of economic growth and rising asset prices has also come with dramatic shifts in interest rates. The way companies obtain funding has completely shifted and we’re seeing the rise of private credit as a result. By adapting their strategies to the changes in the market, investors can build portfolios that thrive. Understanding The Rise Of Private Credit The low interest rates of the past decade provided cheap financing for companies…
Things are rarely quiet in Los Angeles. But that’s been the reality for this USC team, which will charge into Ann Arbor this weekend looking for a 4-0 start and a second Top-25 win in September. Ranked just 23rd in the preseason AP Poll, there was barely any preseason hype. The Trojans were a distant 5th in Big Ten title odds. They have a relative unknown at quarterback — Miller Moss is the least-famous signal caller who has played for Lincoln Riley since he was East Carolina’s offensive coordinator in 2014. Riley earned his quiet year through some unfortunate decision-making…
If you’re like most Americans, you’ve probably accumulated your fair share of financial obligations throughout life, including credit card debt. Indeed, a recent survey reveals that 45% of US households carry a credit card balance from month to month, with older generations owing the highest debt — about $6,650 for boomers and a whopping $9,250 for Gen X.It’s natural to wonder what happens to credit card debt when you’re gone and how it might affect your loved ones afterward. While credit cards and other debts don’t disappear after you die, the good news is they typically don’t become your family’s…
In making its first interest rate cut in more than four years, the Federal Reserve went big — a decision that took some economists and policy experts by surprise, while also providing cheer to Wall Street and consumers eager for relief from high borrowing costs.The Federal Reserve on Wednesday lowered its benchmark rate by 0.50 percentage points, or double the more typical 0.25 percentage point cut. The moment marks a critical turning point in the Fed’s fight against the hottest inflation in 40 years, which resulted in a flurry of rate hikes that pushed the bank’s federal funds rate to its highest…
Stocks have moved sharply higher during trading on Thursday, with the major averages more than offsetting the losses posted in the previous session. With the strong upward move, the Dow and the S&P 500 have reached new record intraday highs.Currently, the major averages are off their highs of the session but still firmly positive. The Dow is up 406.78 points or 1.0 percent at 41,909.88, the Nasdaq is up 443.22 points or 2.5 percent at 18,016.52 and the S&P 500 is up 89.99 points or 1.6 percent at 5,708.25.The rally on Wall Street comes as traders continue to digest the…