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Bank stocks plunge and gold rises as Wall Street shakes

Published Mon, 24 Feb 2025 14:43:24 GMT

By STAN CHOE (AP Business Writer)NEW YORK (AP) — Fear is gripping Wall Street about what’s next to topple following the second- and third-largest bank failures in U.S. history, and stocks are falling Monday as investors scramble to find someplace safe to park their money.The S&P 500 was 1.1% lower in early trading, with the heaviest losses coming from banks. Investors are worried that a relentless rise in interest rates meant to get inflation under control are approaching a tipping point and may be cracking the banking system and broader economy. The U.S. government announced a plan late Sunday meant to shore up the banking industry following the collapses of Silicon Valley Bank and Signature Bank since Friday. The most pressure is on the regional banks one or two steps below in size of the massive, “too-big-to-fail” banks that helped take down the economy during the 2008 financial crisis. Shares of First Republic plunged 66.9%, even after the bank said ...

Biden tells US to have confidence in banks after 2 collapse

Published Mon, 24 Feb 2025 14:43:24 GMT

By KEN SWEET, CHRISTOPHER RUGABER, CHRIS MEGERIAN and CATHY BUSSEWITZ (Associated Press)NEW YORK (AP) — President Joe Biden on Monday told Americans the nation’s financial systems were safe, seeking to project calm following the swift and stunning collapse of two banks that prompted fears of a broader upheaval.“Your deposits will be there when you need them,” he said.U.S. regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run, where depositors rushed to withdraw their funds all at once. It is the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual. But the financial bloodletting was swift; New York-based Signature Bank also failed. The president, speaking from the White House shortly before a trip to the West Coast, said he’d seek to hold those responsible accountable, and pressed for better oversight and regulation of larger banks. And he promised no losses would be bor...

Omer Yurtseven’s time has come again with Heat, as he again seeks to seize moment

Published Mon, 24 Feb 2025 14:43:24 GMT

For two seasons, his only two NBA seasons, there seemingly always has been a reason from the Miami Heat not to play Omer Yurtseven.The exception was when starting center Bam Adebayo tore the ulnar collateral ligament in his right thumb last season and was sidelined seven weeks.That also was when Yurtseven was exceptional, loading up on double-doubles and setting Heat rookie records for scoring and rebounding in the process.Otherwise, there was the Heat’s ability last season to go undersized with P.J. Tucker in the middle.The veteran presence of Dewayne Dedmon the past two seasons.The emergence this season of two-way player Orlando Robinson.And, then, the addition of veteran big man Cody Zeller last month at the buyout deadline.But as Yurtseven worked his way back from November ankle surgery, the landscape already was changing.Tucker already had been lost to the Philadelphia 76ers in free agency last summer.Dedmon was struggling with his play and a foot injury to the degree tha...

Chicago Bears’ free-agency news: Cornerback Josh Blackwell and long snapper Patrick Scales will return

Published Mon, 24 Feb 2025 14:43:24 GMT

In his second offseason with the Chicago Bears, general manager Ryan Poles has plenty of salary-cap space to rework a roster that finished 3-14 in 2022.As the NFL’s new league year approaches, allowing free agents to begin signing with new teams, the Tribune will track all of the Bears’ arrivals and departures and provide insight into what they mean.The free-agency negotiation window will open across the league at 11 a.m. Monday. Unrestricted free agents can finalize deals when the new league year begins at 3 p.m. Wednesday.Here’s the latest.The free-agent negotiating window opens today. Where will GM Ryan Poles and the Bears turn their attention first?What headline-grabbing move is next? 5 Bears questions before free agency.Column: Ryan Poles checked a big box on the Bears’ offseason list with his bold trade. Now comes the hard part.Bears trade the No. 1 pick in the 2023 NFL draft to the Panthers. Here’s what they got in return.FridayCornerback Josh Bl...

The free-agent negotiating window opens today. Where will GM Ryan Poles and the Chicago Bears turn their attention first?

Published Mon, 24 Feb 2025 14:43:24 GMT

Ryan Poles came away with a plug-and-play wide receiver in D.J. Moore — who is instantly the Chicago Bears’ top target in the passing game — in his blockbuster trade of the No. 1 draft pick Friday.Poles also added a second-round pick this year and future draft capital for sliding back to No. 9 in the deal he struck with the Carolina Panthers. The trade will become official after the new league year begins at 3 p.m. Wednesday.Now attention turns to how Poles can begin to assemble the roster in free agency, in which the Bears general manager was a bargain shopper a year ago.Poles has stressed repeatedly that he believes in building through the draft. He also has talked about seeing the process through with Justin Fields, and after providing the quarterback with a No. 1 receiver, now he has a chance to turn his attention to the offensive line. If the Bears can improve the talent around Fields, they can raise their expectations for the quarterback in Year 3.The defensi...

T tells riders, plan on slow going

Published Mon, 24 Feb 2025 14:43:24 GMT

The MBTA is telling riders to build in extra time to their commute on the red, Orange, Blue, Green and Mattapan lines as track engineers continue a set of inspections launched last week.“MBTA crews remain in the field verifying that speeds are appropriate for sections of track identified by recent geometry car testing that may require mitigation,” the agency said in an alert Sunday night.The track inspections come after a site visit by the state’s Department of Public Utilities last week.The T initially on Thursday implemented a set of global speed restrictions of 10-25 mph system wide.“We understand that riders are frustrated, and we thank them for their patience as we work hard to deliver the reliable system they expect and deserve,” said MBTA Interim General Manager Jeffrey Gonneville. “The decision to implement these speed restrictions was taken because the safety of our riders and employees is a top priority. We will continue to keep riders updated as we develop a timeline for ...

Fear grips financial markets following US bank failures

Published Mon, 24 Feb 2025 14:43:24 GMT

NEW YORK (AP) — Fear is gripping Wall Street about what’s next to topple following the second- and third-largest bank failures in U.S. history in recent days. Stocks are falling early Monday and Treasury yields are falling sharply as investors scramble to find someplace safe to park their money. The S&P 500 was 1% lower, with the heaviest losses coming from banks. Investors are worried that a relentless rise in interest rates meant to get inflation under control have hit a tipping point and are cracking the banking system and broader economy. U.S. regulators announced a plan late Sunday meant to shore up the banking industry. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.Bank stocks sagged and U.S. stock futures were mixed Monday ahead of the market’s open in New York, shaken by worries the biggest U.S. bank failure in nearly 15 years might have ripple effects around the world.Futures for the Dow Jones industrials fell 0.7% before the bell, while futures...

AP sources: Biden OKs huge Willow oil project in Alaska

Published Mon, 24 Feb 2025 14:43:24 GMT

WASHINGTON (AP) — The Biden administration is approving the controversial major Willow oil project on Alaska’s petroleum-rich North Slope, according to two people familiar with the decision.The decision being announced Monday is one of President Joe Biden’s most consequential climate choices and is likely to draw condemnation from environmentalists who say it flies in the face of the Democratic president’s pledges.Biden’s plan would allow three drill sites initially, the sources said, which project developer ConocoPhillips has said would include about 219 total wells. The company has said it considers that option workable. ConocoPhillips will relinquish rights to about 68,000 acres of existing leases in the National Petroleum Reserve-Alaska, two of the sources said.The sources have direct knowledge of the administration’s plan but did not want to be identified before an official announcement. Climate activists have been outraged that Biden appeared open to greenlig...

Calm after quake: Greek PM says tension with Turkey easing

Published Mon, 24 Feb 2025 14:43:24 GMT

Greece’s prime minister Monday said a massive earthquake in Turkey and deadly rail disaster in northern Greece have helped de-escalate tension between the two neighbors, driven by a popular feeling of solidarity.The devastating Feb. 6 quake in southern Turkey killed some 50,000 people in the country and neighboring Syria. It was followed three weeks later by a head-on rail collision in Greece which left 57 dead and has halted train services so far this month.“After a long period of unacceptable provocations, a long period of aggressive behavior, today we are experiencing … a de-escalation and a more positive attitude and behavior,” Greek Prime Minister Kyriakos Mitsotakis said.NATO members Greece and Turkey both face national elections before the summer, leading many allies to warn of a further escalation over long-standing disputes that include sea boundaries and drilling rights in the eastern Mediterranean.But an outpouring of sympathy in Greece for the victims of the earthq...

Household debt-to-income ratio edges lower as interest payments expand

Published Mon, 24 Feb 2025 14:43:24 GMT

OTTAWA — Statistics Canada says the ratio of household debt to disposable income improved in the fourth quarter as gains in disposable income offset an uptick in credit market debt.The federal agency says on a seasonally adjusted basis household credit market debt as a proportion of household disposable income edged down to 180.5 per cent in the fourth quarter, compared with 184.3 per cent in the third quarter.The reading means there was $1.81 in credit market debt for every dollar of household disposable income. The improvement in the fourth quarter came as household disposable income increased three per cent while household credit market debt edged up 0.8 per cent. The household debt service ratio, measured as total obligated payments of principal and interest on credit market debt as a proportion of household disposable income, rose slightly to 14.33 per cent in the fourth quarter of 2022 compared with 14.24 per cent in the third quarter.The latest national balance sheet figures ...