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Wall Street’s AI frenzy and bank profits send stocks higher

NEW YORK (AP) — Wall Street’s growing frenzy around artificial intelligence pushed stocks toward their best level in more than 15 months on Tuesday, along with stronger-than-expected profit reports from several big financial companies. The S&P 500 was 0.7% higher in afternoon trading and on pace for its highest finish since early April 2022. The Dow Jones Industrial Average was up 353 points, or 1%, to 34,939 with roughly an hour remaining in trading, and the Nasdaq composite was 0.9% higher. Microsoft alone was responsible for roughly half the S&P 500’s gain. It jumped 5.3% ...

Grants from tech billionaire to speed up science research

By EDEN STIFFMAN The Chronicle of Philanthropy Patrick Collison, the now 34-year-old billionaire CEO of the online payments company Stripe, and economist Tyler Cowen worried scientific progress seemed to be slowing down. They wanted to chage that. Collison and his brother, John — a Stripe co-founder — contributed and along with Cowen raised more than $50 million from some of the biggest names in tech: Jack Dorsey, Elon Musk, and Peter Thiel. Mark Zuckerberg and Priscilla Chan and former Google CEO Eric Schmidt and his wife, Wendy. Fast Grants is one of many science improvement ...

Bank of America, Novartis rise; Masimo falls, Tuesday, 7/18/2023

NEW YORK (AP) — Stocks that are trading heavily or have substantial price changes on Tuesday. Bank of America Corp. (BAC), up $1.34 to $30.74. The bank reported strong second-quarter financial results. Synchrony Financial (SYF), up 66 cents to $36.17. The consumer credit company beat Wall Street’s second-quarter earnings and revenue forecasts. Novartis AG (NVS), up $4.58 to $103.52. The drugmaker reported strong second-quarter financial results. Masimo Corp. (MASI), down $29.09 to $118.07. The medical technology company gave investors a disappointing financial ...

Wall Street edges higher as earnings season ramps up

NEW YORK (AP) — Wall Street is edging higher Monday ahead of a week full of updates about where profits for big U.S. companies are heading. The S&P 500 was up 0.4% in afternoon trading, coming off its seventh winning week in the last nine. The Dow Jones Industrial Average was up 82 points, or 0.2%, at 34,592, as of 2:23 p.m. Eastern time, and the Nasdaq composite was 0.9% higher. Stocks elsewhere around the world slipped after China reported weaker economic growth for the spring than economists expected. Its recovery following the removal of anti-COVID restrictions has fallen short ...

BridgeBio, Sony rise; Rivian, Ford fall, Monday, 7/17/2023

NEW YORK (AP) — Stocks that are trading heavily or have substantial price changes on Monday. Tesla Inc. (TSLA), up $7.09 to $288.47. Elon Musk’s ballyhooed Cybertruck rolled off the assembly line nearly two years behind the original schedule. BridgeBio Pharma Inc. (BBIO), up $14.48 to $32.70. The drug developer gave investors an encouraging update on a potential heart disease treatment. Travere Therapeutics Inc. (TVTX), up 1 cent to $15.32. The biopharmaceutical company is selling several liver disease drugs to Mirium Pharmaceuticals. Sony Group Corp. (SONY), up ...

Russia has halted a wartime deal allowing Ukraine to ship grain

LONDON (AP) — Russia halted a breakthrough wartime deal on Monday that allows grain to flow from Ukraine to countries in Africa, the Middle East and Asia where hunger is a growing threat and high food prices have pushed more people into poverty. Kremlin spokesman Dmitry Peskov said Russia would suspend the Black Sea Grain Initiative until its demands to get its own food and fertilizer to the world are met. While Russia has complained that restrictions on shipping and insurance have hampered its agricultural exports, it has shipped record amounts of wheat. “When the part of the ...