Tuesday, November 24, 2020 5:23 PM EST
By The Associated Press, AP
NEW YORK (AP) — The Dow broke through 30,000 points Tuesday as investors were encouraged by the latest progress on developing coronavirus vaccines and news that the transition of power to President-elect Joe Biden will finally begin. Traders were also encouraged to see that Biden had selected Janet Yellen, a widely respected former Federal Reserve chair, as treasury secretary. The Dow rose 454 points, or 1.5%, to close at 30,046. The S&P, which has a far greater impact on 401(k) accounts than the Dow does, rose 1.6% to its own record high. Treasury yields rose as investors became more optimistic about the economy.
UNDATED (AP) — With coronavirus cases spiking in the U.S. and Europe, the financial outlook of the world’s airlines is getting worse. The International Air Transport Association said Tuesday that around the world, airlines will lose more than $157 billion this year and next. That’s worse than the group was predicting back in June. It’s because fewer people are flying due to travel restrictions like quarantine requirements.
LOS ANGELES (AP) — A California judge has rejected a request from a restaurant industry group to block the nation’s most populous county from reinstating a ban on outdoor dining, a plan the group said would devastate businesses and workers. The California Restaurant Association asked a Los Angeles judge to block the order until county health officials provide medical or scientific evidence that it poses an unreasonable risk to public health. The order would restrict restaurants, bars and others to takeout and delivery.
BOSTON (AP) — Home Depot has reached a $17.5 million settlement with the attorney generals of most U.S. states over a 2014 data breach in which the payment card information of some 40 million customers was exposed. The Massachusetts Attorney General’s office detailed the settlement in a statement Tuesday. In the breach, cybercriminals hacked into Home Depot’s self-checkout point-of-sale systems. They installed malware that harvested the customer data from April through September 2014.
CINCINNATI (AP) — A former Cincinnati city council member has been sentenced to 18 months in prison after pleading guilty to a federal charge resulting from corruption investigations that have left two other council members facing charges. U.S. District Judge Susan Dlott ruled Tuesday that Tamaya Dennard will begin serving her sentence next year. Dlott called the case “a real tragedy,” saying the 41-year-old woman had done a lot of good. Dennard pleaded guilty earlier this year to a wire fraud-related count alleging vote-selling. Dennard had asked for home incarceration, telling the court she resigned from council and took responsibility for her actions.