NYT Rises 2.8% After Suing AI Companies

Dow hits another record high
By Newser Editors and Wire Services
Posted Dec 27, 2023 3:49 PM CST
Markets on Course for Hefty Annual Gains
People walk past the New York Stock Exchange, Monday, Dec. 11, 2023.   (AP Photo/Yuki Iwamura)

Wall Street drifted to a slightly higher close Wednesday as trading remained light on this holiday-shortened week.

  • The S&P 500 rose 6.83 points, or 0.1%, to 4,781.58 .
  • The Dow Jones Industrial Average rose 111.19 points, or 0.3%, to a record high of 37,656.52.
  • The Nasdaq composite rose 24.60 points, or 0.2%, to 15,099.18.
Markets are holding on to modest gains for the week so far, and the S&P 500 is coming off its eighth straight winning week, the AP reports. With just two more trading days left in the year, major indexes are on track to post hefty annual gains. The S&P 500 is up more than 24% for the year, while the Nasdaq, which is heavily weighted with technology companies, is up 44%.

Losses for some big technology companies weighed down the broader market. Microsoft fell 0.2% and Google's parent company, Alphabet, slipped 0.8%. A mix of retailers and auto-related companies were among the biggest gainers. Tesla jumped 1.9%. Several biotechnology companies made big moves after giving investors updates on drug development. Cytokinetics surged 82.6% on an encouraging study update for a potential heart condition treatment. Iovance Biotherapeutics shed 21.8% after pausing a study on a potential lung cancer treatment because of a possible safety issue. The New York Times rose 2.8% after filing a federal lawsuit against OpenAI and Microsoft, seeking to end the practice of using its stories to train chatbots.

The final week of 2023 lacks any big economic updates. Overall, investors have been encouraged by reports showing inflation is on the decline even as the economy appears stronger than expected. The Federal Reserve is walking a tightrope, seeking to slow the economy enough through high interest rates to cool inflation, but not so much that it tips the nation into recession. Inflation slowed to a rate of 2.6% in November, according to a measure closely followed by the Fed. That's down from 7.1% in the middle of 2022 and edging closer to the central bank's target of 2% inflation. (More stock market stories.)

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