Bitcoin has topped $87,000 for a new record high. What to know about crypto's post-election rally
NEW YORK (AP) -- As money continues to pour into crypto following Donald Trump's election victory, bitcoin has climbed to yet another record high. The world's largest cryptocurrency topped $87,000 for the first time on Monday. That's part of a rally seen across cryptocurrencies and crypto-related investments since Trump won the U.S. presidential election last week. Analysts credit much of the recent gains to an anticipated "crypto-friendly" nature of the incoming administration, which could translate into more regulatory clarity but also leeway. Still, as with everything in the volatile cryptoverse, the future is hard to predict -- and some experts continue to stress investment risks.
Elon Musk's PAC spent an estimated $200 million to help elect Trump, AP source says
WASHINGTON (AP) -- Elon Musk's super PAC spent around $200 million to help elect Donald Trump. Most of that money came from Musk himself. That's according to a person familiar with the group's spending who wasn't authorized to disclose the figure publicly and spoke on condition of anonymity. Musk's efforts set a new standard for how billionaires can influence elections. America PAC's work was aided by a March ruling from the Federal Election Commission that paved the way for super PACs to coordinate their canvassing efforts with campaigns. That allowed the Trump campaign to rely on the near-unlimited money of the nation's most high-profile billionaire to boost turnout in deep-red parts of the country.
Stock market today: Wall Street rolls higher as bitcoin bursts above $87,000
NEW YORK (AP) -- Most U.S. stocks rose on Wall Street, but drops for Nvidia and some other heavyweight Big Tech companies kept indexes in check. The S&P 500 added 0.1% Monday, coming off last week's spurt spurred by Donald Trump's presidential victory and the Federal Reserve's cut to interest rates. The Dow Jones Industrial Average rose 0.7%, and the Nasdaq composite edged up 0.1%. Elon Musk's Tesla was the strongest single force pushing the S&P 500 higher. Bank stocks and other popular Trump trades also led the market. Bitcoin's price topped $87,000 for the first time. Bond trading was closed for Veterans Day.
Singles' Day shopping festival loses its shine under China's lagging economy
HONG KONG (AP) -- The Singles' Day shopping festival looks less attractive this year amid a sluggish economy, forcing e-commerce firms to look abroad for growth. Online service provider and e-commerce platform Alibaba started the now-famous event on Nov. 11, 2009, offering attractive discounts to entice shoppers to spend more. The extravaganza, also known as "Double 11," has since expanded to other platforms and countries. But consumers in China are no longer going all out on spending sprees as a real estate crisis and deflationary pressures drag down China's domestic economy. The festival has long been regarded as a barometer of consumer sentiment.
Vatican, Microsoft create AI-generated St. Peter's Basilica to allow virtual visits, log damage
VATICAN CITY (AP) -- A digital twin of St. Peter's Basilica has been created using artificial intelligence to explore one of the world's most important monument's. The new digital platform -- a collaboration between the Vatican and Microsoft -- will help the Holy See to manage visitor flows and identify conservation problems, such as cracks and fissures invisible to the naked eye. Some 400,000 high-resolution digital photographs were taken with drones and other cameras over four weeks when no one was in the world-famous basilica. Microsoft president Brad Smith said creating an exact digital replica had been one of the most technologically advanced and sophisticated projects of its kind.
Carvana CEO says price declines and interest rate cuts should make used vehicles more affordable
DETROIT (AP) -- Since it started selling cars in 2013, Carvana has disrupted the U.S. used vehicle market with no-haggle pricing and an online buying process that cuts out the often-dreaded salesman. The Tempe, Arizona, company took advantage of many buyers' fear of negotiating with a dealer, letting them purchase vehicles via computer and have them delivered to their homes. CEO and co-founder Ernie Garcia says the company has lower costs than conventional dealerships because it doesn't have expensive real estate across the nation. It does have 17 centers nationwide where used vehicles are reconditioned before sale. So far the company has sold about 2 million vehicles, with sales now running at a rate of 400,000 per year.
US regulators investigating whether engines on 1.4 million Hondas might fail
DETROIT (AP) -- U.S. auto safety regulators are investigating complaints that engines can fail on as many as 1.4 million Honda and Acura vehicles. The probe by the National Highway Traffic Safety Administration covers the 2016 through 2020 Honda Pilot and Acura MDX, as well as the 2018 through 2020 Honda Odyssey and Acura TLX. Also included is the 2017 through 2019 Honda Ridgeline. The agency says connecting rod bearings on vehicles with 3.5-liter V6 engines can fail, leading to complete engine failure. Honda recalled about 250,000 vehicles in 2023 to fix the same problem. But the agency says it has 173 complaints from owners who reported bearing failures, yet their vehicles weren't included in the recall. Honda said it will cooperate with NHTSA on the investigation.
Veterans face challenges starting small businesses but there are plenty of resources to help
NEW YORK (AP) -- Many veterans who've started small businesses tell a similar story: Their military service prepared them mentally for the task, but they were at a disadvantage when it came to the financial part. "Vetrepreneurs" - veterans that start small businesses -- own nearly 2 million small businesses that employ 5.5 million people in the U.S., according to the Small Business Administration. They take in about $1.3 trillion in revenue annually. Their numbers have shrunk, however, as the veteran population has aged. In a 2023 report, the SBA found veteran ownership declined from 11% of businesses in 2014 to 8.1% in 2020.
US top climate negotiator: 'We won't revert back' as Trump prepares to take over
BAKU, Azerbaijan (AP) -- At the U.N. climate talks, U.S. Climate Adviser John Podesta said that Trump will likely pull America out of the landmark Paris Agreement and try to roll back many of the Biden Administration's signature climate moves, including the 2022 Inflation Reduction Act that included $375 billion in climate spending. But in a press conference Monday, Podesta also struck a defiant tone. He said the transition to clean energy would continue, regardless of what Trump did. Podesta also said he was participating in negotiations at the climate conference, called COP29, taking place in Baku, Azerbaijan.
Southwest is offering buyouts to airport workers and blaming Boeing for the job cuts
DALLAS (AP) -- Southwest Airlines is offering buyouts to ground workers at many of its airports, and it's blaming Boeing for the reductions. Southwest said Monday that it will offer buyouts and extended leaves of absence to avoid what it calls "overstaffing in certain locations." Southwest is getting fewer new planes than it expected from Boeing because of the manufacturer's own problems. Southwest wants to reduce the number of baggage handlers, customer-service agents and other ground-operations employees. Southwest started the year with about 75,000 employees, and hopes to cut that by 2,000 by year end.