NPR News: 12-18-2024 4PM EST

Summary

NPR News Now: December 18, 2024, 4 PM EST

Host: Lakshmi Singh
Producer: NPR

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1. Stock Market Continues Downward Trend

Dow Jones Industrial Average Hits 10-Day Losing Streak

In today’s financial news, the Dow Jones Industrial Average extended its losing streak to ten consecutive days, a decline not seen since 1974. The index fell by more than 1,123 points, closing at 42,326, representing a drop of over 2.5%. This marks the Dow's most significant downturn in decades, signaling potential concerns in the market.

S&P 500 and Other Indices Also Decline

The S&P 500 mirrored this negative trend, closing nearly 3% lower. These declines come amid uncertainties in economic policies and global market pressures, creating a turbulent environment for investors.

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2. Federal Reserve Adjusts Interest Rate Strategy

Third Rate Cut Since September Amid Persistent Inflation

Scott Horsley reports that the Federal Reserve has implemented its third rate cut since September, reducing borrowing costs by a quarter percentage point. Despite these cuts, inflation remains stubbornly above the Fed's 2% target, prompting policymakers to exercise caution regarding further reductions in the upcoming year.

"With stubborn inflation still hovering above the Fed's target of 2%, policymakers may be cautious about additional rate cuts in the new year."
— Scott Horsley [00:58]

Revised Forecasts for 2025 Rate Cuts

The Fed's latest forecasts indicate an average expectation among committee members for a total rate reduction of half a percentage point in 2025, a decrease from the full one-point drop projected in September. This adjustment reflects confidence in the resilience of the economy and the job market despite high borrowing costs.

"Fed officials feel like they can afford to move cautiously since the overall economy and the job market have held up well in the face of high borrow cost."
— Scott Horsley [00:58]

External Economic Concerns

Economists caution that potential policies from the incoming Trump administration, including tariffs and mass deportations, could complicate efforts to control inflation, adding further uncertainty to economic forecasts.

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3. Former Congressman Matt Gaetz Responds to Ethics Investigation

Denial of Sexual Misconduct and Drug Use Allegations

Former Congressman Matt Gaetz is addressing reports that the House Ethics Committee is set to release findings from its investigation into allegations of sexual misconduct and illicit drug use. Gaetz has consistently denied these accusations, reiterating his stance on his X (formerly Twitter) account.

"He has consistently denied the accusations and did so again today on his X social media account."
— Lakshmi Singh [01:40]

Lack of Opportunity to Rebut

Gaetz claims he has not been given the opportunity to debate or rebut the allegations, maintaining his innocence against the committee's scrutiny.

"He also says he has been given no opportunity to debate or rebut the allegations."
— Lakshmi Singh [01:40]

Pending Report Release

As of now, NPR has not independently verified when the House Ethics Committee will release its report, leaving the situation unresolved.

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4. Lawsuit Accuses Elite Universities of Favoritism Towards Wealthy Applicants

Allegations of a "Price Fixing Cartel"

A group of former students has filed a lawsuit against elite universities, including the University of Pennsylvania, Georgetown, and Cornell, alleging that these institutions secretly favored applicants from affluent backgrounds. The lawsuit claims that over two decades, these universities engaged in discriminatory practices that disadvantaged students from less wealthy families.

Demand for $685 Million in Damages

The plaintiffs are seeking $685 million in damages, arguing that the schools violated laws by undermining the "need-blind" admissions process. They assert that admissions decisions were influenced by the potential for family donations, constituting a form of price fixing.

"The plaintiffs say the universities were meant to use a, quote, need blind approach to admissions and that favoring applicants because of their family's donation potential violates the law."
— Janaki Mehta [02:27]

Universities Deny Allegations

In response, the accused institutions have denied all allegations and are seeking to have the case dismissed, maintaining that their admissions processes are fair and merit-based.

"The schools deny the allegations and have attempted to get the case dismissed."
— Janaki Mehta [02:27]

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5. Supreme Court to Hear TikTok Ban Case

Constitutionality of Federal TikTok Ban Under Scrutiny

The U.S. Supreme Court is scheduled to hear arguments next month regarding the legality of a federal law that seeks to ban TikTok unless its Chinese parent company divests its ownership. National security agencies argue that TikTok poses risks by potentially allowing the Chinese government access to sensitive user data.

"US national security agencies say they believe the Chinese government could gain access to sensitive data through TikTok."
— Lakshmi Singh [03:02]

Tech Industry Pushback

Tech industry advocates counter these claims, labeling the national security concerns as exaggerated and argue that a ban could set a concerning precedent for digital platform regulations.

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6. Syrian Rebel Leader Calls for Dissolution of Factions

Ahmed al-Sharr: Post-Revolution Reorganization

Ahmed al-Sharr, the leader who spearheaded the revolt against Syrian dictator Bashar al-Assad, has called for the dissolution of all rebel factions. He insists that former fighters should integrate into the Ministry of Defense, aiming to unify military efforts under government control.

"Ahmed al Sharra says all fighters should join the Ministry of Defense."
— Lakshmi Singh [03:02]

Reactions from Islamist Rebel Group HTS

The Islamist rebel group Hayat Tahrir al-Sham (HTS) has released a statement addressing al-Sharr's remarks. The statement details discussions held during a meeting with the Druze minority community, highlighting the complexities of post-conflict restructuring in Syria.

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7. Navigating Grief During the Holiday Season

Personal Stories of Grieving

The holiday season, often depicted as a time of joy and celebration, can also be a period of profound sorrow for those who have lost loved ones. Windsor Johnston shares the story of Tony Filipone, who lost her partner Terry two years ago. She describes the holidays as "brutal then and are brutal now."

"Tony Filipone lost her partner, Terry, two years ago. She says the holidays were brutal then and are brutal now."
— Windsor Johnston [04:10]

Expert Advice on Supporting the Bereaved

Psychotherapist Lori Gottlieb offers insights into supporting individuals who are grieving during the holidays. She likens the experience to a "snow globe," where one's thoughts are unsettled and trying to process loss.

"It's like a snow globe. All your snow is shaking and all of the neural pathways and all of this stuff is like, still trying to collect all the data on what happened."
— Lori Gottlieb [04:18]

Gottlieb emphasizes the importance of simplicity in conversations with those who are grieving:

"I don't know what to say, but I'm thinking about you and I love you. How can I help?"
— Lori Gottlieb [04:35]

She advises that support can range from practical assistance, like running errands, to emotional support, such as sharing memories. The key takeaway is that there is no "right" way to grieve during the holidays; however, showing empathy and patience can significantly aid those who are mourning.

"Bottom line, there's no right or wrong way to grieve during the holidays, but empathy and patience can go a long way."
— Windsor Johnston [04:41]

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Conclusion

Today's episode of NPR News Now covered a broad spectrum of topics, from significant movements in the stock market and Federal Reserve policies to high-profile legal battles and personal stories of grief. The discussions provided listeners with a comprehensive overview of current events, expert opinions, and human interest stories, ensuring a well-rounded understanding of the day's news.

Transcript

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[Lakshmi Singh]

Live from NPR News in Washington, I'm Lakshmi Singh. The Dow's extending its losing streak to a 10th day for the first time since 1974. At last check, it has fallen more than 1,100 points, or more than 2.5%. It's at 42,326. This after the Federal Reserve signaled fewer rate cuts in 2025. For now, the Fed is delivering another break on borrowing costs. It ended its policymaking meeting today with another rate cut of a quarter percentage point. And NPR's Scott Horsley has more.

[Scott Horsley]

This was the central bank's third rate cut since September. But with stubborn inflation still hovering above the Fed's target of 2%, policymakers may be cautious about additional rate cuts in the new year. Forecasts released this afternoon show on average, members of the Fed's rate setting committee now expect rates to fall by another half percentage point in 2025, down from the full point drop they were projecting back in September. Fed officials feel like they can afford to move cautiously since the overall economy and the job market have held up well in the face of high borrow cost. Economists have also warned some of the policies of the incoming Trump administration, such as tariffs and mass deportation, could make it harder to bring inflation under control. Scott Horsley, NPR News, Washington.

[Lakshmi Singh]

Former Congressman Matt Gaetz is responding to reports that the House Ethics Committee is prepared to release the findings of its investigation into sexual misconduct and illicit drug use allegations. He has consistently denied the accusations and did so again today on his X social media account. He also says he has been given no opportunity debate or rebut the allegations. As a former member of the House, NPR has not independently confirmed if or when the ethics committee plans to release its report. A group of former students has accused elite universities of secretly favoring applicants who come from wealthy backgrounds. The lawsuit dates back two years, but a new motion was filed this week. NPR's Janaki Methup reports new details have.

[Janaki Mehta]

Emerged in an ongoing case that accuses schools of cheating students out of millions of dollars in financial a over two decades. The motion demands $685 million in damages and accuses elite universities, including University of Pennsylvania, Georgetown and Cornell of participating in, quote, a price fixing cartel. The plaintiffs say the universities were meant to use a, quote, need blind approach to admissions and that favoring applicants because of their family's donation potential violates the law. The schools deny the allegations and have attempted to get the case dismissed. Janaki Mehta, NPR News.

[Lakshmi Singh]

The Dow Jones industrial average has closed down 1123 points, or 2.5%, to end the day at 42326s and P is down nearly 3%. From Washington, this is NPR News. The U.S. supreme Court will hear arguments next month over the constitutionality of the federal law that would ban TikTok in the US unless its Chinese parent company sells it. US national security agencies say they believe the Chinese government could gain access to sensitive data through TikTok. Tech industry advocates say those concerns are overblown. The man who led the revolt that overthrew Syrian dictator Bashar al Assad says all rebel factions need to dissolve. Ahmed al Sharra says all fighters should join the Ministry of Defense. The Islamist rebel group HTS released a statement detailing its leader's remarks during a meeting with a minority Druze community. For many, the holiday season can be a time of happiness and Joy. But as NPR's Windsor Johnson reports, it can also be a difficult time of year for those who have lost loved ones.

[Windsor Johnston]

Tony Filipone lost her partner, Terry, two years ago. She says the holidays were brutal then and are brutal now.

[Lori Gottlieb]

It's like a snow globe. All your snow is shaking and all of the neural pathways and all of this stuff is like, still trying to collect all the data on what happened.

[Windsor Johnston]

Talking to someone who's grieving during the holiday can be hard. Psychotherapist Lori Gottlieb says it's about keeping it simple.

[Lori Gottlieb]

I don't know what to say, but I'm thinking about you and I love you. How can I help?

[Windsor Johnston]

Gottlieb says that can be anything from running an errand to sharing memories of the lost loved one. Bottom line, there's no right or wrong way to grieve during the holidays, but empathy and patience can go a long way. Windsor Johnston, NPR News.

[Lakshmi Singh]

This is npr.

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