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

Host: Lakshmi Singh
Producer: NPR

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.

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.

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.

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]

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.

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.

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]

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.