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NEW YORK (AP) — U.S. stocks rose Monday, with those benefiting the most from lower interest rates and a stronger economy leading the way. The S&P 500 climbed 0.3% to pull closer to its all-time high set two weeks ago. The Dow Jones Industrial Average added 440 points, or 1%, to its own record set on Friday, while the Nasdaq composite rose 0.3%. Treasury yields also eased in the bond market amid what some analysts called a “Bessent bounce” after President-elect Donald Trump said he wants Scott Bessent , a hedge fund manager, to be his Treasury Secretary. Bessent has argued for reducing the U.S. government’s deficit, which is how much more it spends than it takes in through taxes and other revenue. Such an approach could soothe worries on Wall Street that Trump’s policies may lead to a much bigger deficit, which in turn would put upward pressure on Treasury yields. After climbing above 4.44% immediately after Trump’s election, the yield on the 10-year Treasury fell back to 4.26% Monday, down from 4.41% late Friday. That’s a notable move, and lower yields make it cheaper for all kinds of companies and households to borrow money. They also give a boost to prices for stocks and other investments. That helped stocks of smaller companies lead the way, and the Russell 2000 index of smaller stocks jumped 1.5%. It finished just shy of its all-time high, which was set three years ago. Smaller companies can feel bigger boosts from lower borrowing costs because of the need for many to borrow to grow. The two-year Treasury yield, which more closely tracks the market’s expectations for what the Federal Reserve will do with overnight interest rates, also eased sharply. The Fed began cutting its main interest rate just a couple months ago from a two-decade high, hoping to keep the job market humming after bringing inflation nearly all the way down to its 2% target. But immediately after Trump’s victory, traders had reduced bets for how many cuts the Fed may deliver next year. They were worried Trump’s preference for lower tax rates and higher spending on the border would balloon the national debt. A report coming on Wednesday could influence how much the Fed may cut rates. Economists expect it to show that an underlying inflation trend the Fed prefers to use accelerated to 2.8% last month from 2.7% in September. Higher inflation would make the Fed more reluctant to cut rates as deeply or as quickly as it would otherwise. Goldman Sachs economist David Mericle expects that to slow by the end of next year to 2.4%, but he said inflation would be even lower if not for expected tariff increases on imports from China and autos favored by Trump. In the stock market, Bath & Body Works jumped 16.5% after delivering stronger profit for the latest quarter than analysts expected. The seller of personal care products and home fragrances also raised its financial forecasts for the full year, even though it still sees a “volatile retail environment” and a shorter holiday shopping season this year. Much focus has been on how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates. Last week, two major retailers sent mixed messages. Target tumbled after giving a dour forecast for the holiday shopping season. It followed Walmart , which gave a much more encouraging outlook. Another big retailer, Macy’s, said Monday its sales for the latest quarter were in line with its expectations, but it will delay the release of its full financial results. It found a single employee had intentionally hid up to $154 million in delivery expenses, and it needs more time to complete its investigation. Macy’s stock fell 2.2%. Among the market’s leaders were several companies related to the housing industry. Monday’s drop in Treasury yields could translate into easier mortgage rates, which could spur activity for housing. Builders FirstSource, a supplier or building materials, rose 5.9%. Homebuilders, D.R. Horton, PulteGroup and Lennar all rose at least 5.6%. All told, the S&P 500 rose 18.03 points to 5,987.37. The Dow Jones Industrial Average jumped 440.06 to 44,736.57, and the Nasdaq composite gained 51.18 to 19,054.84. In stock markets abroad, indexes moved modestly across much of Europe after finishing mixed in Asia. In the crypto market, bitcoin was trading below $95,000 after threatening to hit $100,000 late last week for the first time. AP Business Writer Elaine Kurtenbach contributed.

A 7-year-old rivalry between tech leaders Elon Musk and Sam Altman over who should run OpenAI and prevent an artificial intelligence "dictatorship" is now heading to a federal judge as Musk seeks to halt the ChatGPT maker's ongoing shift into a for-profit company. Musk, an early OpenAI investor and board member, sued the artificial intelligence company earlier this year alleging it had betrayed its founding aims as a nonprofit research lab benefiting the public good rather than pursuing profits. Musk has since escalated the dispute, adding new claims and asking for a court order that would stop OpenAI’s plans to convert itself into a for-profit business more fully. The world's richest man, whose companies include Tesla, SpaceX and social media platform X, last year started his own rival AI company, xAI. Musk says it faces unfair competition from OpenAI and its close business partner Microsoft, which has supplied the huge computing resources needed to build AI systems such as ChatGPT. “OpenAI and Microsoft together exploiting Musk’s donations so they can build a for-profit monopoly, one now specifically targeting xAI, is just too much,” says Musk's filing that alleges the companies are violating the terms of Musk’s foundational contributions to the charity. OpenAI is filing a response Friday opposing Musk’s requested order, saying it would cripple OpenAI’s business and mission to the advantage of Musk and his own AI company. A hearing is set for January before U.S. District Judge Yvonne Gonzalez Rogers in Oakland. At the heart of the dispute is a 2017 internal power struggle at the fledgling startup that led to Altman becoming OpenAI's CEO. Musk also sought to be CEO and in an email outlined a plan where he would “unequivocally have initial control of the company” but said that would be temporary. He grew frustrated after two other OpenAI co-founders said he would hold too much power as a major shareholder and chief executive if the startup succeeded in its goal to achieve better-than-human AI known as artificial general intelligence , or AGI. Musk has long voiced concerns about how advanced forms of AI could threaten humanity. “The current structure provides you with a path where you end up with unilateral absolute control over the AGI," said a 2017 email to Musk from co-founders Ilya Sutskever and Greg Brockman. “You stated that you don't want to control the final AGI, but during this negotiation, you've shown to us that absolute control is extremely important to you.” In the same email, titled “Honest Thoughts,” Sutskever and Brockman also voiced concerns about Altman's desire to be CEO and whether he was motivated by “political goals.” Altman eventually succeeded in becoming CEO, and has remained so except for a period last year when he was fired and then reinstated days later after the board that ousted him was replaced. OpenAI published the messages Friday in a blog post meant to show its side of the story, particularly Musk's early support for the idea of making OpenAI a for-profit business so it could raise money for the hardware and computer power that AI needs. It was Musk, through his wealth manager Jared Birchall, who first registered “Open Artificial Technologies Technologies, Inc.”, a public benefit corporation, in September 2017. Then came the “Honest Thoughts” email that Musk described as the “final straw.” “Either go do something on your own or continue with OpenAI as a nonprofit,” Musk wrote back. OpenAI said Musk later proposed merging the startup into Tesla before resigning as the co-chair of OpenAI's board in early 2018. Musk didn't immediately respond to emailed requests for comment sent to his companies Friday. Asked about his frayed relationship with Musk at a New York Times conference last week, Altman said he felt “tremendously sad” but also characterized Musk’s legal fight as one about business competition. “He’s a competitor and we’re doing well,” Altman said. He also said at the conference that he is “not that worried” about the Tesla CEO’s influence with President-elect Donald Trump. OpenAI said Friday that Altman plans to make a $1 million personal donation to Trump’s inauguration fund, joining a number of tech companies and executives who are working to improve their relationships with the incoming administration. —————————— The Associated Press and OpenAI have a licensing and technology agreement allowing OpenAI access to part of the AP’s text archives.NEW YORK (AP) — U.S. stocks rose Monday, with those benefiting the most from lower interest rates and a stronger economy leading the way. The S&P 500 climbed 0.3% to pull closer to its all-time high set two weeks ago. The Dow Jones Industrial Average added 440 points, or 1%, to its own record set on Friday, while the Nasdaq composite rose 0.3%. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.

The investigation stems from concerns that Google may have engaged in unfair practices that could stifle competition in the online advertising industry. Google's dominating position in the digital advertising market has long been a point of contention, with many rival companies and advocacy groups accusing the tech giant of abusing its power to maintain a stranglehold on the industry.

Parallel signals of democracy and dictatorship

Sharks make roster moves ahead of game vs. L.A. Kings

Jessica Tisch, whose public service spans three mayoral administrations, took the oath of office Monday, becoming the fourth NYPD commissioner to serve under Mayor Eric Adams. Adams called Tisch a "battle-tested leader." Until last week, she served as head of the city Sanitation Department, leading Adams’s “war on rats” and his “trash revolution,” using the agency to implement curbside composting and clean up city streets. Sanitation's First Deputy Commissioner Javier Lojan will take the helm of that agency, department spokesperson Josh Goodman said. She takes the helm of the country’s largest police force at a difficult moment. She will succeed interim Police Commissioner Thomas Donlon, a former FBI agent whose home was raided by the FBI soon after his appointment. Donlon’s predecessor, Edward Caban, stepped down amid an FBI investigation. Adams’s first commissioner, Keechant Sewell, left after speaking out about sexism within the department. After Sewell resigned, several policing experts told Gothamist that Sewell struggled to set her own agenda with Adams, a former NYPD captain, in the mayor's office. But in her speech Monday, Tisch said that – at least in her prior role at the Sanitation Department – she was given autonomy. “You’ve trusted judgment, given me incredible latitude and, yes, independence to be thoughtful and creative,” she told Adams. Tisch was sworn in on a Bible held by her mother Merryl and standing beside her two children and her nephew. Former Police Commissioner Bill Bratton attended the ceremony. Afterward, he told reporters that Adams must allow Tisch to choose her own team. “I was very fortunate as commissioner to be allowed — even under [former Mayors Rudolph] Giuliani and under [Bill] de Blasio — to pick my team,” he said. “The good news is [Tisch and Adams] are experienced at working with each other and quite obviously he's very comfortable with her.” Tisch declined to take questions after her swearing in. Department officials said she went with her family to check out her new office and her schedule was still in flux. They also said she is not yet ready to announce any staffing decisions. Tisch is a Harvard graduate and lifelong New Yorker who served in various city roles under Mayors Michael Bloomberg and de Blasio. She never served as a uniformed police officer. She first came to the department in 2008, when she served as director of counterterrorism, counsel to the police commissioner and deputy commissioner of technology. She is credited for introducing body-worn cameras to the department and overhauling how crime stats are reported to the public. In her opening comments after being sworn in, she credited four female, three-star chiefs for “taking a sledgehammer to the glass ceiling” of the NYPD. She earned a chuckle from the crowd when she described the first time she came to work at police headquarters mentioning the “outrageously repetitive paperwork,” an environment she is largely credited with modernizing. This story has been updated with new information.