By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — U.S. stocks are hanging around their record levels on Friday as Wall Street heads toward the finish of another winning week.

The S&P 500 edged down by 0.1% from the all-time high it set the day before, but it’s still on track to close its fourth winning week in the last five. The Dow Jones Industrial Average was up 86 points, or 0.2%, as of 10:10 a.m. Eastern time, and flirting with its record set in December. The Nasdaq composite slipped 0.2%, hurt by losses for tech stocks.

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The U.S. stock market set records this week as expectations built that the Federal Reserve will deliver a cut to interest rates at its next meeting in September. Lower rates can boost investment prices and the economy by making it cheaper for U.S. households and businesses to borrow to buy houses, cars or equipment, but they also risk worsening inflation.

A disappointing report about inflation at the U.S. wholesale level on Thursday made traders pare back bets for coming cuts to interest rates, but they’re still overwhelmingly expecting them. Such anticipation has sent Treasury yields notably lower in the bond market, and they held there following a mixed set of updates on the economy on Friday.

One said shoppers boosted their spending at U.S. retailers last month, as economists expected, while another said that manufacturing in New York state unexpectedly grew. A third said industrial production across the country shrank last month, when economists were looking for modest growth.

Another report suggested sentiment among U.S. consumers is worsening because of worries about inflation, when economists expected to see a slight improvement.

“Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April,” when President Trump announced his stunning set of worldwide tariffs, according to Joanne Hsu, director of the University of Michigan’s surveys of consumers. “However, consumers continue to expect both inflation and unemployment to deteriorate in the future.”

On Wall Street, UnitedHealth Group jumped 11.4% after famed investor Warren Buffett’s Berkshire Hathaway said it bought nearly 5 million shares of the insurer during the spring, valued at $1.57 billion. Buffett is known for trying to buy good stocks at affordable prices, and UnitedHealth’s halved for the year by the end of July because of a run of struggles.

Berkshire Hathaway’s own stock added 0.1%.

On the losing end of Wall Street was Applied Materials, which fell 11.7% even though it reported better results for the latest quarter than analysts expected. The focus was on the company’s forecast for a drop in revenue during the current quarter.

Its products help manufacture semiconductors and advanced displays, and CEO Gary Dickerson pointed to a “dynamic macroeconomic and policy environment, which is creating increased uncertainty and lower visibility in the near term, including for our China business.”

Sandisk fell 3.7% despite reporting a profit for the latest quarter that blew past analysts’ expectations. Investors focused instead on the data storage company’s forecast for profit in the current quarter, which came up short of Wall Street’s.

In stock markets abroad, Japan’s Nikkei 225 jumped 1.7% after the government said its economy grew at a better-than-expected pace in the latest quarter.

Stock indexes rose 0.8% in Shanghai but fell 1% in Hong Kong after data showed China’s economy may have slowed in July under pressure from uncertainty surrounding Trump’s tariffs.

“Chinese economic activity slowed across the board in July, with retail sales, fixed asset investment, and value added of industry growth all reaching the lowest levels of the year. After a strong start, several months of cooling momentum suggest that the economy may need further policy support,” ING Economics said in a market commentary.

European stock indexes were mixed ahead of a meeting later in the day between Trump and Russian President Vladimir Putin, which could dictate where the war in Ukraine is heading.

In the bond market, the yield on the 10-year Treasury was holding at 4.29%, where it was late Thursday. The two-year Treasury yield, which more closely tracks expectations for Fed action, eased to 3.72% from 3.74%.

AP Writer Teresa Cerojano contributed.

In simplest terms, grilling requires cooking raw food over fire, a constantly shifting and potentially volatile element. Since no protein cooks the same, and vegetables react tenderly to the flames, getting used to the nuances of grilling requires intimate knowledge of the grilling surface itself.

“When you are grilling anything, you’re literally and figuratively playing with fire,” said Daniel Mangin, executive chef of American Elm in Denver. “It’s not about learning how to do it one time. It’s about learning all of the variables that come with it.”

After four years at the helm of American Elm, Mangin has familiarized himself with every square inch of his grill, typical to what you’d find in kitchens across the country: a grated surface over gas-burning flames. He compared its grid to a “weather map” with different hot spots that shift in intensity throughout the night.

His grill is on full blast at all times to keep the coils sizzling. “I never, never, never, never, never mess with the knobs,” he said. Instead, he moves food to different hot spots to regulate how it cooks.

Daniel Mangin, Executive chef and operations director at American Elm, holds a plate of the restaurant’s popular squash cavatelli dish outside the restaurant located at 4132 West 38th Avenue in Denver on May 28, 2025. (Photo by Helen H. Richardson/The Denver Post)

At Apple Blossom and Bloom, the two restaurants inside the Hyatt Centric hotel downtown, executive chef Amanda Singh uses a gas grill. But she learned her technique on a wood-fire grill during a three-month stint in Marfa, Texas, under the tutelage of Alexandra Gates, a James Beard-recognized chef there. With practice, Singh kept the fire running throughout a nine-course meal for 60 people, she said.

She transferred those skills to The Wolf’s Tailor in Denver and later to Apple Blossom. Creativity and spontaneity fuel the dishes on her menu, as does local produce, including wasabi microgreens from Tall Guy Tiny Greens and carrots grown in local farms.

One of her favorites, though, is the thick, beet-infused lion’s mane mushrooms that she brines overnight in tamari, beet and honey juice. “The vegan option that bleeds,” she calls it. To her, grilling it on her indoor kitchen grill — similar to Mangin’s but half the size — was a no-brainer.

“I put the honey in there, so it’s gonna caramelize,” she said as she watched the purple mushrooms char. “Whatever this crust that I made [is], it’s gonna caramelize and get those grill marks and get that really nice chargrilled flavor on it.”

Chef Amanda Singh seasons beet-infused lion’s mane mushrooms at Apple Blossom in downtown Denver on Wednesday, May 28, 2025. (Photo by AAron Ontiveroz/The Denver Post)

Cut them open with a fork and knife, beet juice mixture oozes out of the mushrooms.

When it comes to steak, though, Singh and Mangin follow different philosophies.

At American Elm, Mangin moves his cut of ribeye around the grill and flips it so each side faces the heat and chars the outside, guaranteeing a more even cook inside. Singh, on the other hand, grills her New York strip enough to develop brown outer marks but otherwise keeps it at a “rare plus.”

Her aversion to well-done steak stems from a fateful beef stroganoff her mother once made for dinner. “It was the toughest steak I’ve ever had in my life,” she said. At Apple Blossom, she sprinkles coarse salt flakes on her steak once it’s off the grill and plates it with a garlic bourbon sauce.

Both favor texture over temperature when judging their steaks. Mangin instructs his line cooks to drop their reliance on thermometers and instead use cake testers, stabbing them inside the meat for five to ten seconds and pressing them against the inside of their wrists. The tester stick gets progressively warmer as the steak cooks, he said.

Fish also show their own signs of progression as they cook. In what’s known as the Maillard reaction, a cut of salmon will start browning underneath and lift itself off the grill as it caramelizes, Mangin said. Flip it too soon and the fish will stick to the grill.

“It’ll tell you when it’s ready,” Mangin said.

Grilled Salmon with calabrian donair, rye berries, fried cauliflower, charred spring onions and golden raisin gremolata is one of the popular dishes at American Elm restaurant located at 4132 W. 38th ave in Denver on May 28, 2025. American Elm is a neighborhood eatery and bar that offers elevated fare in a relaxed setting. (Photo by Helen H. Richardson/The Denver Post)

His grilled salmon is served over a mound of cauliflower and a minced golden raisin gremolata. He understands there are proponents of salmon skin — including the family of American Elm owner Bob Reiter — but he prefers to cut it off of every fillet for a more evenly cooked product.

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For his squash cavatelli, he grills squash directly over the fire until the skins are fully black and charred. From there, they’re sliced and tossed inside a smoker, where the squash develops into a sauce that forms the foundation of the pasta dish.

Stirred with a little garlic, butter and fishy bonito flakes, everything but the skin of the squash is served with the cavatelli and topped with anchovies, lemon zest and drizzled herb oil that add acidity and fragrance to the savory sauce.

All in all, it’s a two-day process that begins on the grill.

“Patience is necessary, but finesse can conquer — usually,” Mangin said. “Just because you burn something doesn’t mean it’s ruined.”

Falling is a serious concern among seniors. Every year, about 1 in 4 people age 65 or older experience a fall, according to the National Council on Aging.

And worse — once a person falls, the risk of falling again doubles. This can lead to not only physical injuries, but a reduction in confidence, causing many seniors to forgo daily activities in fear of getting hurt.

But it’s not all bad news. Being proactive can go a long way toward preventing health problems, experts say.

William Sternberg, a certified senior fitness trainer, said his biggest focus is motivation.

“Older people have more difficulty getting started and staying started,” he said. “My job is to try and make it light and fun, to vary the exercise so they don’t become boring, and to be tough but also compassionate and understanding.”

Sternberg created No Fall Fitness, a program that offers personalized fitness plans for older adults in Palm Beach County.

Bob Lohman, 89, wears ankle weights as he works out with William Sternberg on Thursday, July 17, 2025. (Mike Stocker/South Florida Sun Sentinel)

He focuses on aerobic exercises, helping clients perform modified squats, step-downs from a raised platform, shoulder pulleys, or any exercise that gets their heart rate up and breaks a sweat. He also works to strengthen leg muscles, specifically the upper leg and quads that help in getting up and down or out of a chair.

“This is just scratching the surface,” he said. “The purpose is to help them stay vertical.”

As people age, they lose muscle mass at a rate of 3% per year, according to Dr. William A. Leone, an orthopedic surgeon who founded The Leone Center for Orthopedic Care at Holy Cross in Fort Lauderdale. Less dense bones can lead to issues such as osteoporosis, he said, and can also leave us more vulnerable to fractures after a fall.

Broken knees and hips are the most common injuries he sees, but shoulders, wrists, and ribs can also be affected.

And Jews may face a higher risk. The Jewish community, specifically Ashkenazi Jews, is more prone to getting psoriatic arthritis, Leone said. Symptoms of psoriatic arthritis include fatigue, joint pain and muscle stiffness — all factors that make people more vulnerable to a fall and injuries.

But this higher risk doesn’t mean that Jewish seniors can’t lead active lives well into their 80s or 90s.

“We all have things, we just have to accommodate them,” Leone said. “Jewish people tend to seek out the best care, do their research and be more informed than many, and they tend to ask good questions.”

To prevent falls, Leone recommends that seniors be aware of their susceptibility to them and think before walking up steps. For example, hold on to a railing, he said.

Also, seniors should look for ways to improve their balance, he said, and suggested performing actions such as standing on one foot while brushing teeth.

He also recommends focus on strengthening the body. “It’s not about big muscles, it’s about tone and condition,” he said. “If you aren’t as tight, you are more flexible and less likely to break after a fall.”

Sternberg agreed, adding that the best way to not break after a fall is to know how to get up.

In addition to his personal training, Sternberg travels to synagogues and venues throughout Palm Beach County to offer his Preventing Falls workshops. A big aspect of his presentation is teaching ways to stand back up after a fall, which is the scariest part for many of his clients.

“When someone falls, they are so afraid to get up because they don’t know how,” he said. “There are a lot of ways to get up. Depending on the individual, and even where they fall, dictates what type of method to use.”

Even with regular exercise and an understanding of these methods, Sternberg says the biggest issue older people face is a loss of self-esteem after that initial fall.

William Sternberg focuses on exercises like shoulder pulleys and step-ups when working with seniors. (Mike Stocker/South Florida Sun Sentinel)

“What I find with clients who have fallen, their major issue is confidence — they have none,” he said.

Having the right attitude is important. Sternberg recalled a client who initially was adamant about using a walker.

“In my initial assessment, I said, ‘I don’t think you need this,’” he said. “I gradually worked her out of the walker, and it was really just a matter of confidence.”

Leone said he now cares for more people who once were considered “too old” for treatment.

“More and more older people are having surgery and getting back to their lives much faster — and so much of it is attitude,” he said. “Before every operation, I say, ‘All I need is your good energy. You have so much to look forward to.’”

Of course, it can also be attributed to advances in the medical profession. In the past, an 80-year-old who needed a hip replacement may have opted to forgo surgery because of issues with anesthesia, pain medications or recovery time. Now, according to Leone, doctors can use regional anesthesia that wears off quickly and use augmented narcotics so patients don’t need a tube down their throat.

“Routinely now, I don’t care if you’re 90 years old, you’re out of bed starting to walk after a hip or knee replacement,” he said. “They are not in the hospital for a week and they are not in rehabs anymore.”

As we age, there are things our bodies will do that we cannot control. Even with regular exercise and activity, a fall can still occur. Leone recommends walking, staying social and being out in the environment. And if you do end up needing the help of a walker, he said, take it in stride.

“If you’re reaching a point where you are using a cane or a walker, these are just tools that allow us to keep being functional,” he said. “We all fight it because we don’t want that image of being old. I encourage it if it keeps you in the game.”

For more information on No Fall Fitness, visit nofallfitness.net. For additional safety tips for seniors, check out the National Institute on Aging’s website at nia.nih.gov/health.

By COLLIN BINKLEY, Associated Press Education Writer

WASHINGTON (AP) — As President Donald Trump attempts to reshape college admissions, he’s promising a new era of fairness, with an emphasis on merit and test scores and a blind eye toward diversity.

Yet the Republican president’s critics — and some allies — are questioning his silence on admissions policies that give applicants a boost because of their wealth or family ties. While he has pressed colleges to eliminate any possible consideration of a student’s race, he has made no mention of legacy admissions, an edge given to the children of alumni, or similar preferences for the relatives of donors.

Trump often rails against systems he describes as “rigged,” but he has overlooked a glaring instance in higher education, said Richard Kahlenberg, a researcher at the Progressive Policy Institute think tank who has written about admissions.

President Donald Trump, center, and Social Security Commissioner Frank Bisignano, left, attend an event in the Oval Office to mark the 90th anniversary of the Social Security Act, Thursday, Aug. 14, 2025, in Washington. (AP Photo/Alex Brandon)

“It’s hard to think of a more flagrant way in which the system is rigged than legacy preferences,” Kahlenberg said. “Rarely is a system of hereditary privilege so openly practiced without any sense of shame.”

In recent weeks, Trump has taken several actions to scrub any vestiges of race from admissions decisions, suggesting that some schools are ignoring a 2023 Supreme Court decision striking down affirmative action. His administration negotiated settlements with Brown and Columbia universities that included provisions to share admissions data. Last week, Trump issued a call for colleges nationwide to submit data to prove they do not consider race in admissions.

Some are urging Trump to go further.

Sen. Todd Young, R-Ind., applauded the settlement with Brown requiring the university to turn a blind eye toward race — even in application essays. But “restoring meritocracy warrants more,” said Young, who cosponsored legislation in 2023 aiming to end legacy admissions.

“Federally accredited institutions should eliminate ALL preferences grounded in arbitrary circumstances of ancestry that students have no control over, such as legacy status,” Young said on social media.

Many selective colleges consider family ties

Sometimes called “affirmative action for the rich,” the practice of legacy admissions remains widespread among elite colleges even as it faces mounting bipartisan opposition. Virginia’s Republican governor signed a bill last year barring legacy admissions at public institutions, following similar measures in Colorado, California and elsewhere. Some Republicans in Congress have worked with Democrats on proposals to end it nationwide.

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Roughly 500 universities consider legacy status when evaluating applicants, including more than half of the nation’s 100 most selective U.S. schools, according to 2023 disclosures to the federal government. A few have abandoned the policy, but it remains in place at all eight Ivy League schools.

Stanford University said in July it will continue considering legacy status, even after a California law barred it at institutions that receive state financial aid. Stanford opted to withdraw from the state’s student financial aid program rather than end the practice. The university said it will replace the funding with internal money — even as it begins layoffs to close a $140 million budget deficit.

Stanford officials declined to comment. Last year, as part of a state transparency law, the school reported that about 14% of its new students were relatives of alumni or donors.

A push for merit, but no mention of legacy admissions

The executive action signed by Trump last week requires universities to turn over more information about students who apply to and are accepted to their campuses. Taxpayers “deserve confidence in the fairness and integrity” of decisions, his memorandum said, adding that more information is needed to ensure colleges are heeding the Supreme Court’s decision.

A week earlier, the Justice Department issued a memo clarifying what it considers illegal discrimination in admissions. It takes issue not only with overt racial considerations but also “proxies” for race, including “geographic targeting” or personal essays asking about obstacles applicants have overcome.

Similar language requiring “merit-based” admissions policies was included in the government’s resolutions with Brown and Columbia universities. None of the actions made any mention of legacy admissions.

FILE – Students sit on the front steps of Low Memorial Library on the Columbia University campus in New York City, Feb. 10, 2023. (AP Photo/Ted Shaffrey, File)

Trump’s silence caught the attention of the nonprofit Lawyers for Civil Rights, which has an open complaint with the Education Department alleging that Harvard University’s use of donor and alumni preferences amounts to illegal racial discrimination. The group’s 2023 complaint says the practice overwhelmingly benefits white students.

If the Trump administration wants to make admissions a meritocracy, it should start by ending legacy preferences, said Oren Sellstrom, litigation director for the group.

“These deeply unmeritocratic preferences simply reward students based on who their parents are. It’s hard to imagine anything more unfair or contrary to basic merit principles,” he said.

Few Americans support legacy or donor preferences

Colleges defend the practice by saying it builds community and encourages families to become donors. Some backers say it increasingly helps nonwhite students as campuses become more diverse.

Then-President Joe Biden, a Democrat, urged colleges to rethink legacy preferences in the wake of the Supreme Court decision, saying it expanded “privilege instead of opportunity.” Some feared it would drive up white enrollment as affirmative action ended.

Georgetown University reviewed the policy but kept it in place this year after concluding the pool of legacy applicants had a similar makeup to the wider admissions pool.

An AP-NORC poll in 2023 found that most Americans have a dim view of legacy and donor preferences, with few saying either should play a strong role in decisions.

Universities are required to tell the federal government whether they consider legacy status, but they don’t have to divulge how far it tips the scale or how many legacy students they admit. Among the 20 most selective universities that say they employ the practice, none would tell The Associated Press what percentage of their incoming class has a family connection to alumni or donors.

Trump’s blitz to root out racial preferences has hinged on the argument that it undermines merit. New scrutiny is needed to ensure colleges are following the Supreme Court’s order and “recruiting and training capable future doctors, engineers, scientists” and other workers, he said in his executive action.

That argument sends the message that minority students are “intellectually suspect until proven otherwise,” said Justin Driver, a Yale law professor with a forthcoming book on affirmative action. He worries Trump’s latest actions will intimidate colleges into limiting minority enrollment to avoid raising the suspicion of the government.

“I believe that the United States confronts a lot of problems today,” Driver said. “Too many Black students on first-rate college campuses is not among them.”

The Associated Press’ education coverage receives financial support from multiple private foundations. The AP is solely responsible for all content. Find the AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.