Metro’s westward extension of the Purple Line just got in the express lane after federal officials announced an influx of almost $1.5 billion to help the project move forward. On Wednesday morning, U.S. Transportation Secretary Anthony Foxx, Metro officials and Mayor Eric Garcetti gathered in Century City to announce a $1.2 billion federal grant that will help Metro extend the Purple Line from Wilshire/La Cienega to Century City. An additional $307 million will come in the form in a low-interest federal loan, and $169 million will come from a federal air quality program. The total cost of the project is estimated to be $2.4 billion, and $747 million in funding will come from tax revenue generated by Measure R, which voters approved in 2008. According to Metro, “major construction” will begin in 2018 and is expected to be completed no later than 2026—though officials are aiming for 2024 to boost the city’s hopes at hosting the 2024 Summer Olympics. This extension will add two stops to the Purple Line, at Wilshire/Rodeo in Beverly Hills and another at Avenue of the Stars and Constellation Boulevard in Century City. A third phase of the Purple Line extension is expected to start work in 2019, adding two stops in Westwood near the UCLA and at the VA. Funds from Measure M are expected to fund that portion of the project. According to the Daily Breeze, the recent push by officials (including Measure M) to fund and complete the Purple Line in time for the 2024 Olympics has moved the scheduled completion date up from the original goal of 2035. A map of the Purple Line extension (Metro)
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Mark Lennihan / Associated Press
U.S. stocks broke a three-day losing streak Tuesday and ushered in the new year with broad gains. Healthcare stocks, which struggled for most of last year, climbed. Stocks started the day with a surge as the Dow Jones industrial average rose 175 points in the first hour of trading. Bond yields jumped, which took bank stocks higher. The price of oil also rose early in the morning, but it soon began slipping. Investors started buying again late in the day, however, and major indexes closed with a flourish. Energy companies, banks and technology companies made some of the largest gains, and traditionally lower-risk investments such as utility companies lagged behind the rest of the market. That’s a sign investors expect stronger economic growth. “Corporate earnings are telling us that it’s a bull market,” said Karyn Cavanaugh of Voya Investment Strategies. Cavanaugh said earnings and revenues look “very good” for 2017. The Dow Jones industrial average rose 119.16 points, or 0.6%, to close at 19,881.76. The Standard & Poor’s 500 index climbed 19 points, or 0.8%, to 2,257.83. The Nasdaq composite jumped 45.97 points, or 0.9%, to 5,429.08. The Russell 2000 index, which tracks small-company stocks, rose 8.36 points, or 0.6%, to 1,365.49. The Russell rose almost 20% last year and did far better than indexes focused on larger companies. Drug companies helped take healthcare stocks higher. Merck rose 2.2% to $60.15. Thousand Oaks biotech giant Amgen advanced 3.1% to $150.73 and San Francisco prescription drug distributor McKesson climbed 5% to $147.43. Depomed jumped 12.9% to $20.34 after the New York Post reported that private equity firm KKR might buy the Newark, Calif., drugmaker. The S&P 500’s healthcare index fell 4% last year. The S&P 500 itself rose 9.5% for the year, and all of its other industrial sectors rose at least a small amount. Investors have been avoiding drug company stocks because they’re worried that the government will intervene to reduce prices. But Cavanaugh said the stocks are appealing because they’ve been reporting better growth than most other industries. “If you look at earnings and revenues, they’re one of the leaders,” she said. Xerox surged 19.8% to $6.89 after the company split itself in two, a move it announced almost a year ago. The original Xerox kept its printer and copier business. The second company will focus on business process outsourcing, providing payment processing and other services. Xerox will receive $1.8 billion in cash. The new company, Conduent, now trades under the ticker symbol “CNDT.” That stock sank 7.9% to $13.72. Oil prices jumped in early trading but turned around to finish lower. U.S. crude fell $1.39, or 2.6%, to $52.33 a barrel. Brent crude, used to price international oils, fell $1.35, or 2.4%, to $55.47 a barrel. Despite that slump, energy companies traded higher. But natural gas companies dropped as natural gas futures dived 40 cents, or 10.7%, to $3.33 per 1,000 cubic feet. Southwestern Energy shares declined 7.9% to $9.97 and Cabot Oil & Gas fell 4.4% to $22.34. The manufacturing sector continued to recover and ended 2016 on a strong note. The Institute for Supply Management said its manufacturing index rose to 54.7 in December, its highest reading of the year. That was the fourth straight month of expansion and the ninth out of the last 10. The result was a bit stronger than analysts expected. Santa Clara, Calif., graphics processor maker Nvidia slid 4.4% to $102.01. The stock more than tripled in value last year, but it hit a wall in the year’s final days of trading. It’s down 13% since Dec. 27, when it closed at an all-time high. Bond prices fell slightly. The yield on the 10-year Treasury note rose to 2.45% from 2.43% late Friday. Yields made a much bigger move earlier in the day. Utility companies fell Tuesday, and real estate investment trusts and companies that sell household goods rose less than the rest of the market. Those stocks are often compared to bonds because they pay large dividends, but the jump in yields Tuesday encouraged investors to look elsewhere. The price of gold rose $10.30 to $1,162 an ounce. Silver rose 42 cents, or 2.6%, to $16.41 an ounce. Copper fell 2 cents to $2.49 a pound. In other energy trading, wholesale gasoline fell 5 cents, or 2.9%, to $1.62 a gallon. Heating oil fell 5 cents, or 3%, to $1.68 a gallon. The dollar jumped to 117.68 yen from 116.78 yen. The euro slumped to $1.0410 from $1.0531. The FTSE 100 index in Britain rose 0.5% to another all-time high. The French CAC 40 rose 0.3%. Germany’s DAX slipped 0.1%. Hong Kong’s Hang Seng index gained 0.7% and the Kospi in South Korea rose 0.9%. Tokyo’s stock market remained closed for the New Year’s holiday. Article by the Associated Press. The intent of this “cheat-sheet” is to denote specific free days in any given month where Los Angeles museums that normally charge an admission waive their entry fees (not including parking). For this post we’re detailing the month of January, 2017, which includes a very special Museum Free-For-All day taking place on Sunday, Jan. 29. As always please keep in mind there are over two dozen museums in and around Los Angeles that offer free admission ALL the time which are not listed here. To this end we’ve compiled a handy list of ALL of those free museums (including favorites like The Getty, California Science Center, The Hammer Museum, and more) if you’d like to explore all your freebie options for January. Enjoy! Photo Credit: Natural History Museum
[JAN 1] Autry National Center of the American West [JAN 3] ] Kidspace Children’s Museum (from 4 to 8 p.m.) [JAN 3] Natural History Museum [JAN 3] Page Museum at La Brea Tarpits [JAN 5] Japanese American National Museum (from 5 to 8 p.m.) [JAN 5] MOCA Grand & MOCA Geffen (from 5 to 8 p.m.) [JAN 5] Skirball Cultural Center [JAN 5] Huntington Library (note that you have to reserve passes for the free day in advance, and it books up fast. For this reason we’d suggest you take a look at the free day for February and start planning when you need to be online to grab the tix) [JAN 5] Long Beach Museum of Art (3 to 8 p.m.) [JAN 6] Long Beach Museum of Art [JAN 6] Norton Simon Museum (5 to 8 p.m.) [JAN 6] Pasadena Museum of California Art (noon to 5 pm) [JAN 8] Museum of Latin American Art [JAN 8] ] Craft and Folk Art Museum (pay what you can) [JAN 8] Pacific Asia Museum [JAN 10] Los Angeles County Museum of Art (also free for L.A. County residents with valid I.D. after 3:00pm on Mondays, Tuesdays, Thursdays & Fridays all month long) [JAN 10] Autry National Center of the American West [JAN 12] Japanese American National Museum (from 5 to 8 p.m.) [JAN 12] MOCA Grand & MOCA Geffen (from 5 to 8 p.m.) [JAN 12] Skirball Cultural Center [JAN 12] Long Beach Museum of Art (3 to 8 p.m.) [JAN 13] Long Beach Museum of Art [JAN 15] Museum of Latin American Art [JAN 15] Craft and Folk Art Museum (pay what you can) [JAN 16] Los Angeles County Museum of Art (free for MLK Day) [JAN 17] Los Angeles County Arboretum [JAN 17] South Coast Botanic Garden [JAN 17] Descanso Gardens [JAN 19] MOCA Grand & MOCA Geffen (from 5 to 8 p.m.) [JAN 19] Skirball Cultural Center [JAN 19] Japanese American National Museum (all day) [JAN 19] Pasadena Museum of California Art (from 5 to 8 p.m.) [JAN 19] Long Beach Museum of Art (3 to 8 p.m,) [JAN 20] Long Beach Museum of Art [JAN 22] Craft and Folk Art Museum (pay what you can) [JAN 22] Museum of Latin American Art [JAN 26] Japanese American National Museum (from 5 to 8 p.m.) [JAN 26] MOCA Grand & MOCA Geffen (from 5 to 8 p.m.) [JAN 26] Skirball Cultural Center [JAN 26] Long Beach Museum of Art (3 to 8 p.m.) [JAN 27] Long Beach Museum of Art [JAN 27] Museum of Latin American Art (5 to 9 p.m.) [JAN 29] Over 30 museums in the greater SoCal area will offer free admission as part of a Museum Free-For-All day As a reminder, it’s always good to verify the status of free days before you visit, so be sure to check the above links to verify visiting hours, parking costs, and any other pertinent details. Keep in mind free admission days may not include specially ticketed exhibitions. Article courtesy of We Like LA. |
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