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• U.S. stocks end higher Friday, notching best weekly gains in 2 months
  U.S. stocks booked modest gains Friday, while advancing for a...
  U.S. stocks booked modest gains Friday, while advancing for a second week in a row to kick off 2023. The Dow Jones Industrial Average DJIA, 0.33% gained about 112 points, or 0.3%, ending near 34,302, while the S&P 500 index SPX, +0.40% rose 0.4%, according to preliminary FactSet levels. The rate-sensitive Nasdaq Composite Index COMP, 0.71% gained 0.7% Friday, while outperforming the week with a 4.8% gain. The Dow rose 2% for the week and the S&P 500 climbed 2.7%, the best week of gains on a percentage basis in two months, according to Dow Jones Market Data. The rally in stocks has been bolstered by inflation data that continued its retreat. The consumer-price index for December was pegged at a 6.5% annual rate, down from a 9.1% peak last summer. Investors on Friday heard from big banks JPMorgan Chase & Co. JPM, +2.47% and Bank of America BAC, +2.15% as they kicked off fourth-quarter earnings. Treasury Secretary Janet Yellen also warned top U.S. lawmakers that the government is expected to hit its ceiling for borrowing next week, while urging them to suspend or increase the debt limit.
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• House passes bill to ban SPR sales to China
  The House of Representatives on Thursday voted 331-97 to advance legislation prohibiting the sale of...
  The House of Representatives on Thursday voted 331-97 to advance legislation prohibiting the sale of crude oil from the Strategic Petroleum Reserve to China. Energy Department officials defended President Joe Biden's use of the emergency stockpile and noted China received less than 3% of SPR oil sold in the last five years.
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• ☕️What Else is Brewing Friday Morning
  Crypto firms Genesis and Gemini were charged by the SEC for selling unregistered securities through...
  Crypto firms Genesis and Gemini were charged by the SEC for selling unregistered securities through Gemini’s Earn product, which promised yields of up to 8%.
  
  Lisa Marie Presley, the singer-songwriter and only child of Elvis Presley, died at 54 after an apparent cardiac arrest.
  
  Tornadoes killed six people in Alabama and caused “significant damage” to Selma, the city’s mayor said.
  
  Nurses at two NYC hospitals returned to work after reaching a tentative agreement that would alleviate staffing shortages and boost pay. They had been on strike for three days.
  
  Mark your cal: The tax filing season begins Jan. 23, the IRS said.
  
  
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• JPMorgan Got Duped
  It’s only January and we might already have the scam story of the year: JPMorgan is ...
  It’s only January and we might already have the scam story of the year: JPMorgan is suing Frank CEO Charlie Javice and another exec at the fintech company, which it had bought, accusing them of essentially making up a client roster.
  
  What happened: In 2021, JPMorgan paid $175 million to acquire Frank, a student financial-aid planning platform that boasted 4.25 million users. JPMorgan didn’t appear to be very interested in the platform’s services, but it did want to build a pipeline to send Frank’s young customers directly into the Jamie Dimon banking universe.
  
  There was just one problem: Less than 10% of Frank’s user base was real, JPMorgan claims. For example, the bank said it sent a marketing email to 400,000 customers and roughly 70% of the emails bounced back. After conducting internal investigations, JPMorgan said it discovered that Javice (a Forbes “30 Under 30” honoree, btw) had hired a college professor to create a bunch of fake user data to pad Frank’s numbers for the merger, and then just bought one really big email list.
  
  What’s next? A lengthy legal battle, probably. Javice, who was fired in November, is also suing JPMorgan for millions of dollars to recoup expenses she took on during the aforementioned investigations, and the $28 million she says she’s still owed from the merger.
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• Exxon knew of global warming?
  Study says Exxon knew “precisely” about global warming. Exxon’s internal climate...
  Study says Exxon knew “precisely” about global warming. Exxon’s internal climate research, which began as early as the 1970s, accurately predicted both the speed and gravity of global warming, according to a new study that analyzed dozens of research papers produced by the company’s in-house scientists. Between 63% and 83% of Exxon-backed research accurately predicted ensuing climate events and global warming, matching and occasionally even surpassing the accuracy of academic and government projections. Although Exxon dismissed the study’s findings, lead author Geoffrey Supran summarized them as “airtight” and “unimpeachable” in an email to Axios.
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