Big banks kicked off earnings season strong, with America’s biggest bank, JPMorgan, posting its—and any US bank’s—largest ever full-year profit of $58 billion. Its Q4 profits also jumped 50% compared to the year before. Meanwhile, Q4 profits at Goldman Sachs shot up 105%, and Citi and Wells Fargo also reported strong results for the quarter, which saw companies get optimistic about the economy thanks to rising employment numbers and an expectation that Donald Trump’s incoming administration will be business-friendly. Reporting today: Bank of America and Morgan Stanley.
The DOT really wants your plane to land on time. The...
The DOT really wants your plane to land on time. The Department of Transportation slapped Southwest Airlines with a lawsuit yesterday accusing the budget carrier of operating chronically late flights because of unrealistic scheduling. Southwest said that it was "disappointed" by the suit, touting its record of not cancelling flights. The DOT also announced a $650,000 fine for Frontier Airlines over late arrivals. This looks like part of a larger crackdown since the department recently issued its first-ever fine against JetBlue over similar allegations.
Democrats grilled Pam Bondi, Trump’s pick to lead the Justice Department, on her independence from the president-elect. Meanwhile, his secretary of state nominee, Sen. Marco Rubio, weighed in on foreign policy during confirmation hearings yesterday.
The Supreme Court appeared inclined to uphold a Texas law requiring age verification for porn websites, despite the site operators’ free speech arguments and Justice Alito questioning whether Pornhub has culturally relevant articles like old school Playboy.
The SEC sued Elon Musk, alleging he ran afoul of securities laws by failing to disclose his growing stake as he bought up shares of Twitter (now X and owned by him) in 2022.
South Korea’s impeached president Yoon Suk Yeol was arrested on the second try in a tense standoff that required 1,000 police officers.
Two private moon landers, one from an American company and one from a Japanese firm, took flight from Earth yesterday on a SpaceX rocket.
U.S. stocks finish sharply higher, helped by CPI data and plunging bond yields
The Dow Jones Industrial Average and S&P 500 finished...
The Dow Jones Industrial Average and S&P 500 finished with a third straight day of gains on Wednesday, after December's consumer-price index sparked a relief rally and the biggest plunge in Treasury yields seen in months.
The CPI report, which contained a softer-than-expected monthly core reading, prompted traders to slightly boost their expectations for a quarter-point interest-rate cut from the Federal Reserve by June, as well as a total of two cuts by year-end.
The Dow Jones Industrial Average closed up by 1.7% at around 43,221, based on preliminary data.
The S&P 500 finished higher by 1.8% at roughly 5,949.
The Nasdaq Composite ended up by 2.5% at around 19,511. It was the Nasdaq's first gain in the past six sessions.
Oil prices edged higher during early trading on fears of supply constraints...
Oil prices edged higher during early trading on fears of supply constraints following the announcement of further sanctions on Russian tankers. Uncertainty over the full impact of the measures, however, capped gains. Brent crude futures climbed to $80.21 a barrel, while US West Texas Intermediate crude rose to $77.83, putting both benchmarks on track for modest weekly gains.
EIA: Oil glut to widen in 2026 as US, OPEC boost output
Global oil markets are projected to see an oversupply of 800,000 barrels...
Global oil markets are projected to see an oversupply of 800,000 barrels per day in 2026, driven by increased output from the US, OPEC nations, Canada and Guyana, according to the Energy Information Administration. While demand from India and China is expected to rise, slower US output growth and declining consumption in OECD countries will contribute to the glut.
