S&P 500 Inches Closer to Record High
Major stock indexes rose Wednesday in a quiet session ahead of key inflation data and bank earnings. The S&P 500 added 0.6% to close within 0.3% of its record high, set just over two years ago. The Nasdaq Composite rose 0.8% and the Dow Jones Industrial Average was 0.5% higher. Stocks fell in the first […]
Skydance Backers Explore All-Cash Deal to Gain Control of Paramount
Shari Redstone, whose family controls Paramount Global, has entertained several offers over the years to buy its famed movie studio. Skydance Media CEO David Ellison is eyeing something more ambitious. Ellison is discussing an all-cash bid for Paramount’s parent, National Amusements, with financial help from other Skydance investors including his father, billionaire Larry Ellison, according […]
SEC Hack Adds to Unease Over Bitcoin ETF Approval
Jan. 10, 2024 11:47 am ET WASHINGTON—The hack of the Securities and Exchange Commission’s X account this week likely complicates an expected vote Wednesday on whether to greenlight exchange-traded funds holding bitcoin. The decision, which people close to the agency expect to occur via a closed-door vote by the agency’s five commissioners, was already controversial. […]
How Citigroup Can Avoid Another False Dawn
There are few more dangerous words in finance than “this time is different.” But for Citigroup, perhaps it is safer to say that at the very least, “this time is not quite the same.” Over the past three months, Citigroup shares have led the way among the big six U.S. global banks, rising more than […]
This Inflation Measure Is Running Hot. It’s Probably Wrong.
For a reason to worry that inflation might not be cooling all that fast, look no further than the Cleveland Fed’s median consumer-price index. But look under the median CPI’s hood, and that worry can quickly fade away. The Labor Department’s consumer-price index has lately shown that inflation is in retreat. Economists polled by The […]
The Fed Launched a Bank Rescue Program Last Year. Now, Banks Are Gaming It.
An emergency lending program the Federal Reserve created during the 2023 banking crisis has turned into easy money. Borrowing from the Fed’s bank term funding program has increased to new highs in recent weeks, a strange consequence of the market’s flip to forecasting multiple Fed rate cuts over the coming 12 months. Copyright ©2024 Dow […]
What to Know About 2024 Tax Withholding and Estimated Taxes
Listen to article (1 minute) What do I need to know about withholding and estimated taxes? The U.S. income tax is a pay-as-you-go system. The law requires most employees and self-employed business owners to pay at least 90% of their taxes long before the April due date, which for 2023 individual tax returns is April […]
SEC Says ‘Hack’ Prompted Misleading Post on Bitcoin ETF Approval
Updated Jan. 9, 2024 5:38 pm ET The Securities and Exchange Commission’s official X account was hacked when the agency posted late Tuesday that it had approved exchange-traded funds holding bitcoin, forcing Chair Gary Gensler and the regulator to disavow the erroneous post. Bitcoin briefly jumped to near $48,000 before Gensler said on the social-media […]
Nasdaq Edges Higher, Continuing Climb
The Nasdaq Composite climbed for a third consecutive day as shares of Nvidia, Amazon.com and Google parent Alphabet advanced. The tech-heavy index added 0.1%, leaving it down 1% in 2024 after starting the year with declines. The S&P 500 slipped 0.1%, while the Dow Jones Industrial Average lost 0.4%, or about 158 points. Copyright ©2024 […]
SEC’s Decision on Spot Bitcoin ETFs Could Go a Few Different Ways
Crypto enthusiasts think the launch of the first U.S. exchange-traded funds that hold bitcoin is a done deal. But regulatory approval is still no guarantee, especially in the wild world of crypto. The Securities and Exchange Commission faces a final deadline Wednesday to approve or reject at least one of the 11 applications for such […]