Dow crosses 26,000 for first time

The market’s moves are coming faster than they ever have before. The Dow Jones industrial average crossed 26,000 for the first time on Tuesday — just seven trading days after crossing 25,000, the speediest 1,000-point sprint in the 122-year history of the index on an intraday basis. But the early

Consumer businesses help Citigroup top Wall Street estimates

Citigroup on Tuesday reported quarterly profit that topped Wall Street expectations as consumer businesses made up for lower revenue from bond and currency trading. The lender said it booked a one-time charge of $22 billion stemming from changes in the new tax law, which resulted in a loss of

Big banks poised to cash in on Trump’s regulation rollbacks

It’s three weeks after Christmas, but banks are still unwrapping presents. In addition to President Trump’s tax overhaul — a move that can add billions of dollars to the bottom line of the country’s major banks — rollbacks on regulations could add even billions more in profits, thanks to

Inside the hold Beijing has over DC and Wall Street

China may stop buying US Treasury securities. Or it may not. That’s what we learned last week from two very different stories that I will tell you about in a moment. The most important thing to note is: No matter which story is correct, we now understand just how

Wall Street hits new highs on robust retail, investor optimism

Wall Street continued its rally on Friday with record closing highs as the fourth-quarter earnings season kicked off with solid results from banks and robust retail sales drove investor optimism about economic growth. The S&P 500 and Nasdaq both registered their eight record closing highs out of the first

CBS, Viacom stocks rally on rumors of possible merger talks

CBS and Viacom shares jumped Friday as rumors swirled that the formerly joined media giants had re-entered merger talks. Both companies are controlled by the Redstone family — which split them in two in 2006 to maximize their value. While CBS, led by Chief Executive Les Moonves, has prospered, Viacom

Wall Street not a fan of Facebook’s new News Feed

Facebook’s latest changes to its News Feed left investors searching for a dislike button. Shares of the social network plunged 4.5 percent on Friday, to $179.37, one day after the company said it would prioritize posts from friends over posts from publishers and businesses. The changes could lead to a

Wall Street not a fan of Facebook’s new News Feed

Facebook’s latest changes to its News Feed left investors searching for a dislike button. Shares of the social network plunged 4.5 percent on Friday, to $179.37, one day after the company said it would prioritize posts from friends over posts from publishers and businesses. The changes could lead to a

Stocks open lower for first time in 2018

The benchmark S&P 500 opened lower for the first time in 2018 on Monday, as losses in health care and financial stocks cut short Wall Street’s strongest start to a year in a decade. The S&P and the Nasdaq last week recorded their strongest first four trading days in

Stocks surge despite weaker than expected job growth

US job growth in December came in weaker than expected — but investors cheered nonetheless, focusing on the unemployment rate holding at ­4.1 percent, a 17-year low. Nonfarm payrolls added 148,000 jobs last month – below the 190,000 expected by economists — yet strong enough to bring employment gains

US job growth slows more than expected in December

WASHINGTON — US job growth slowed more than expected in December amid a decline in retail employment, but a pickup in monthly wage gains pointed to labor market strength that could pave the way for the Federal Reserve to increase interest rates in March. Nonfarm payrolls increased by 148,000

Corona maker misses on sales, wine and spirits disappoint

Corona maker Constellation Brands missed Wall Street estimates for third-quarter sales on Friday and said wine and spirit volumes for the full year would be at the low end of its prior forecast. Constellation’s shares, up around 50 percent last year, fell 2.4 percent in premarket trading despite the

US economy added 250,000 jobs in December

US companies closed out 2017 with strong hiring in December, adding the most jobs in nine months — news that sent the Dow Jones industrial average soaring past a record 25,000 points Thursday morning. Payroll processor ADP says that businesses added 250,000 jobs last month, up from 185,000 in

Steve Cohen could make his return to Wall Street soon

One of the most hotly anticipated Wall Street comebacks could come as soon as next month. Steve Cohen — the infamous hedge fund mogul whose regulatory ban from managing outside money expired Dec. 31 — is expected to launch a new fund as early as Feb. 1, one informed

Wall Street’s strong run could get even stronger in 2018

For all the gains in 2017, Wall Street still thinks the market has room to run into the new year. “It could be a commodities-led market,” Peter Cardillo, chief market economist at First Standard Financial, told The Post, predicting oil prices of $62.50 to $70 a barrel in 2018. But

Trump says stocks would be down if Clinton had won election

President Trump on Sunday touted his administration’s accomplishments – especially the country’s economic strength – and said if “Crooked Hillary” Clinton had won the stock market would have tanked. ​”If the Dems (Crooked Hillary) got elected, your stocks would be down 50% from values on Election Day. Now they

The Wall Street epidemic being kept behind closed doors

While the opioid epidemic ravages rural America, Wall Street is not immune to its scourge. More On: opioids Lawmakers want to subsidize firms that hire recovering opioid addicts US life expectancy's troubling trend continues Opioid prescriptions run in the family Gas station hopes to deter drug use with new lighting scheme In fact, given its

The economy is in store for more success in 2018

Some would say it’s going to be tough to top 2017 for its stock market performance, but perhaps it’s time to look at other asset classes for 2018. For starters, stocks soared in 2017, with a strong and much more inclusive rally than in previous years. The Dow Jones was

Nasdaq boss wraps up big first year amid lingering doubts

The Nasdaq index just notched one its best years this century — but the woman who runs it still faces doubts on Wall Street. The tech-heavy Nasdaq 100 — which boasts behemoths like Apple, Alphabet, Amazon and Facebook — broke the 7,000 mark for the first time this month,

Psychics may hold the answer to Wall Street’s future

If you’re convinced that the “normal” techniques for calling the market just aren’t cutting it anymore, you might consider the paranormal. Psychic intuition and planet-based predictions get dismissed as hopelessly flaky fare on Wall Street, but that hasn’t stopped a slew of astrologers, spiritualists and old-school soothsayers from weighing

Wall Street is approaching Christmas with a different outlook

Jet-setting with the entourage to luxury Caribbean resorts is just one of the many fine pleasures for bankers and deal-makers this Christmas season. But Wall Street is also ditching some of the old and expensive indulgences, driven in part by fallout from the last financial crisis, according to

Bitcoin’s scary drop rattles one of its biggest bulls

Bitcoin’s “Black Friday” has rattled one of the controversial cryptocurrencies biggest backers. Panicked sellers on Friday sent bitcoin tumbling to a low of $10,891.32, down more than a third from just a day earlier, according to Coindesk data. There was no clear reason for the dramatic drop — capping a

Goldman Sachs to set up cryptocurrency trading desk

Goldman Sachs Group Inc. is setting up a trading desk to make markets in digital currencies like bitcoin, Bloomberg reported, citing people familiar with the matter. The Wall Street bank aims to get the business running by the end of June, Bloomberg reported Thursday. “In response to client interest in

Bitcoin plunges by more than a third in a single day

Bitcoin is getting burned. The controversial cryptocurrency plunged near the $11,000 mark on Friday, losing nearly a third of its value in a single day, leaving it on track for its worst week since 2013 after a blistering ascent to a peak close to $20,000 on Sunday. The biggest and

Crashing stock market could be good for Washington

I know it sounds crazy, but one thing that would certainly help the federal budget deficit is something no one wants to happen: a crashing stock market. The stock market bubble has people up to their ears in unrealized capital gains. They’ll be quick to sell and pay tax

Further Trump investigations may be good for Wall Street

Wall Street hates it when President Trump gets into trouble. Then it should be happy right now. We now know from e-mails that certain FBI officials had it in for Trump — and were protecting Hillary Clinton. I told you so. Back in the summer of 2016, I explained that

Bitcoin futures launch flops out of the gate

Bitcoin futures got a muted reception after their debut on CME Group late on Sunday, with volumes in the tens of millions of dollars in the first 12 hours of trading, as warnings about the risks of bitcoin sounded ever louder. The launch of futures by the world’s biggest

Bitcoin futures launch flops out of the gate

Bitcoin futures got a muted reception after their debut on CME Group late on Sunday, with volumes in the tens of millions of dollars in the first 12 hours of trading, as warnings about the risks of bitcoin sounded ever louder. The launch of futures by the world’s biggest

JPMorgan’s top economist differs with Jamie Dimon on job outlook

When it comes to the Trump tax plan, JPMorgan Chase isn’t buying what its own CEO is selling. The biggest US bank’s top economist is predicting that the Congressional tax reform bill will only add about “about 200,000 jobs” — a mere 10 percent of a 2-million-job forecast JPMorgan

Fed hikes rates by a quarter point

The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, as anticipated, but left its rate outlook for the coming years unchanged even as policymakers projected a short-term acceleration in US economic growth. Having raised its benchmark overnight lending rate three times this year,