Finance
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Stock markets end week with new highs after Iran confirms Strait of Hormuz is reopened
The change comes after Iranian Foreign Minister Seyed Abbas Araghchi said the strait will remain "completely" open for the length of the ceasefire.
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Dow Jones closes with 1,100 point boost, marking Wall Street's best day since last Spring
The S&P 500 spiked 184.80 points to 6,528.52. The Dow Jones rallied 1,125.37 points to 46,341.51, and the Nasdaq composite jumped 795.99 points to 21,590.63.
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Treasury announces Trump's signature will be added to US currency in honor of America 250
The move will make Trump the first sitting president to ever have his signature on U.S. currency and it will be displayed alongside Bessent's signature. It will replace the United States' Treasurer's signature.
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Oil prices expected to rise further Monday as Iran war continues
President Donald Trump warned Saturday that the United States would “obliterate” Iran’s power plants if Tehran failed to fully reopen the Strait of Hormuz within 48 hours.
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Advocates, lawmakers propose increased cigarette tax
The campaign called on state legislatures to raise taxes on cigarette packs by $1.50 per pack.
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Bitcoin rebounds to $70k after losing post-2024 election gains
The drop comes despite expectations that Trump’s pro-crypto policies, including a crypto-friendly Securities and Exchange Commission and plans for a national bitcoin reserve.
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Everyday Economics: Fiscal reality meets Central Bank caution in week ahead
At Davos, Citadel CEO Ken Griffin pointed to Japan's bond selloff – where super-long yields surged and 40-year yields hit record highs – as an "explicit warning" about what happens when investors start to doubt a government's fiscal trajectory.
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Trump administration strikes $250 billion trade deal with Taiwan in midst of tech battle with China
The deal directs Taiwanese semiconductor and technology companies to directly invest at least $250 billion in building and expanding advanced semiconductor, energy, and artificial intelligence production and innovation capacity in the United States.
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Saks files for bankruptcy after multibillion-dollar acquisition
"The path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future," Geoffroy van Raemdonck said
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Dow Jones closes at record high with nearly 600-point gain after US makes moves on Venezuela
The Dow Jones rose 595 points, or 1.2% to $48,977, while stocks in American oil companies like Chevron, which is the last remaining U.S. oil major in Venezuela, also closed at a high. Chevron gained 5% Monday.
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Treasury sanctions Iran, Venezuela over combat drones, weapons trade
The department said Iran's unmanned aerial vehicle trade threatens U.S. personnel in the Middle East, and its trade with Venezuela poses security concerns in the Western Hemisphere.
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Treasury Department to end federal tax benefits for illegal migrants: Bessent
Bessent said refunded portions of some income tax benefits will no longer go to illegal migrants, including the Earned Income Tax Credit, the Additional Child Tax Credit, the American Opportunity Tax Credit and the Saver’s Match Credit.
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Treasury Sec Bessent says there's a 'good chance' Trump will announce new Fed chair by Christmas
Trump has long criticized current Federal Reserve Chairman Jerome Powell for not slashing interest rates, despite having nominated him for the post in his first term. Powell's term ends in May, and he has so far rejected calls to resign early.