Finance
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Bidenomics slumps to the end as Dow hits 10-day losing streak, longest since 1974
The Dow dropped 2.6% on Wednesday, while the S&P 500 closed with a loss of about 3%, and the Nasdaq declined by approximately 3.6%.
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Fed cuts rates by a quarter point
The Fed signaled that there will be less frequent rate cuts during 2025.
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Dow experiences longest losing streak since the late 1970s after ninth consecutive day of decline
A drop in UnitedHealth Group stocks amount to the most significant losses in the Dow. The company's stock has lost 18% of its value so far this month, which was largely triggered by the fatal shooting of UnitedHealthcare CEO Brian Thompson on Dec. 4.
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S&P Global warns Trump tariff plan could cost auto industry major profits
The report warned that premium auto companies could face the highest costs, including companies like Volvo and Jaguar, and that Trump's plans “will likely intensify the headwinds the global auto industry will face in an already challenging 2025."
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Macy's delays Q3 earnings release amid probe into employee allegedly hiding $154M in expenses
The company said the employee no longer works for Macy's, and that the person's actions did not affect its cash management and vendor payments. It is unclear if they are pursuing criminal charges.
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Warren Buffett gives $1.1B away as part of annual Thanksgiving tradition
Buffett has sworn to give away the majority of his $147 billion fortune before he dies, but has also outlined plans for his family to give away the wealth if he dies before he is able to donate it all.
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Trump expected to launch Bitcoin reserve, as the cryptocurrency nears $100,000,
When Trump was on the campaign trail, he promised he would develop a council that would be friendly to Bitcoin.
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Spirit Airlines files for Chapter 11 bankruptcy protection
The airline said its operations would continue uninterrupted as the bankruptcy process plays out
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Oprah Winfrey received $1 million from VP Harris during campaign: report
The Washington Examiner reports that Harris paid $1 million to Harpo Productions on Oct. 15.
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Fed cuts its key interest rate by quarter-point
The rate cut follows a half-point reduction in September.
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Stock markets close at record highs after Trump reelection
The Dow soared by 1,507 points, or 3.57% on Wednesday, marking the first time it has exceeded 1,000 points in a single day since November 2022. The Nasdaq gained nearly 3% on Wednesday, and the S&P 500 grew by 2.5%.
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Justice Department sues Visa for allegedly monopolizing debit market
The antitrust case also comes after Capital One announced a new deal to acquire Discover Financial, which would help the company be a bigger competitor to Visa, Mastercard, and American Express.
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Elon Musk makes major political donation to House Republicans
The tech mogul donated a total of $289,100 to the NRCC in August, according to the FEC filing. But despite the six-figure donation, the NRCC only raised $9.7 million in August while Democrats raised $22.2 million.