TOP STORIES
U.S. STOCKS SURGE ON FED REASSURANCE
The Dow Industrials vaulted to their biggest two-day gain in
more than three years, bolstered for a second session by
reassurances from the Federal Reserve that it remains in no rush to
raise interest rates. The DJIA soared 421 points, or 2.4%, to
finish at 17778.
NIKE SALES JUMP 15%
Nike said its sales rose 15% to $7.38 billion for the quarter
ended November, exceeding analysts' expectations. Nike reported a
profit of $655 million, or 74 cents a share. Shares fell 2% in
after-hours trading.
METLIFE DESIGNATED 'SYSTEMICALLY IMPORTANT'
A panel of federal regulators concluded MetLife poses
significant risks to the financial system and warrants tougher
oversight, setting up a possible legal showdown with the U.S. about
whether that assessment is accurate.
AMERICAN REALTY SUIT BLAMES EX-CHAIRMAN
Shares of American Realty Capital Properties fell 4.8% after a
former executive alleged in a lawsuit that its former chairman had
directed employees to manipulate financial results.
GOLDMAN'S WALDRON BECOMES INVESTMENT BANKING CO-HEAD
Goldman Sachs Group promoted John Waldron to co-head of
investment-banking, replacing John S. Weinberg, a vice chairman
whose father and grandfather once led the Wall Street firm.
U.S. WEIGHS RESPONSE TO SONY HACK
Homeland Security Secretary Jeh Johnson said the U.S. is
weighing a "range of options" to respond to the hack of Sony
Pictures, but declined to say who the government believes is behind
what it regards as "a very serious attack".
FED GIVES BANKS MORE TIME TO SELL PRIVATE-EQUITY, HEDGE FUND STAKES
The Federal Reserve said it would give banks two more years to
sell private equity and hedge fund stakes covered by the Volcker
rule, a win for banks who had requested more time to unwind
positions.
PUTIN STRIKES HARSH TONE WITH WEST
President Vladimir Putin accused the West of trying to subdue
and disarm Russia at a defiant annual news conference, and blamed
"external factors" for the collapse of Russia's currency and stock
market.
OIL PRICES RESUME SLIDE
Oil prices resumed their monthslong slide amid bearish comments
from Russia and OPEC leaders. January Nymex crude ended down $2.36,
or 4.2%, at $54.11 a barrel. The global Brent crude contract ended
down $1.91, or 3.1%, at $59.27 a barrel.
TOP U.S. REGULATORS SEEK INPUT ON ASSET MANAGEMENT
Top U.S. regulators said they would ask for public input on the
risks associated with the asset management industry, offering the
most detail yet on their continuing probe of whether the
$60-trillion-plus industry deserves stricter regulation.
U.S. JOBLESS CLAIMS FALL TO 289,000
The number of Americans filing for first-time unemployment
benefits dropped last week and stayed near 14-year lows. Initial
jobless claims fell by 6,000 to a seasonally adjusted 289,000.
Economists expected 295,000 new claims.
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Big Picture
FOR FED, 'PATIENT' IS A VIRTUE
Some economists think adding "patient" to the recurring phrase
"considerable time" muddies rather than clarifies the Federal
Reserve's expected policy path. The Fed, however, may be on to
something, writes Kathleen Madigan.
MoneyBeat
YELLEN HAS SOMETHING FOR EVERYONE
If the hallmark of a great central banker is the ability to
please everyone, then Janet Yellen is on her game. Both stock and
dollar bulls saw something to like in the Federal Reserve statement
released after a two-day policy meeting.