Treasury Pick Bet on Trump and Won
Steven Mnuchin, President-elect Donald Trump’s pick for Treasury secretary, built his career sniffing out undervalued assets and converting them into massive profits. But perhaps his greatest trade just came in the political arena. 259
OPEC Discord Pressures Oil Prices
Oil prices fell Tuesday, with market participants unconvinced that OPEC will reach a deal to cut production at the Wednesday meeting.
U.S. Banks Report Record Profit in Third Quarter
The nation’s commercial banks and savings institutions reported a 13% rise in net income in the third quarter, hitting a record as institutions’ profits soared and expenses moderated.
U.S. Stocks Edge Higher
U.S. stocks edged higher, as gains in health-care stocks helped offset losses in the energy sector. Expectations that President-elect Donald Trump’s potential policies would boost economic growth have added to investor optimism.
Goldman Sachs at Center of Politics, Money and Public Furor Once Again
While critics have pointed to Goldman Sachs’s extensive ties to government as a sign of Wall Street’s outsize influence, the firm’s partners have long viewed public service as an important coda to a finance career.
Ahead of the Tape
Higher Rates Don’t Mean Lower House Prices After All
With home values recovering, now comes the hard part: sustaining prices in a period of rising rates.
Canada Issues Split Decision on Oil Pipelines
Canadian Prime Minister Justin Trudeau turned down a proposed Enbridge Inc. pipeline to the West Coast that had become a flashpoint for protesters, while approving a less controversial expansion of a Kinder Morgan Inc. corridor that will boost oil-sands producers’ access to export markets.
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