Here is what you need to know.
- Stocks surged more than 800 points in the final 2 hours of trading Thursday. The Dow Jones Industrial Average on Thursday erased a more than 600-point decline after 2 p.m. ET and finished higher by 260 points.
- The momentum set to continue on Friday. The Dow was set to open higher by 235 points, or 1%.
- 2 types of investors are sending the market swinging wildly. Passive and momentum traders were behind the stock market’s wild swings in December, according to David Kelly, JPMorgan Asset Management’s chief global strategist.
- Wells Fargo looked into 6 decades of ‘strong economy selloffs’ – here’s what they found. A team of strategists at Wells Fargo, led by Pravit Chintawongvanich, says the current environment is most similar to those of 1962, 1966, and 1987 – when the US economy avoided a recession, and the stock market recovered and marched to all-time highs within two years.
- Japan’s 10-year yield goes negative. Japan’s 10-year bond yield hit -0.005% Friday, falling below zero for the first time since September 2017, Bloomberg says.
- Hedge funds are set on hiring talent that old-school traders hate. Stanley Druckenmiller and Leon Cooperman have pinned recent stock-market jolts on computer-controlled trading, but recruiters and industry experts say 2019 is the year of the quant.
- The Canadian cannabis producer Aphria is reportedly getting a hostile takeover offer. The US-based Green Growth Brands is reportedly planning a 2.8 billion Canadian dollar ($US2.1 billion) hostile takeover bid for Aphria, according to Bloomberg.
- The New York Yankees are trying to buy back YES Sports Network. The Yankees are in talks with Amazon and Sinclair Broadcast Group to buy the remaining 80% stake from Disney, which is seeking a valuation of $US5 billion to $US6 billion, The Wall Street Journal reports, citing people familiar with the matter.
- Tech stocks got mauled this year – here’s which ones were hit the hardest.Business Insider combed through the data and found the 10 tech stocks in the Nasdaq 100 that saw the biggest losses in 2018.
- US economic data trickles out. Chicago PMI and pending home sales will cross the wires at 9:45 a.m. ET and 10 a.m. ET respectively. The US 10-year yield was down 1 basis point at 2.76%.
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