Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Ray Dalio, who oversees the world’s biggest hedge fund firm, is stepping down from management amid a company-wide shake-up.
Dalio will stop managing Bridgewater Associates by mid-April. He will remain co-chief investment officer along with Bob Prince and Jensen. As part of the shake-up, Bridgewater Associates co-CEO Jon Rubinstein is stepping down and transitioning to an external advisory role in April after 10 months on the job.
One of Ken Griffin’s senior staffers has left hedge fund giant Citadel. And Wells Fargo isn’t giving cash bonuses to eight senior executives to “promote accountability” after its accounts scandal.
In markets news, the Dow surged to a new high above 21,000. The stock market just did something it hadn’t done in at least 34 years. And traders are sending a warning that the stock-market rally is running out of steam.
In deal news, Snap’s IPO will price today after the US stock market closes. Two of the largest local TV station owners in the US are thinking about a deal. And someone might have insider-traded the $US3.3 billion SoftBank-Fortress deal.
President Trump delivered a speech to Congress on Tuesday night. Here are the headlines:
- Trump says 94 million Americans are out of the labour force — that’s true if you include teens and grandma
- TRUMP: Repealing and replacing Obamacare is “not a choice — it is a necessity”
- Trump wants to upend the “slow and burdensome” drug-approval process at the FDA
- China rejects Trump’s claim that the US “lost 60,000 factories” since China joined the WTO
- Secretary of Commerce Wilbur Ross wore $US600 slippers to Trump’s congressional address
In healthcare news, a startup that’s building an unprecedented test for cancer just raised $US900 million from major drugmakers and Amazon. And another healthcare startup set up by a 28-year old just landed a $US65 million investment.
Lastly, the accountant that caused the Oscars screw-up is still in his job, but he’s “devastated” by the fallout.
Here are the top Wall Street headlines from the past 24 hours.
Traders are making a killing betting against retail – No sector has been more profitable for short sellers in 2017 than traditional retail, according to a note from financial analytics firm S3 Partners.
JPMorgan just revealed the logic behind the crazy popular Sapphire Reserve card – JPMorgan Chase revealed its newest rewards card, the Chase Sapphire Reserve, last summer.
Consumer Reports names Tesla the top American car brand – On Tuesday, Consumer Reports released its latest annual auto brand report card. Even though German and Japanese brands dominate the top of the list, Tesla managed to claw its way into the top 10 with an 8th place finish.
Hershey is cutting 15% of its workforce – Hershey is cutting about 15% of its global workforce, mostly outside of the US.
Salesforce posts an all-around beat for its earnings, but investors aren’t thrilled – Salesforce had a full-on beat for its fiscal Q4 2017 quarter and raised its guidance for its full-year FY 2018, though shares fell on disappointment on that 2018 guidance anyway.
Lowe’s beats thanks to a strong housing market – Lowe’s forecast 2017 sales ahead of analysts’ estimates and reported better-than-expected quarterly comparable-store sales as the company benefited from a strong housing market in the United States.
Best Buy posts unexpected drop in same-store sales – Best Buy, the No. 1 U.S. electronics retailer, reported an unexpected decline in holiday-quarter same-store sales on Wednesday, hurt by weak demand for tablets, gaming consoles, wearable devices and mobile phones.
12 style upgrades any guy can snag for under $US60 – Spring is almost here, and it’s time to take a look at your wardrobe.
The 14 most important cities in the world for the globe-trotting super rich – A lot of thought has been put into the habits and desires of the world’s wealthiest people.
33 stunning images shortlisted for the Sony World Photography Awards 2017 – The Sony World Photography Awards is celebrating its 10th anniversary.