Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
The Dow Jones Industrial Average on Wednesday crossed 20,000 for the first time. The S&P 500 and the tech-focused Nasdaq clinched new highs Tuesday, but the Dow failed to climb above its old record of 19,999.63.
Elsewhere on Wall Street, the New York Stock Exchange is planning to introduce a 350-microsecond delay in trading on its market for small-cap companies. The move represents a 180 for the exchange, which had previously fought against IEX’s proposed 350-microsecond delay.
We published big interviews with Jack Bogle, founder of fund giant Vanguard, and Terry Duffy, CEO and chairman of CME Group, earlier in the week. If you didn’t get chance to read them, here are a couple of bite size chunks.
- We asked an investing legend if mutual funds are doomed and his answer was just brutal
- The founder of a $3.9 trillion investment giant has some advice for wannabe money managers
- DUFFY: Bringing money back from overseas could help rebuild our “crumbling nation”
- The CEO of a giant Chicago company says big business has “a moral obligation” to help struggling cities
We also caught up with Victor Shvets, Macquarie’s head of global equity strategy. He explained the biggest problem China is facing.
ere are the seven key economic trends to watch for in 2017, according to Jim Glassman, head economist for commercial banking at JPMorgan Chase.
In Donald Trump news:
- Mexico issued an ultimatum to the Trump administration
- Trump is about to sign off on a border wall with Mexico — here’s how much it could cost
- Trump reportedly has a list of $137 billion in infrastructure projects he wants to build
- Trump claims the Keystone XL pipeline will create 7 times more construction jobs than it actually will
- SCHUMER: If Trump wants to put America first he should label China a “currency manipulator”
- Trump’s deal with automakers is lopsided
- Soon there could be a Trump hotel in every major US city
In tech news, AppDynamics, which would have carried out the first big tech initial public offering of 2017, is getting bought by the networking titan Cisco for $3.7 billion. And
Yahoo’s massive hack had very little impact on traffic — and likely won’t kill the Verizon deal.
Lastly, one of the best low-cost airlines in the world is finally coming to America
Here are the top Wall Street headlines from the past 24 hours
“We have been operating as an exchange for over four months, and chaos has yet to descend on the world” – A change in administration and at the helm of the SEC typically encourages conversation about regulatory reform.
HBO’s new documentary dives deep into the daily life of billionaire Warren Buffett – HBO’s new documentary “Becoming Warren Buffett” offers never-before-seen access into the day-to-day life of the billionaire.
Gary Cohn will get at least $100 million for leaving Goldman Sachs to join Trump’s administration – Outgoing Goldman Sachs chief operating officer Gary Cohn will pick up an exit package worth at least $100 million as he moves to work for the Trump administration.
There’s a key risk in Europe that everybody is missing – Upcoming European elections, especially those in France and Germany, have many Wall Street economists on edge as the wave of populism sweeps the globe.
Lyft is about to launch a massive expansion across the US – Lyft is rapidly expanding the number of US cities in which it operates.
Elon Musk is getting serious about digging a tunnel under Los Angeles – Elon Musk wants to build a tunnel to cut down on traffic in Los Angeles — and it looks as though he’s actually going to make it happen.