Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
The US economy grew by 3.2% in the third quarter — better than expected and initially reported — according to the second estimate of gross domestic product, released Tuesday.
Consumer spending was stronger than previously estimated, and it was the main reason overall economic growth was revised higher. Personal consumption grew by 2.8%, up from 2.1% in the Commerce Department’s initial estimate.
In other news, the world could be about to run low on dollars. A “serious hangover” is about to hit the bond market. This is the “damage” imports have done to America’s industries.
And 2017 will be a year of “economic nationalism,” according to Fitch.
President-elect Donald Trump will meet with Goldman Sachs COO and President Gary Cohn on Tuesday. And Fox News is bringing on a top Democratic fundraiser and ex-President of UBS Investment Bank who advised President Barack Obama and Hillary Clinton.
In markets news, oil is getting smoked after Iran said it won’t take part in a production cut. The Russian ruble is tumbling. And here’s where all 14 OPEC members stand ahead of the crucial meeting in November 30.
Theranos and its founder just got hit with another lawsuit.
Lastly, here’s how much you need to earn to be in the top 1% of every US state.
Here are the top Wall Street headlines at midday
Consumer confidence soars to a post-recession high – Consumer confidence soared in November to a post-recession high, according to the Conference Board’s monthly report published on Tuesday.
Black Friday was a record-breaking day for gun background checks in America – The FBI processed 185,713 background checks for buyers through its National Instant Criminal Background Check System (NICS.) That was nearly 400 more transactions than the bureau processed on Black Friday 2015, the bureau’s Stephen Fischer Jr. told Business Insider.
Tiffany’s sales jump for the first time in 2 years – Tiffany & Co reported its first rise in sales in eight quarters as strong sales in Japan and China more than offset a decline in the United States, its biggest market.
Former Citigroup financial adviser sues the bank, claiming it ran a “boys’ club” and treated her like a “glorified secretary” – A former Citigroup financial adviser on Monday filed a lawsuit accusing the bank of running a “boys’ club” that favoured men over women, treating her as a “glorified secretary,” and firing her in retaliation for whistle-blowing activity.
There’s about to be a shift in who dominates the US housing market – The balance of power in the US housing market will shift from sellers to buyers by 2019, according to experts surveyed by Zillow.
Most Americans want to prepare for retirement but are clueless about what they need to do – Preparing for retirement is top priority for an overwhelming majority of Americans, but only 50% of pre-retirees believe they are well-prepared with a strong retirement plan, according to the results of a Prudential Investments survey of 1,568 adults living in the United States (including 438 retirees).
ALLIANCEBERNSTEIN: Here are the 12 most crowded US stocks – AllianceBernstein has released a report ranking the most and least crowded global stocks.
Here’s the stunning electric car Porsche is making to take on Tesla – Tesla will soon be getting some serious competition.
Forget Black Friday — here are 12 charities to donate to on Giving Tuesday – Black Friday and Cyber Monday are officially over, but a newer, lesser known post-Thanksgiving tradition is ramping up. Today is Giving Tuesday, a 24-hour period devoted to charitable giving following the frenzy of holiday shopping.
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