News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

The Dow Has What Investors Want

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The Dow Jones Industrial Average has done very well lately, with a total return of 27% since the end of 2016, versus 24% for the S&P 500. And that has less to do with the quirk of how the Dow is constructed than what is in it.

Dow Tops 25000, but Individuals Sit It Out

The Dow Jones Industrial Average closed above 25000 for the first time. Yet throughout the nearly nine-year surge in share prices, individual investors have continued to yank money out of funds that own U.S. stocks.

Allstate Shakes Up Management Team

Allstate Corp. promoted three executives Thursday ahead of the retirement of President Matt Winter.

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CFTC Moves to Address Industry Concerns Over Virtual Currencies

The top U.S. derivatives regulator is moving to address financial-industry concerns over its oversight responsibilities for virtual currencies and related futures products.

Citi Fined for Failing to Fix Money-Laundering Controls

The Office of the Comptroller of the Currency said Citigroup's deposit-taking bank, Citibank N.A., hasn't adhered to a 2012 order that accused it of failing to fully comply with the Bank Secrecy Act.

Western Union to Pay $60 Million to Settle New York Regulator Investigation

A subsidiary of money-transfer company Western Union Co. will pay $60 million to the state of New York to resolve an investigation into whether it had appropriate safeguards to prevent wire fraud and money laundering.

Disasters Don't Whip Up Insurance Pricing Power

Global insurers suffered one of the worst ever years for catastrophe claims in 2017. Yet the reinsurers that backstop the industry's worst losses are still struggling to lift prices.

Bullard Warns Fed Could Send Economy Into Recession

St. Louis Fed President James Bullard warned that U.S. central bankers should be wary that projected short-term interest-rate increases this year could cause a recession.

Challenge for Vanguard's New CEO: Keep a Behemoth Growing

Vanguard's new chief executive, Mortimer J. "Tim" Buckley, has a challenge his three predecessors didn't: How to grow a firm that is already the world's second largest investment manager.

Bitcoin: The Rise of the Regulators

Bitcoin has a reputation as the Wild West of financial markets. But the sheriffs are increasingly closing in. In this video, Steven Russolillo travels the world (sort of) to see how the remarkable rise of cryptocurrencies has drawn a response from regulators.

(END) Dow Jones Newswires

January 05, 2018 00:15 ET (05:15 GMT)