Biggest business stories of 2023 and a peek at next year
Bitcoin has rallied over 163% this year, making it the top performing asset class
LPL Financial chief technical strategist Adam Turnquist weighs market impacts if it sees a Santa rally and if it doesn't.
IN THIS WEEK'S EDITION, STORIES THAT DOMINATED 2023
-Federal Reserve Chairman Jerome Powell's early Christmas gift to investors
-Inflation nation catches a break
-Bitcoin's back and an ETF is in the pipeline
-Disgraced FTX CEO Sam Bankman-Fried's conviction and future
-Taylor Swift, Beyonce juice the economy and rule the world
-AI cements its world dominance
-A banner year for U.S. stocks
TOP STORY: FED CHAIR POWELL PLAYS SANTA CLAUS
Earlier this month, Federal Reserve Chairman Jerome Powell not only gave investors what they've been wishing for: an end to interest rate hikes, but he did them a solid by penciling in a series of rate cuts next year… continue reading here.
Federal Reserve Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting. ((Photo by Chip Somodevilla/Getty Images) / Getty Images)
The move thrilled investors, who pushed the Dow Jones Industrial Average past 37,000 for the first time in history during the final month of the year.
Dow Jones Industrial Average
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VIDEO: How policymakers orchestrated their pivot and what it means for the U.S. economy
BITCOIN BACK IN FAVOR: Bitcoin has gained over 163% this year, making it one of the top-performing asset classes of 2023, and there is reason to believe the Securities and Exchange Commission is close to approving the first spot Bitcoin ETF in early 2024, which could send the cryptocurrency to new highs…continue reading here.
VIDEO: Why a Bitcoin exchange traded fund is in the cards for 2024
LIVE: CRYPTO PRICES ON FOXBUSINESS.COM
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JURY THROWS THE BOOK AT SAM BANKMAN-FRIED: The former FTX CEO and cryptocurrency wunderkind Sam Bankman-Fried was found guilty by a jury of his peers on all counts, which carry a potential prison sentence of over 100 years. Judge Lewis A. Kaplan will determine what time will be served. Meanwhile, his former firm FTX is planning a comeback of sorts….continue reading here.
SEE IT: The twists and turns of SBF's trial in pictures
Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, U.S., on Wednesday, February 9, 2022. (Photographer: Sarah Silbiger/Bloomberg via Getty Images / Getty Images)
GIRL POWER: Taylor Swift and Beyonce rocked the summer concert stage entertaining millions of fans and racking up over a billion in profits combined, helping to juice the U.S. economy…continue reading here.
SAM ALTMAN AND AI CEMENT WORLD DOMINANCE:
When OpenAI darling Sam Altman was unceremoniously dumped as CEO, investors got an inside look at the cloaked world of the power players shaping the world's future in artificial intelligence and the stakes at hand. Altman, who was reinstated shortly thereafter, will remain a force of the evolving revolution that could upend how Americans do everything. He shared some of his thoughts on what's ahead…continue reading here.
An image of former OpenAI CEO Sam Altman is seen on a mobile device screen in this illustration photo taken in Warsaw, Poland on November 21, 2023. Former head of OpenAI Sam Altman has said he is still willing to lead the company after his ousting if … (Jaap Arriens/NurPhoto via Getty Images / Getty Images)
WALL STREET WEEK: All three of the major market averages ended the pre-Christmas week on a high note, adding to what has been a robust December for U.S. stocks with just a few trading days remaining ahead of the New Year.
For the Dow Jones Industrial Average, Nasdaq Composite and S&P 500, it was the 8th straight week of gains…more market coverage here.
S&P 500 - YTD +23.8%
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