U.S. stocks rebounded in a volatile session on Friday, while the dollar cut losses and bond yields rose to session highs.Read More »
‘If you were a Muppet, which character would you be?’Walt Disney Co./Courtesy Everett These guys ask tough questions. The Trump administration has learned the cost of not grilling its candidates — at least enough to prevent a revolving door of employees. The latest: President Trump’s chief strategist Stephen Bannon resigned, the White House confirmed Friday.
Thomas J. Lee, one of the most bearish stock strategists on Wall Street, is feeling a lot more optimistic about the prospects for bitcoin. The Fundstrat Global Advisors co-founder and former chief U.S. equity strategist at JPMorgan Chase & Co. said in a note Friday that the cryptocurrency could reach $6,000 by the middle of 2018, with user accounts likely to rise 50 percent and usage per account to climb 30 percent. Every 10% increase in user accounts adds $222 to bitcoin’s value, and each 10% rise in activity per account adds $274, Lee said Lee still expects bitcoin to reach about $25,000 by 2022 amid institutional sponsorship, better transaction platforms and increasing public adoption Traders
Fifth Third Bancorp’s stock jumped early this week when it agreed to invest nearly $1 billion in building shareholder value. Fifth Third (FITB), Cincinnati’s largest locally based bank and the nation’s 13th-biggest, said it reached a deal to buy back $990 million worth of its own stock from Goldman Sachs & Co., according to a Securities and Exchange Commission filing. Shares in Fifth Third soared 3.5 percent over a two-day stretch.