TOP STORIES
U.S. STOCKS JUMP ON FED REASSURANCE
Stocks extended their gains into afternoon trading, boosted for
a second session by reassurances from the Federal Reserve that it
is in no rush to raise interest rates. The Dow industrials were up
270 points.
PUTIN STRIKES HARSH TONE WITH WEST
President Vladimir Putin accused the West of trying to subdue
and disarm Russia at a defiant annual news conference, and blamed
"external factors" for the collapse of Russia's currency and stock
market.
OIL PRICES RESUME SLIDE
Oil prices resumed their monthslong decline after bearish
comments from Russia and OPEC leaders, and as progress was made
toward resolving a Nigerian port strike that could bring more crude
back to global markets.
U.S. JOBLESS CLAIMS FALL TO 289,000
The number of Americans filing for first-time unemployment
benefits dropped last week and stayed near 14-year lows. Initial
jobless claims fell by 6,000 to a seasonally adjusted 289,000.
Economists expected 295,000 new claims.
PHILADELPHIA FED BUSINESS INDEX SLOWS
After reporting November business conditions were the best in
more than two decades, Mid-Atlantic manufacturers curbed their
enthusiasm about the economic environment this month. Philadelphia
Fed's business index fell to 24.5.
FRANCE FINES CONSUMER PRODUCT COMPANIES
France's antitrust authority said it has fined a group of
personal and home-care products companies a total of nearly $1.23
billion for anticompetitive practices between 2003 and 2006.
COUCHE-TARD TO BUY PANTRY FOR $860 MILLION
Alimentation Couche-Tard agreed to buy convenience-store chain
Pantry for about $860 million, strengthening its position in the
southeastern U.S.
LIGHTSQUARED FILES RESTRUCTURING PLAN
LightSquared filed a new restructuring plan that involves Philip
Falcone and his Harbinger Capital Partners hedge-fund firm, but
wouldn't give Harbinger say in the company's day-to-day
operations.
KRAFT SAYS CEO TO RETIRE, NAMES SUCCESSOR
Kraft Foods Group announced that Chairman John Cahill will
replace Chief Executive Tony Vernon next week, saying the
packaged-food giant needs to change more quickly amid challenges
for the food industry. Kraft shares up 5%.
MACMILLAN, AMAZON REACH NEW DEAL
Amazon.com and Macmillan have struck a new multiyear agreement
covering the sale of print and digital books, according to a letter
posted on one of Macmillan's websites and signed by Macmillan CEO
John Sargent.
FITCH DOWNGRADES VENEZUELA ON FALLING OIL PRICES
Fitch Ratings cut Venezuela's rating further into junk
territory, to triple-C from B, saying that falling oil prices are
pressuring the country's already-troubled finances.
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Big Picture
FOR FED, 'PATIENT' IS A VIRTUE
Some economists think adding "patient" to the recurring phrase
"considerable time" muddies rather than clarifies the Federal
Reserve's expected policy path. The Fed, however, may be on to
something, writes Kathleen Madigan.
MoneyBeat
TEN MARKET DISRUPTORS FOR 2015
For investors, guessing the Next Big Thing is the key to getting
that important leg up on the market. S&P Capital IQ outlines 10
"disruptors" for 2015, one for each sector of the S&P 500.