Stocks Close Higher, US "Involved" in Greenland Mineral Rights, More
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What are the closing stock numbers for today?
News when you want it with Bloomberg News Now, I'm Amy Morris. There's your closing bell for this Wednesday on Wall Street where stocks moved higher toward the end of the session after President Trump announced that he had reached a framework of a deal to take possession of Greenland. Much more on that just ahead. But first, let's check those closing numbers. We bring them to you each day here at Bloomberg. The S&P 500 gained 79 points. NASDAQ gained 270 points.
What did President Trump announce regarding Greenland?
The Dow up 588 points. The 10-year Treasury yield at 4.25 percent, the two-year yield at 3.59 percent. Now, President Trump says he will refrain from imposing tariffs on goods from European nations that oppose his effort to take possession of Greenland, telling CNBC that he has reached a framework for a future deal with NATO Secretary General Mark Rutte.
Well, we have a concept of a deal. I think it's going to be a very good deal for the United States, also for them. And we're going to work together on something having to do with the Arctic as a whole, but also Greenland. And it has to do with the security, great security, strong security and other things.
The president adding that the U.S. will also be involved with Greenland's mineral rights.
They're going to be involved in the Golden Dome and they're going to be involved in mineral rights and so are we.
Trump did not detail the parameters of the so-called framework. President Trump also telling CNBC he has whittled the shortlist for Fed chair down to one.
I'd say we're down to three, but we're down to two and I probably can tell you we're down to maybe one.
Trump says he wants his pick for Fed chair to be someone like former chair Alan Greenspan. Supreme Court justices seem to suggest they're wary of President Trump's effort to fire Federal Reserve Governor Lisa Cook over unproven allegations of mortgage fraud. Solicitor General John Sauer argues that Cook isn't fit to serve. The American people should not have their interest rates determined by someone who was, at best, grossly negligent. and obtaining favorable interest rates for herself. But those allegations are unproven, and the justices seem to acknowledge that firing Cook could upend the Fed's independence and rattle markets. Justice Brent Kavanaugh expressed skepticism of there being no judicial review of the actions of the president.
They're positioned that there's no judicial review, no process required, no remedy available, very low bar for cause. that the president alone determines, I mean, that would weaken, if not shatter, the independence of the Federal Reserve.
Fed Governor Cook released a statement saying that the case is about whether the Fed will set interest rates by evidence or whether it will succumb to political pressure, and that as long as she serves at the Federal Reserve, she will uphold the principle of political independence. National Economic Council Director Kevin Hassett says the Fed has already crossed the line of being independent when it criticized President Trump for global tariffs.
For sure you want to talk about inflation, but precisely then, right when President Trump's coming in and setting his tariff agenda, to have the Fed criticize him so vehemently, I think is inconsistent with the desire for independence.
Hassett is referring to when Fed Chair Jay Powell said that the tariffs were a potential cause for inflation, creating economic uncertainty, prompting a wait-and-see approach on interest rates. National Economic Council Director Kevin Hassett spoke to Bloomberg Television from the World Economic Forum in Davos. We're learning more about Apple's plans to revamp Siri this year. The company says it will turn the digital assistant into Apple's first AI chatbot, jumping into the generative AI race dominated by OpenAI and Google. Sources tell Bloomberg the chatbot will be embedded into the iPhone, iPad and Mac operating systems and replace the current Siri interface. This new update would be above and beyond the previously promised non-chatbot update to Siri.
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