Stocks Close Mixed, Millions Brace for Ice, Snow Storm, More
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News when you want it with Bloomberg News Now. I'm Amy Morris. There's a closing bell for this Friday on Wall Street, which is ending a jittery week on a relatively quiet note amid renewed enthusiasm about artificial intelligence and signs of strength in the main engine of the world's largest economy. We bring you the closing numbers each day here at Bloomberg. The S&P 500 gained two and a quarter points. NASDAQ gained 65 points. The Dow lost 285 points. The 10-year Treasury yield at 4.23 percent and the two-year yield at 3.59 percent. Silver topped $100 an ounce for the first time, extending a rally built on surging demand for Haven assets. Silver now more than 6% higher. And much of the U.S. remains on alert for winter storm conditions that could last for days, disrupting travel and threatening blackouts.
Bloomberg meteorologist Rob Carolin tells us the storm starting today in the southwestern U.S. where it picks up speed.
And then it spreads quickly off towards the east. We're going to see it moving into the mid-Atlantic states by late in the day tomorrow. It's into the New York City area by early Sunday morning and then into Boston Sunday afternoon.
And while many areas will see snow, forecasters warn you need to also prepare for ice. That makes travel hazardous and increases the risk for power outages. In sub-freezing temperatures, prices for electricity and natural gas have surged this week ahead of the storm, and they're still pretty high, natural gas now near 5% higher, and wheat is surging on fears that plants will be damaged by the record low temperatures and freezing rain. More than 3,000 flights are canceled for tomorrow, and Amtrak has pulled dozens of trips from its schedule. FEMA is staging resources ahead of the storm.
Former FEMA Director Deanne Criswell. FEMA has the ability to have these centralized stockpiles of equipment to pre-position where you can, but they only do that at the request of the state. And at least 14 states have declared states of emergency.
In addition, planned layoffs at FEMA are now on pause, an internal email instructing FEMA leaders to, quote, cease off-boarding certain employees effective immediately. BlackRock's Rick Reader's candidacy for the Federal Reserve's top job has been bolstered by his Wall Street experience and openness to making changes at the Fed. Sources tell Bloomberg Reader is seen as looking the part of a central banker and has grabbed the president's attention with his ideas for overhauling the Fed. President Trump says he's done interviewing candidates for Fed chair and that an announcement could come as soon as next week. PIMCO Global Economic Advisor Richard Clarida says Fed independence is crucial.
I'm confident in Federal Reserve independence. That's clearly what Congress intended in terms of the way the Fed is set up.
Former Fed Vice Chair Richard Clarida on Bloomberg TV. Goldman Sachs CEO David Solomon is getting a financial boost for 2025. His compensation will be $47 million. That's up from $39 million in 2024. Ryan Wedding's been arrested. The former Olympic snowboarder was among the FBI's most wanted fugitives. FBI Director Kash Patel.
How did the stock market perform this week?
This individual and his organization and the Sinaloa cartel poured narcotics into the streets of North America and killed too many of our youth and corrupted too many of our citizens.
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