>>Wall Street Closed For MLK Jr Day
(New York, NY) -- Wall Street is closed today in honor of MLK Day after notching its first weekly gain of the new year. Big tech rallied with shares of Tesla, Nvidia and Alphabet all gaining ground. Strong earnings from major banks coupled with better-than-expected economic data also gave stocks a boost this week. At the closing bell on Friday, the Dow Jones Industrial Average rose 334 points to 43-487. The S&P 500 added 59 points to 59-96. The Nasdaq gained 291 points to 19-630.
>>President-Elect Trump Says He'll Likely Extend TikTok Sale Deadline
(Washington, DC) -- President-elect Trump says he'll "most likely" extend the deadline for Chinese-owned TikTok to sell to a U.S. company or face a ban. Trump told NBC's "Meet the Press" he'd likely give internet technology company ByteDance a 90-day extension beyond the original Sunday deadline. Trump went on to say that if he does make that decision, he'll probably announce it Monday. The Biden administration has said it doesn't intend to enforce the Sunday deadline, leaving the question of TikTok's future up to President-elect Trump.
>>Noteworthy Earnings Reports
(Undated) -- Coming up in the business week ahead, today is a stock market holiday with equities and bond markets closed in observance of Martin Luther King Junior Day. The following day brings fourth-quarter results from Netflix. Other big names reporting on Tuesday include United Airlines and Capital One.
>>Coming Up In The Business Week Ahead
(Undated) -- There are only a few major economic reports coming up in the business week ahead. The calendar's clear on Monday, as the nation observes Martin Luther King, Jr. Day. Things will also be quiet on Tuesday, with data on leading economic indicators released Wednesday. Weekly jobless claims come out the following day and most analysts are forecasting just a small decline. Existing home sales and consumer sentiment wrap things up on Friday.
>>Cash App Fined For Failure To Protect Users From Fraud
(Washington, DC) -- The parent company of Cash App is being ordered to pay up to 175-million dollars for not protecting users from fraud. On Thursday, the Consumer Financial Protection Bureau ordered Block to pay consumers up to 120-million dollars. The agency also fined the company 55-million dollars, which will go to the CFPB's victims relief fund. In a statement, the agency said Block used weak security protocols for Cash App and put users at risk. The agency added that "When things went wrong, Cash App flouted its responsibilities and even burdened local banks with problems that the company caused."
