US stocks ended the week at new record highs as it became clearer that tax reform would be passed. The S&P 500 gained 0.9% and the Dow rose 1.3% for the week. Internationally, Europe edged down 0.3% and Japan fell 1.1% for the week. The yield on the 10 year Treasury finished the week at 2.35% down from the previous week. Article
In the Fed’s last meeting of the year, the Fed voted to raise the Fed Funds rate a quarter percent to a range of 1.25% to 1.50%. It’s the third increase this year. They kept their expectations of three interest rate increases in 2018 the same as at earlier meetings. Article
Shopping mall operator Westfield agreed to a $15.7 billion takeover by European firm Unibail.
Disney reached an agreement to acquire a large portion of 21st Century Fox’s assets. They will pay $52.4 billion in the deal.
Teva is cutting 25% of its staff.
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