Stocks Rally as Inflation Jumps; Banks Mixed on Earnings; SEC Bitcoin ETF Approval Milestone
• Major indexes ended higher S&P 500 +1.8%, Nasdaq +3.1%, Dow +0.3% • Inflation surged in December to 3.4% YoY, exceeding expectations and signaling impacts on markets and Fed • JPMorgan and Wells Fargo reported strong earnings, while BofA and Citigroup faced revenue declines • SEC approval of Bitcoin spot ETFs enables broader investor access, a milestone for crypto • Microsoft surpassed Apple as most valuable company, Tesla outpaced automakers' growth, Cathie Wood revealed 25% of net worth in Bitcoin