Trump named

Time’s POY

President-elect Donald Trump rang the New York Stock Exchange opening bell after being recognized by Time magazine as its person of the year. The honors Thursday for the businessman-turned-politician are a measure of Trump’s remarkable comeback from an ostracized former president who refused to accept his election loss four years ago to a president-elect who won the White House decisively in November. At the stock exchange, Trump was accompanied by his wife, Melania Trump, daughters Ivanka and Tiffany and Vice President-elect JD Vance. Trump grinned as people chanted “USA” before he opened the trading day and raised his fist.

Jobless benefits

up last week   

U.S. applications for unemployment benefits jumped to their highest level in two months last week but remain low relative to historical standards. Jobless claim applications climbed by 17,000 to 242,000 for the week of Dec. 7, the Labor Department reported Thursday. That’s significantly more than the 220,000 analysts were forecasting. Continuing claims, the total number of Americans collecting jobless benefits, rose by 15,000 to 1.89 million for the week of Nov. 30. The four-week average of weekly claims, which softens some of the week-to-week volatility, rose by nearly 6,000 to 224,250. Weekly applications for jobless benefits are considered a proxy for U.S. layoffs.

Biden calls for

overdraft cap

The Consumer Financial Protection Bureau is capping the fees at $5 with a rule set to take effect in October 2025, if it isn’t overturned by Congress or altered under a Trump administration. President Joe Biden had called the fees, which can be as high as $35, “exploitative,” while the banking industry has lobbied extensively to keep the existing fee structures in place.

Court rejects

diversity rule

An appeals court in Louisiana has ruled that Nasdaq can’t require diversity on the boards of companies that list on the exchange. The decision comes more than three years after the Securities and Exchange Commission approved Nasdaq’s proposal to boost the number of women, racial minorities and LGBTQ people on U.S. corporate boards.

Shift in care

for grandkids

Fewer grandparents were taking care of grandchildren, there was a decline in the number of preschoolers and more people were staying put in their homes in the first part of the 2020s compared with the last part of the 2010s. That’s according to U.S. Census Bureau data released Thursday, reflecting some of the effects of the COVID-19 pandemic. The latest figures from the most comprehensive survey of American life compares the periods of 2014 to 2018 and 2019 to 2023. Those timeframes were before the pandemic and during the years of the virus’ spread. Some of the changes are COVID-19 related, while others are the result of other occurrences like the opioid crisis.