Dow Jones – Monetary Day by day Dose 11.25.2020 | Prime Story: Dow Jones Hits 30,000 Mark | Robins Kaplan LLP

The official transition to a brand new administration and early Cupboard choices helped drive Wall Street to new highs on Tuesday, with the Dow topping 30,000 for the primary time and the S&P 500 up 1.6% to a different new excessive, too – NYTimes and WSJ and Bloomberg and MarketWatch and Market

Certainly, after four years of recent file closes adopted by huge corrections (and even a quick bear market), many on the Street are welcoming the anticipated steady-state method from D.C. – NYTimes

In the meantime, the current increase in newbie buying and selling implies that a often gradual Thanksgiving week is yielding to a “very, very busy” stretch – Bloomberg

Purdue Pharma has pleaded responsible in federal courtroom to “criminal charges that it misled the federal government about sales of its blockbuster painkiller OxyContin, the prescription opioid that helped fuel a national addiction crisis.” The plea ended an “extensive federal investigation” that featured a multibillion-dollar settlement between Purdue and the DOJ – NYTimes and WSJ and Regulation360

The OCC has imposed a $250 million fantastic towards JPMorgan Chace over “deficiencies in the bank’s internal controls and audit program for its massive fiduciary business.” The bank agreed to pay the sum “without admitting or denying the agency’s findings” – Regulation360

Nonetheless in streamlining mode (and smarting from the coronavirus’s impact on the airline trade), General Electrical introduced on Tuesday that it’s reducing extra jobs in its jet-engine enterprise. Two rounds of layoffs earlier this yr noticed a full 25% of the unit’s 52,000 world staff dismissed – WSJ and MarketWatch

The FCC has “affirmed its decision to designate ZTE Corp. as a national security threat over concerns telecommunications gear made by the Chinese company could be used for spying.” The affirmation suggests the Fee “remains determined” to drive each ZTE and Huawei “from the U.S. market, where small rural carriers rely on their cheap network equipment” – Bloomberg

A deeper dive into the “vast policy portfolio” {that a} Treasury Secretary Yellen could be taking over ought to she be confirmed to steer the Division – NYTimes

And a have a look at what present Secretary Mnuchin’s current strikes to place $455 billion of unspent Cares Act cash right into a General Fund account means for his alternative’s capacity to entry the cash with out Congressional approval – Bloomberg

J.Crew on Tuesday named Libby Wadle, longtime firm government, as its third CEO in lower than a yr. Wadle replaces Jan Singer, who took the job simply final February and helped information the corporate by way of chapter safety – WSJ

CFTC Chair Heath Tarbert is warning that asset managers “risk being locked out of the interest-rate swaps market early next year unless they sign on to a new protocol designed to smooth the transition away from Libor,” the lame-duck benchmark price that’ll be phased out by the top of subsequent yr – Bloomberg

Sending you into a number of days away from the grind with this piece on a New York carpenter who makes a speciality of turning the architecturally not possible into actuality – NewYorker

Keep protected, be good, and have a beautiful Thanksgiving. We’ll see you again right here subsequent week.

MDR