Last Minute Victory for Speaker of The House
Rep. Mike Johnson of Louisiana was re-elected as the Speaker of the House on the first ballot after two Republican members, who initially supported other candidates, switched their votes to him. Johnson received the minimum 218 votes needed, with only Rep. Tom Massie voting for a different candidate, Rep. Tom Emmer. Johnson defeated Democratic nominee Rep. Hakeem Jeffries, who got all 215 Democratic votes. Following his election, Johnson called for a moment of silence for the victims of a New Year’s Day terror attack in New Orleans.
Rocky Stock Market Kicks off New Year
Stocks closed higher on Friday, marking a rebound after a turbulent start to the year. The S&P 500 gained 1.26%, the Dow Jones Industrial Average rose 0.8%, and the Nasdaq Composite increased by 1.77%, driven by strong performances in the technology sector, notably Nvidia and Super Micro Computer. Despite Friday’s rally, all three major indexes ended the week with slight losses, signaling a pause in the “Santa Claus” rally that often boosts markets at the year’s end. Market experts, while optimistic about continued growth in 2025, note potential volatility from factors like trade policy changes, fiscal debates, and developments in artificial intelligence.
Biden Blocks U.S. Steel Deal
President Joe Biden officially blocked the proposed $14.9 billion takeover of U.S. Steel by Japan’s Nippon Steel, citing national security concerns over placing a major U.S. steel producer under foreign control. Biden emphasized the importance of keeping critical industries under domestic ownership to protect national supply chains. Following the decision, U.S. Steel’s stock dropped over 6%, and both U.S. Steel and Nippon criticized the move as politically motivated, vowing to defend their rights. The United Steelworkers union praised the decision, highlighting Nippon’s history of trade practices detrimental to the U.S. steel industry, while the action underscores a growing bipartisan shift toward protectionism in key industries amidst global geopolitical tensions.
