What You Need To Know (12/29/16): Sears, Bitcoin


Here’s what you need to know for today:

  • The Dow lost around 112 points yesterday, moving it further away from the potential milestone of 20,000. There are two trading days left, and chances of the Dow reaching the 20,000 milestone are rather slim.
  • Bitcoin is almost as valuable as gold. The current price of Bitcoin is $977. The current price of gold per ounce is $1,148.60. If you don’t know what Bitcoin is, read our primer on how to use it.
  • Sears and Kmart announced they were closing a bunch of stores. Their stock is performing well in reaction to the news this morning. The company also secured a $200 million letter of credit to try and help turn their existing stores around.

Here’s what we’re reading this morning:

50,000 coins for $1.99: How mobile game in-app purchases are warping kids’ understanding of basic economic ideas” by James Ledbetter, Quartz
Trying to get your kid to understand how money actually works? Maybe keep them away from mobile and video games.

Wells Fargo Customers: Bank’s Contract Can’t Be Used To Allow Illegal Activity” by Chris Morran, Consumerist
A small but important update on the state of lawsuits against Wells Fargo. The bank previously disclosed this year that they opened millions of fraudulent accounts, but aren’t doing a heck of a lot to accept blame for it.

Jobless Claims Fall in Sign Labor Market Is Near Full Strength” by Reuters/The New York Times
Unemployment claims were down last week, proving the Fed was right to have raised their fund rate.