Here's what happened on Wall Street Wednesday, November 29.
The Nasdaq's loss was the Dow's gain as investor left the tech-heavy index for the blue-chip index following a slew of economic data that suggested the U.S. economy is doing better than previously thought.
The Dow closed at a new record, rising 0.43%. Meanwhile, the Nasdaq fell 1.27% and the S&P 500 declined 0.04%.
American Airlines Gave Too Many Pilots Christmas Off
American Airlines (AAL) is scrambling to fill holes in its schedule because it accidentally gave too many pilots time off for the holidays.
The mistake has left the company with 15,000 flights that do not have sufficient crew.
"We are working through this to make sure we take care of our pilots and get our customers to where they need to go over the holidays," an American spokesman told Bloomberg.
Bitcoin's Main Flaw Is...
The main takeaway from the 1st annual Consensus Invest Conference is that bitcoin is great, but there is a flaw that experienced miners have undoubtedly noticed.
Bitcoin is subject to wild swings.
That was the only negative takeaway from the conference's discussion on the trendy cryptocurrency, according to Fundstrat Global Advisors.
Bitcoin has made a habit of having wild 30%-40% swings, but the bulls at Fundstrat note that those swings are often short-lived.
"As we noted in our update of our bitcoin model, we specifically forecast a serious deceleration of growth rates to arrive at our $11,500 mid-2018 value (Bitcoin was $7,800 at the time). But as noted above and given the growth in users (Coinbase etc), growth is not slowing. Hence, we consider our $11,500 value as a conservative base case," Fundstrat said in a note Wednesday.
New York Fed President Isn't Mining Any Bitcoin
New York Federal Reserve President William Dudley says that he is "cautious" about bitcoin as the the most popular digital currency has risen over 1000% this year.
"In terms of bitcoin, I would be pretty cautionary about it. I think that it's not a stable store of value. I would be, at this point, pretty skeptical of bitcoin. I think it's really more of a speculative activity," Dudley said at an event in New Jersey, according to Bloomberg.
Dudley continued by saying that cyrptocurrencies only accounted for a small fraction of all digital transactions.
Wells Fargo Could Face Furth Punishment From Regulators
Wells Fargo (WFC) was sent a harshly worded letter from the Office of the Comptroller of the Currency, according to the Wall Street Journal, saying that the beleaguered bank could face a new round of punishments as a repeat rule breaker.
The regulator accused the company's auto insurance and mortgage businesses of willingly harming its customers, according to the Journal's sources.
This summer, the bank disclosed that it forced nearly 600,000 auto insurance customers to pay for collision coverage that they did not need. Wells Fargo said that 20,000 of those people had their cars repossessed after failing to pay the improper charges.
ESPN Enters Another Round of Layoffs
Disney's (DIS) sports network ESPN began the process of laying off 150 employees Wednesday.
ESPN head John Skipper addressed the entire company in a note to staffers that was obtained by multiple news outlets.
Today we are informing approximately 150 people at ESPN that their jobs are being eliminated.
We appreciate their contributions, and will assist them as much as possible in this difficult moment with severance, a 2017 bonus, the continuation of health benefits and outplacement services. They will also appreciate your support.
The majority of the jobs eliminated are in studio production, digital content, and technology and they generally reflect decisions to do less in certain instances and re-direct resources.
This is the second round of major layoffs at the struggling network this year. In April, the company announced the layoff of around 100 employees, including some on-air talent.
A falling subscriber base and declining ratings have conspired to dim the network's once-lucrative profit margin.
U.S. Q3 Growth Better Than Previously Thought
The Commerce Department revised the U.S. third-quarter real GDP growth rate higher Wednesday -- to 3.3% from 3.0%. That rate of growth is the fastest quarter the country has seen in three years.
The quarter was driven by stronger investment from businesses and government agencies than previously expected.
Automation Will Cost 73 Million U.S. Jobs by 2030
Automation will displace 73 million U.S. workers by 2030, according to a new report by Mckinsey Global Institute.
In spite of the seemingly dire numbers, the firm isn't worried about the fate of the American worker.
"The dire predictions that robots are going to take our jobs are overstated. There will be enough jobs for everyone in most sectors," Susan Lund, co-author of the study, said.
Of the displaced, only 20 million will be able to transition to roles in similar industries, according to the report.
Chipotle Begins Search for new CEO
Trading of shares in restaurant chain Chipotle Mexican Grill (CMG) were halted temporarily Wednesday morning after the company announced that it has begun searching for a new CEO.
Shares have now resumed trading.
Current chairman, CEO and founder Steve Ells will become an executive chairman at the company.
Chipotle, which has been struggling to turn around following multiple food safety issues, closed Tuesday's trading session up more than 4%. Over the last two years, the stock has declined more than 50%.
U.S. market futures contracts were in the green Wednesday, indicating a strong opening for markets a day after all three major averages set record highs Tuesday.
A party-line Senate vote to send the GOP tax reform bill to the chamber's floor for a vote potentially this week sent stocks soaring during the Tuesday session.
In Asia, the Nikkei and Shanghai Composite both closed the day in the green, while the Hang Seng declined. In Europe, the FTSE 100 was the lone average declining with about three hours of trading left across the Atlantic.