The rally keeps going

Stocks rose for a fifth straight session, though a drop in technology shares offset gains in several corners of the market. Bitcoin topped $88,000 for the first time, the dollar hit a one-year high and economically sensitive shares outperformed, with the Russell 2000 index of smaller firms up 1.5% to the highest since 2021. Moreover, a closely watched gauge of banks climbed 2.4%. But alas, most big techs fell, with market darling Nvidia leading the way down with a 1.6% decline. But an equal-weighted version of the S&P 500—where the likes of Apple carry the same heft as Dollar Tree—beat the US benchmark. That gauge is less impacted by the largest companies, which may be an indicator that the rally will not only continue, but broaden. Here’s your markets wrap. —Natasha Solo-Lyons

Tesla fans have been reinvigorated by Donald Trump’s victory, and more to the point, Elon Musk’s proximity to the Republican president-elect. The stock’s climb continues (and some shorts lost big) as investors piled into its shares, confident that a second Trump term will bring windfalls to the electric vehicle maker, given Musk’s role in helping bankroll the campaign. All together, the stock has advanced 39%, adding more than $300 billion in market capitalization since the Nov. 5 election.

Bitcoin continued its relentless surge higher, reaching above $88,000 for the first time, boosted by Trump’s embrace of digital assets and the prospect of a Congress featuring pro-crypto lawmakers. Trump’s victory has prompted celebratory chest-thumping from the digital-asset industry, which spent over $100 million backing a range of crypto-friendly candidates. Bitcoin has surged more than 25% since last week’s election, setting record highs almost daily.

House Republicans may be on the brink of keeping control of the chamber as they need just four more wins in 18 remaining uncalled races. With 218 seats needed for a majority in the 435-member House, they are leading 214-203, according to the Associated Press. With Trump entering the White House, Republicans regaining control of the Senate and a GOP-appointed supermajority on the Supreme Court, a House victory would give the party and its priorities total sway over all three branches of the US government. Meanwhile, Trump is moving quickly to install extreme immigration hardliners into prominent White House posts, including longtime aide Stephen Miller as White House deputy chief of staff for policy, CNN reported Monday. Miller was the architect of Trump’s travel ban on six majority Muslim countries. Another appointee, Lee Zeldin of New York’s Long Island, is to take over the Environmental Protection Agency. But there’s another Trump pick that Elon Musk is taking issue with.

In just over five years, the world will arrive at its first major checkpoint on climate action: a 2030 deadline to meet a series of green targets aimed at avoiding the most devastating impacts of global warming. These goals, set by governments, Wall Street, Big Tech and major polluting companies, are intended to put the global economy on a path to finally start reducing the amount of greenhouse gases accumulating in the atmosphere. Yet, far from being in retreat, carbon dioxide emissions hit a new record last year. That means the world faces a steeper, far costlier and more disruptive journey to reach net zero by 2050. The world’s best hope of doing so is vanishing.

Steve Schwarzman’s early endorsement of Trump is proving to be a canny wager. The Blackstone chief’s pledge in May to “vote for change” and root for Trump marked a turning point for Schwarzman, who had previously distanced himself from the former president. It also set him apart from high-profile business chiefs, including Warren Buffett and Jamie Dimon, who remained publicly neutral as Vice President Kamala Harris sought to claim the presidency. Schwarzman’s latest shift may give him a powerful voice in the new administration.

Cuba’s challenges are multiplying after two earthquakes rattled the island as it struggles to restore power and recover from a major hurricane. Electrical workers were still attempting to bring parts of the grid back online Monday after the lights went out across the country last week when Hurricane Rafael made landfall as a Category 3 storm. On Sunday, the southeastern end of the island was hit by back-to-back 4.0 and 6.8 magnitude quakes. The temblors triggered mudslides, damaged homes and exacerbated electricity problems.

Greg Carr says he knew he had to buy the penthouse at 170 Fifth Avenue in Manhattan when it first came up for sale in 2001. Carr, co-founder of Boston Technology and chair of early internet service provider Prodigy, paid $7 million for it. “I’ve had nearly 25 years in one of the most iconic places in New York,” he says. Now he’s listed the penthouse with Sotheby’s International Realty for $25 million. For that, a buyer gets 5,000 square feet in a duplex loft, with four bedrooms, three bathrooms and exclusive roof access with 360-degree views of Manhattan.

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