What you need to know on Wall Street today
Goldman Sachs and Bank of America Merrill Lynch both reported fourth-quarter earnings on Wednesday, surpassing Wall Street's expectations.
At Goldman Sachs, adjusted earnings came in at $5.68 a share. Wall Street analysts had been expecting adjusted earnings of $4.90 a share. That was despite a historically bad quarter in fixed-income trading.
Bank of America Merrill Lynch meanwhile beat expectations with adjusted earnings of $0.47 a share, ahead of the $0.45 a share expected. Both banks took a hit on loans related to Steinhoff International.
In markets news, we crunched the numbers to find the one stock set to get the biggest boost from Trump tax reform. One chart explains the stock market's record-breaking explosion. And the chief UK strategist at JPMorgan's $1.7 trillion investment arm revealed her biggest fear for the British economy in 2018.
In deal news, Juno Therapeutics jumped more than 50% after a report that Celgene is interested in buying the cancer drugmaker. If the deal goes through, it'd be the second deal in the past few months for companies working on treatments that use the body's immune cells to fight cancer, following Gilead's acquisition of Kite Pharma.
The cryptocurrency sell-off is now being called a "bloodbath" by commentators as it enters a third straight day of declines. Here are all of the theories explaining the crash.
Lastly, here are the coolest things we saw at the Detroit auto show.