The 'Fearless Girl' statue stands at its new location in front of the New York Stock Exchange. Photo: Atilgan Ozdil/Anadolu Agency via Getty Images

The Dow Jones Industrial Average closed 1,086 points up — a nearly 5% gain — on Wednesday, the index's largest single-day point gain in history. The Nasdaq finished up 5.84% and the S&P 500 up 4.96%.

Why it matters, per Axios' Felix Salmon: Stock market volatility is the new normal. All three of the United States' major stock indices easily erased their losses from Monday, which was their worst Christmas Eve on record.

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Dan Primack, author of Pro Rata
8 mins ago - Economy & Business

Leon Black says he "made a terrible mistake" doing business with Jeffrey Epstein

Photo illustration: Sarah Grillo/Axios. Photo: Rick Friedman/Corbis/Getty Images

Apollo Global Management CEO Leon Black on Wednesday said during an earnings call that he made a "terrible mistake" by employing Jeffrey Epstein to work on personal financial and philanthropic services.

Why it matters: Apollo is one of the world's largest private equity firms, and already has lost at least one major client over Black's involvement with Epstein.

1 hour ago - World

Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.