Axios

The Dow Jones Industrial Average closed above 26,000 for the first time today. It rose from 25,000 to 26,000 in just seven trading days.

Behind the rally: The Wall Street Journal said stocks are being driven higher by some money managers who had been wary of the bull market but now have "fear of missing out" as stocks keep rising and have started to buy.

After 11 years in prison, Lamont Carey was determined to use the education he had earned behind bars to build a life for himself. He filled out job applications and landed phone interviews, only to be told again and again that hiring him violated company policy. "It felt like they were just calling me back to see why I went to prison," he tells Axios.

Quick take: Carey, imprisoned for armed robbery, attempted murder and selling heroin, has gone on to become a success. But even in a vibrant economy that appears now to be starting to absorb even convicts, his story still seems to be rare. 

Two years ago, B8TA launched as a physical outlet for tech gadgets otherwise sold only online, but it's now being embraced by traditional chains. Its secret sauce: introducing consumers to new product concepts, and not necessarily selling them anything.

Quick take: CEO Vibhu Norby's approach makes B8TA look as much a media company as a retailer, something he sees as a long-term trend.

Bitcoin fell below half its peak price on Tuesday, extending a losing streak that has led business leaders to increasingly doubt its viability as a currency.

Why it matters: If business does not see bitcoin as a reliable means of exchange, there's no reason to believe it will end up in wide circulation.

20 years ago today, back in 1998, Matt Drudge posted his most famous siren banner: "NEWSWEEK KILLS STORY ON WHITE HOUSE INTERN." Drudge's own anniversary posting includes the 1998 headline: "Arrival of the digital age."

Simpler times: A week later, the BBC reported: "[I]t was in the wilds of cyberspace — not the morning newspaper — that the story of Bill Clinton's alleged affair with a young White House intern, Monica Lewinsky, first unfolded...In the future, academics, politicians and journalists aren't likely to dismiss the Internet so quickly."

Manufacturing has now rebounded sharply from the Great Recession. The sector turned around last year after losing jobs in 2016, and economists say the trend seems to be continuing into 2018.

Why it matters: No one knows precisely why it's happening.

Walmart last week became the GOP's poster child for how tax reform helps workers when it raised its minimum wage to $11 an hour — until, just a few hours later, it said it will also close 63 Sam's Club stores and cut 10,000 employees. And then Tuesday, the WSJ reported that the retailer is cutting another 1,000 jobs — this time at the corporate level. 

Why it matters: These moves capture the new tax law's schizophrenia. While delivering bonuses and raises for workers, it hasn't mastered the rapidly changing economy.

Sen. Jeff Flake (R-Ariz.) urged his colleagues Wednesday to speak out against President Trump's attacks on the free press, driving home how damaging the relationship between Trump and the truth is to American democracy:

"No politician will ever get to tell us what the truth is and is not ... When a figure in power reflexively calls any figure that doesn't suit him 'fake news,' it is that person who should be the figure of suspicion, not the press."

Flashback: Flake's plea is reminiscent of his emotional Senate retirement speech in October, where he condemned the "flagrant disregard of truth and decency" in politics today.

Nestle is selling its U.S. candy business to Italy's Ferrero for $2.8 billion, the company said Tuesday. The move follows a push from the Swiss giant's CEO Mark Schneider to keep up with the increasing U.S. demand for healthy snacks.

Why it matters: Nestle said its candy business made up just 3% of its U.S. sales, lagging behind Mars, Hershey and Lindt, reports Reuters, and a sale would help it focus on its many other sectors from around the world. Meanwhile for Ferrero, which will become the U.S.'s third biggest confectionery maker, the deal creates an opportunity for the company to build greater scale in the U.S. market.

The Dow, Nasdaq and S&P 500 all closed lower on Tuesday, despite setting record highs earlier in the session.

Here's where they closed:

• Dow Jones: 25,792.86 (-0.04%)
• Nasdaq: 7,224.00 (-0.51%)
• S&P: 2,776.42 (-0.35%)

Why it matters: The Dow briefly traded above 26,000 for the first time, the fastest 1,000 point rise in index history, before falling back down to Earth. Analysts say investors are likely weighing the possibility of a government shutdown, which has historically caused the market to drop, according to CNBC.

Walmart is planning to cut more than 1,000 jobs, mostly at its headquarters in Bentonville, Arkansas, the Wall Street Journal reports, citing unidentified people familiar with the matter. Walmart last week said it will close 63 Sam's Club stores and eliminate 10,000 jobs. The company employs 1.5 million.

Why this matters: Walmart is cutting cost to invest in e-commerce in a fight with Amazon, the WSJ says. “Retail is changing rapidly and we are transforming to meet the needs of our customers,” Wal-Mart spokesman Blake Jackson told the paper.

Alana Evans, a friend and former colleague of Stormy Daniels, appeared on NBC News' Megyn Kelly TODAY this morning to discuss President Donald's Trump's alleged relationship with the adult film star.

Why it matters: Evans' description of her interactions with Daniels and Trump at a July 2006 celebrity golf tournament help corroborate some the details of the WSJ report released Friday.

There are 150,000 open IT jobs in the U.S., and Google wants to make it easier to fill them. Today the company is announcing a certificate program on the Coursera platform to help give people with no prior IT experience the basic skills they need to get an entry-level IT support job in 8 to 12 months. 

Why it matters: Entry-level IT jobs are are typically higher-paying than similar roles in other fields. But they’re harder to fill because, while IT support roles don’t require a college degree, they do require prior experience.

People in poorer countries are just as likely as those in wealthier countries to use social media for news, according to a new study from Pew Research Center. Those poorer countries, however, are less likely to use PC-based desktop websites for news.

A new phase in data collection is underfoot. Retailers are using floor sensors to track movements and gain insight into consumer behavior, AP's Ivan Moreno reports from Milwaukee:

• "[T]he sensors read a customer’s unique foot compressions to track that person’s path to a digital display and how long the person stand in front of it before walking away...the floor sensors can tell a retailer the best time to offer a coupon or change the display before the customer loses interest."

Voice hardware and software took center stage at the Consumer Electronics Show last week, further proving that audio as a medium presents enormous opportunity for publishers and brands.

Why it matters: The Internet of Things is connecting life in unprecedented ways, from health care to home entertainment to transportation. At the center of user adoption and functionality of these new connected-devices is voice, not video.

Police and firefighters are finally getting the priority communications network they were promised in the wake of the September 11, 2001, terrorist attacks. In exchange for building it, AT&T gets $6.5 billion in government funds over the next five years and access to a large chunk of valuable airwaves for 25 years.

Why it matters: Technical failures and incompatible radios have been a chronic problem for first responders — especially on 9/11, when firefighters rushing to the scene from different jurisdictions couldn't talk to each other. AT&T won the contract to build a national mobile broadband network — FirstNet —specifically dedicated to first responders, which is the final recommendation by the 9/11 Commission.