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Costa Rica plane crash kills 12, including 10 Americans

Twelve people — 10 Americans and two Costa Rican pilots — were killed Sunday in a plane crash in northwest Costa Rica, authorities said. The crash occurred in the mountainous Punta Islita region on the country’s Pacific coast, an area popular with tourists. The flight was reportedly operated by Nature Air, and all onboard were killed. The names of the 10 Americans have not been released, and the cause of the crash was not immediately apparent. Costa Rican authorities said an investigation will begin Monday.

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Hensarling on Short List of CFPB Director Prospects

Rep. Jeb Hensarling (R-Texas) is on a short list of prospects being considered by President Donald J. Trump to run the Consumer Financial Protection Bureau.

Under House rules, the lawmaker — who first ran for Congress in 2002 — will lose his chairmanship of the House Financial Services Committee, a job he has been in for five years.

So Hensarling, who says the CFPB is unconstitutional because the Dodd-Frank Wall Street Reform and Consumer Protection Act gives it authority to regulate virtually without congressional oversight, is retiring.

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Stock market ends 2017 lower, failing to put cherry atop record year

Stock indexes closed modestly lower on Friday, running out of steam in the final session of 2017, in what has been a stellar record-setting year for U.S. equities. The Dow Jones Industrial Average shed 105 points, or 0.4%, to 24,732. The S&P 500 fell 13 points, or 0.5%, to 2,674. The Nasdaq Composite Index dropped 47 points, or 0.7%, to 6,903. This week, the S&P was down 0.3%, the Dow was down 0.1%, and the Nasdaq was down 0.8%. For the fourth-quarter, the S&P rose 6.1%, the Dow climbed 10.4%, and the Nasdaq rose 6.3%. In 2017, the S&P climbed 19.4%, the Dow advanced 25.1% and the Nasdaq jumped 28.3%. All three indexes ended in positive territory in December, with the S&P and Dow clinching their 9th straight monthly gain. That marks the longest streak for the Dow since 1959. While, the Nasdaq notched its sixth straight annual gain, its longest streak since the one between 1975 and 1980. Tech shares retreated on the day, with Apple Inc. falling 0.7%.

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Oil ends above $60 for the first time in about 2 1/2 years

Crude-oil futures ended Friday trade on a decidedly upbeat note, settling above $60 for the first time in more than two years. West Texas Intermediate crude oil for February delivery ended up 1%, or 58 cents, at $60.42, representing its highest close and its first above the psychologically significant level of $60 sine around June of 2015, according to FactSet data. Rig count data from Baker Hughes on Friday reported a small drop in rig counts for the week, with rigs drilling for gas in the U.S. down by two to 182, while those drilling for oil remained unchanged at 747. A combination of supply disruptions earlier in the week and evidence that supplies in the oil market are being reduced has helped to push prices higher headed into 2018.

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Mortgage Firms Make C-Suite Changes

Among several recent C-Suite appointments at mortgage companies have been chief financial officer, chief risk officer and chief marketing officer. A pair of government-sponsored enterprise executives have been recognized among America’s most powerful.

Fannie Mae announced on Dec. 7 that its executive vice president and chief risk officer, Kimberly Johnson, and its executive vice president and head of multifamily, Jeffery Hayward, have been named among Black Enterprise’s 2017 list of the Most Powerful Executives in Corporate America.

“The annual listing, compiled by the publication’s editorial team, identifies prominent African American leaders from the nation’s 1,000-largest publicly traded companies and 100 international companies who have have had significant influence in their company and industry,” Washington-based Fannie stated.

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VA Clarifies Use of 3rd-Party Verifications

Requirements for utilizing third parties to verify information on government-guaranteed residential loans to veterans have been clarified.

Home lenders have been inquiring with the Department of Veterans Affairs about whether or not third-party vendors may complete verifications on VA-guaranteed mortgages.

This includes verification of the borrower’s income, employment and asset information in order to determine if the applicant qualifies for a VA loan.

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Gold prices wrap up 2017 near highest level in three months

Gold futures jumped on Friday, booking their seventh-straight positive session, and retaking a level above $1,300 for the first time in about three months. February gold closed up $12.10, or 0.9%, at $1,309.30 an ounce, reaching its highest level since Sept. 25, according to FactSet data. The yellow metal enjoyed a nearly 14% gain in 2017, with a nearly 2% gain for the quarter and a 2.5% rise in December. The gains come as the broader metals complex rises amid weakness in the U.S. dollar, which most commodities are priced in. On Friday, the ICE U.S. Dollar Index , which measures the buck against six rival currencies, was down 0.5% at 92.17, after sinking 1.3% in 2017.

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Baker Hughes weekly data show gas rigs down by 2, but oil rigs unchanged at 747

Baker Hughes on Friday reported a small drop in rig counts for the week, with rigs drilling for gas down by two to 182, while those drilling for oil remained unchanged at 747. Over the year, however, total rigs have climbed by 271 to a total rig count at 929, according to Baker Hughes . Crude-oil futures were little changed after the weekly rig count report was released, with prices holding at 2 1/2-year highs. West Texas Intermediate oil for February delivery was up 44 cents, or 0.8%, at $60.28 a barrel. Trading in the last day of 2017 was light, with oil drifting higher on the back of a bigger-than-expected decline in crude supplies.

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Valeant says parties in Allergan litigation have agreed to resolve claims of $290 million

Valeant Pharmaceuticals International Inc. said Friday that all parties in the Allergan Inc. shareholder securities litigation have agreed to resolve the claims that total $290 million, subject to court approval. The Quebec-based drug company said it will pay $96.25 million, or 33%, of the settlement. “Additionally, as part of the agreement, the company and the other defendants admit no wrongdoing,” the company said. The other defendants include Pershing Square Capital Management L.P., the hedge fund run by activist shareholder Bill Ackman. “Though we always have remained confident in our position and were prepared to try these cases on their merits, this agreement will eliminate disruption to our business,” Valeant Chief Executive Joseph Papa said in a statement. The litigation stems from an attempt by Valeant and Pershing to acquire Allergan in 2014. Allergan was later acquired by Actavis Plc. Valeant shares were slightly lower Friday, but have gained 45% in 2017, while the S&P 500 has gained about 20%.

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Goldman, Apple stocks knock about 30 points from Dow industrials final trading day of 2017

The Dow Jones Industrial Average on Friday was under pressuring, with the shares of Apple Inc., and Goldman Sachs Group Inc., producing the biggest downdraft for the average. The combined decline of both the Dow components was exacting a roughly 30-point toll on the price-weighted gauge. Goldman’s shares were down 1%, or $2.64, translating to about a 20-point reduction in the Dow, with Apple’s shares , down 0.7%, or $1.27, contributing roughly 9 points. Goldman announced that tax repatriation costs tied to recently signed tax legislation will erode about $5 billion from its fourth-quarter earnings. Meanwhile, Apple remains under pressure as the iPhone maker apologizes for its handling of battery issues tied to older versions of its popular mobile devices. The Dow most recently was down 36 points, or 0.2%, at 24,799, the S&P 500 index was off 0.1% at 2,684, while the Nasdaq Composite Index slipped 0.3% at 6,932. All three benchmarks have enjoyed stellar year-to-date returns of at least 20%, with Friday’s trading action mostly reflecting light volumes ahead of New Year’s on Monday, when markets will be closed.

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From:: Stock Market News