Finance

US Stocks Surge to Record Highs as Dow and S&P 500 Mark Strong Finish to November

US stocks closed at record levels on Friday, with the Dow Jones Industrial Average (^DJI) rising by 0.4% to hit a new high and the S&P 500 (^GSPC) climbing 0.6% to close at a record, wrapping up a holiday-shortened trading session.

Friday's rally, which included a 0.9% surge in the tech-heavy Nasdaq Composite (^IXIC), marked a strong finish to a positive month for all three major indexes. It also represented the best post-Thanksgiving Friday performance for the S&P 500 since 2012.

With Friday's gains, the S&P 500, Dow, and small-cap Russell 2000 all wrapped up their strongest month in a year. For the S&P 500, its November performance was its best year-to-date gain since 2013.

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TECH

Australia Implements World-First Social Media Ban for Under-16s, Sending a Warning to Tech Giants

Australia’s parliament has passed a groundbreaking law that bans social media use for children under 16, marking the first such legislation in the world and urging tech companies to strengthen security before an unspecified implementation deadline.

The Senate approved the bill late Thursday, the final sitting day of the year, following months of intense public debate and an expedited parliamentary process in which the bill was introduced, discussed, and passed within a week.

Under the new law, tech companies must take "reasonable steps" to prevent underage users from accessing social media platforms or face fines of up to 50 million Australian dollars ($32 million).

This marks the toughest global response yet to an issue that has led other nations to impose restrictions but stop short of holding companies accountable for violations. The ban is expected to cover platforms like Snapchat, TikTok, Facebook, Instagram, Reddit, and X, with potential to expand further.

Prime Minister Anthony Albanese praised the legislation on Friday, saying it reassures parents that “we’ve got your back.”

“Platforms now have a social responsibility to ensure the safety of our kids is a priority for them,” he added.

Albanese had previously emphasized the urgency of the matter, stating, “We know that social media can be a weapon for bullies, a platform for peer pressure, a driver of anxiety, a vehicle for scammers. And worst of all, a tool for online predators.”

The bill received support from most members of the Liberal Party, Australia’s main opposition group, with Liberal Sen. Maria Kovacic calling it a “pivotal moment in our country.”

“We have drawn a line in the sand. The enormous power of big tech can no longer remain unchecked in Australia,” she said ahead of Thursday’s vote.

CRYPTO

December Crypto Bombshell: Bitcoin and Ripple's XRP Prices Surge Amid Leaked Information

The price of Bitcoin has surged this year, driven by the election of Donald Trump as U.S. president, sparking a massive $15 trillion bet on Bitcoin's price.

Now, as Elon Musk subtly signals a potential game-changer for the Bitcoin and crypto markets, Bitcoin enthusiasts are ramping up their price predictions for 2025, following the regulatory "green light" triggered by Trump's election.

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