S&P 500 Hits Record as Gold and Silver Extend Rally | Closing Bell

Watch on YouTube ↗  |  January 12, 2026 at 22:56  |  7:10  |  Bloomberg Markets
Speakers
Romaine Bostick — Anchor, Bloomberg
Emily Graffeo — Anchor, Bloomberg
Tim Stenovec — Anchor/Co-Host, Bloomberg TV & Radio

Summary

US equities closed higher, with the S&P 500 and Dow setting records while the Russell 2000 extended a multi-day rally. Alphabet rose on a multi-year AI deal with Apple, Walmart gained ahead of its Nasdaq 100 inclusion, and Sun Country jumped on an Allegiant merger. Retailers disappointed on holiday updates, and credit card issuers fell after Trump proposed a 10% rate cap. Treasury yields ended higher as strategists discussed potential curve steepening.

  • S&P 500 and Dow hit record highs; Nasdaq edged up; Russell 2000 outperformed.
  • Alphabet announced an Apple AI partnership using Gemini; Walmart will join the Nasdaq 100.
  • Sun Country Airlines agreed to be acquired by Allegiant in cash and stock.
  • Abercrombie & Fitch and other retailers dropped after holiday sales updates.
  • Credit card issuers fell after Trump proposed a 10% cap on interest rates.
  • Treasury yields rose and strategists flagged potential curve steepening.
  • Market closed green despite policy and Sell America concerns.
Ideas
Romaine Bostick Anchor, Bloomberg 1:39
Rate cap pressures card issuers.
President Trump's Truth Social post proposing a 10% cap on credit card interest rates put card issuers under pressure, with Synchrony, Capital One, and American Express all described as on the back foot because the cap could harm a major banking business.
Credit card issuers MED
Emily Graffeo Anchor, Bloomberg 4:44
Q4 guidance cut after big run.
Abercrombie & Fitch cut its fourth-quarter net sales growth outlook to up 5% from previous expectations of up to 6%, a disappointment after the stock had rallied 62% over the prior three months. The speaker says expectations were too high and investors took profits, making the shares less attractive after the guidance reset.
AS MED
Emily Graffeo Anchor, Bloomberg 5:16
Rate cap threatens largest US card issuer.
Capital One is the most exposed company to the proposed 10% cap on credit card interest rates because it is the largest U.S. card issuer. The cap could wipe out billions in profits, and the stock fell as much as 8% on the day, with Bloomberg's Paige Smith saying Capital One is the company to watch.
COF HIGH
Emily Graffeo Anchor, Bloomberg 6:50
Policy risk may steepen Treasury curve.
Policy proposals out of Washington are unsettling the Treasury market and could scare investors away from long-duration bonds, creating potential for further steepening of the yield curve as the long end underperforms. A JPMorgan strategist is cited, but the speaker notes the bond market reaction has been limited so far and says it is a wait-and-see setup.
Treasury yield curve steepener MED
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This Bloomberg Markets video, published January 12, 2026, features Romaine Bostick, Emily Graffeo discussing Credit card issuers, AS, COF, Treasury yield curve steepener. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Romaine Bostick, Emily Graffeo  · Tickers: Credit card issuers, AS, COF, Treasury yield curve steepener