Finance

Valuations are high from a fundamental perspective, but increasing consumer confidence has historically pushed them even higher.

Revenue in 2016 from the retail brokerage business slipped 6% to $281 million from $300 million in 2015.

While fourth-quarter revenue from brokerage services posted a sharp 20% over-over-year decline, the overall wealth management business still managed to come out ahead.

Fourth-quarter revenue jumped 19% year-over-year, while profits soared 57%.

James Gorman laid out plans for the wealth management unit, which turned in record earnings for the fourth quarter.

The advisory business ended the year on a strong note, boosted by growth in net interest income, which rose 14% year-over-year.

The business, which includes Merrill Lynch, said profits were up 1.8% year-over-year, but down 9% from the previous quarter.

But to get to where bulls think earnings are going, the economy would have to pull off a feat of strength that is unprecedented since at least 1937.

Change can be unsettling. Here’s how to calm jitters and show the benefits of rate fluctuations.

The stunning run in equities "post-Trump appears to have looked past the fact that the economy is already running close to full employment," write two Goldman analysts.