The daily business briefing: November 30, 2017
Yellen tells Congress the economy is gaining strength, Snap unveils its Snapchat redesign, and more


1. Yellen says economic expansion gaining steam
Federal Reserve Chairwoman Janet Yellen told a congressional committee on Wednesday that the U.S. economic expansion had broadened and strengthened, boosting expectations that the Fed will raise interest rates at its December meeting. Yellen told the Joint Economic Committee that the growth should continue. "Economic growth appears to have stepped up from its subdued pace early in the year," she said. "Moreover, the economic expansion is increasingly broad, based across sectors as well as across much of the global economy." Jerome Powell, President Trump's pick to succeed Yellen when her term ends in February, also said in his confirmation hearing this week that he expected the year's third interest-rate hike in December as the central bank eases back on policies it used to help lift the economy after the 2008 financial crisis.
2. Snap unveils a major Snapchat redesign
Snap on Wednesday unveiled its biggest-ever redesign of its Snapchat messaging app, hoping to revive growth that has sagged since it went public in March. The new design still opens with a camera but draws a clearer line between content from friends and publishers. Users can swipe right to see stories from publishers and creators, as well as community-curated posts, or swipe left to see a Friends page with their own chats and Snapchat stories. "One of the complaints we've heard about social media is that photos and videos from your friends are mixed in with content from publishers and creators and influencers," Evan Spiegel, Snap's CEO, said in a statement. "But your friends aren't content, they're relationships."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Judge scolds Uber for withholding information in trade secrets case
Judge William Alsup scolded Uber lawyers Wednesday for withholding evidence in its trial over the alleged theft of trade secrets from Waymo, the self-driving car unit of Google parent Alphabet. Alsup rescheduled the trial a day before jury selection was supposed to begin, pushing its start to Feb. 5 and heard two days of testimony on a wave of last-minute evidence on such things as a letter and email with damning claims and a $4.5 million payment to an Uber employee threatening to become a whistleblower. "I have never seen a case where there were so many bad things done like Uber has done in this case," Alsup said. An Uber lawyer said the ex-employee's incriminating letter was "clearly extortionist."
The New York Times MarketWatch
4. Retail group says holiday spending off to 'robust' start
The National Retail Federation on Wednesday said spending has so far been "robust" this holiday season, repeating its forecast that sales will rise by 4 percent. More than one-third of shoppers surveyed by the industry association expected to have completed their holiday shopping over the five days of Thanksgiving to Cyber Monday. Black Friday discounts were slightly smaller at major retailers, down to 45 percent on average from 48 percent last year. "Shopper are looking for deals, but there wasn't significant price slashing," said Ryne Misso, Market Track's director of marketing. Amazon said Wednesday that Cyber Monday was its biggest shopping day ever, although it didn't give a sales figure.
5. Dow takes a shot at 24,000 mark
The Dow Jones Industrial Average rose early Thursday, putting it in position for a potential jump above the 24,000 milestone for the first time. Major tech stocks were poised for a rebound after their Wednesday decline. Dow futures gained 0.4 percent, while S&P and Nasdaq-100 futures were up by 0.3 percent before Thursday's open. The Dow gained 0.4 percent on Wednesday while the S&P edged down and the Nasdaq fell by 1.3 percent. Bitcoin surged again, rising above $11,000 for the first time in its sixth straight day hitting record highs, before plunging back below $10,000 in a sign of volatility that stoked concerns of a bubble that could burst.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
The state of Britain's Armed Forces
The Explainer Geopolitical unrest and the unreliability of the Trump administration have led to a frantic re-evaluation of the UK's military capabilities
By The Week UK
-
Anti-anxiety drug has a not-too-surprising effect on fish
Under the radar The fish act bolder and riskier
By Devika Rao, The Week US
-
Sudoku hard: April 21, 2025
The Week's daily hard sudoku puzzle
By The Week Staff
-
Inside the Israel-Turkey geopolitical dance across Syria
THE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
By Rafi Schwartz, The Week US
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
By Abby Wilson
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
By Justin Klawans, The Week US
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
By Sorcha Bradley, The Week UK
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
By Rafi Schwartz, The Week US
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical
By The Week Staff
-
Why Assad fell so fast
The Explainer The newly liberated Syria is in an incredibly precarious position, but it's too soon to succumb to defeatist gloom
By The Week UK
-
Romania's election rerun
The Explainer Shock result of presidential election has been annulled following allegations of Russian interference
By Sorcha Bradley, The Week UK