Closing Bell: Alphabet Jumps, Walmart Climbs, Credit Card Stocks Sink

On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.

- Alphabet (GOOG) broke above a $4 trillion market capitalization on Monday, becoming one of the few companies to ever cross the threshold as investors increasingly see the Google parent as one of the biggest winners of the artificial intelligence boom. The company recently overtook Apple Inc. to become the second-largest firm, behind Nvidia, and entered a multiyear deal with Apple to power the iPhone maker’s AI technology. Shares closed up 1% at $331.86, translating to a market cap of just over $4 trillion.

-Walmart (WMT) shares are up as much as 3.2%, to a fresh record high, after Nasdaq announced that the retail giant would be added to the Nasdaq 100 Index on Jan. 20.

- Capital One Financial (COF) American Express (AXP) and shares of other US banks sank after President Donald Trump called on credit-card companies to cap interest rates at 10% for a year, a move that could wipe out billions in profits for one of the banking industry’s biggest businesses. Capital One, the largest US card issuer, tumbled as much as 8.2% in New York, the biggest intraday decline in nine months, after the president surprised the industry with a move he said could go into effect next week. American Express dropped 4.2% and JPMorgan Chase & Co., No. 2 in the card rankings, dropped 1.6%.

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