CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC's Leslie Picker dives into inherent bias on Wall Street, and how it can lead investors to favor race, instead of quality, when it comes to selecting money managers. Plus, CNBC Wealth Editor Robert Frank breaks down the demand surge in the private jet business, as wealthy fliers opt for comfort and peace of mind, over price.
Here's what you missed:
Stocks rose on Tuesday as a record jump in retail sales — coupled with positive trial results from a potential coronavirus treatment and hopes of more stimulus — sent market sentiment soaring.
The Dow Jones Industrial Average closed 526.82 points higher, or 2%, at 26,289.98. The S&P 500 gained 1.9% to end the day at 3,124.74 while the Nasdaq Composite climbed 1.8% to 9,895.87. It was the third straight gain for the major averages.
Dexamethasone, a cheap and widely used steroid, has become the first drug shown to be able to save lives among Covid-19 patients in what scientists hailed as a "major breakthrough".
Results of trials announced on Tuesday showed dexamethasone, which is used to reduce inflammation in other diseases, reduced death rates by around a third among the most severely ill Covid-19 patients admitted to hospital.
Marilyn Booker, a 26-year veteran of Morgan Stanley who spent most of that time as the firm's first global diversity chief, is suing the bank for racial discrimination and retaliation.
Booker, who served as the New York-based bank's diversity chief from 1994 to 2010 and then worked in the firm's wealth management division for most of the past decade, was fired in December, according to a lawsuit filed Tuesday in a Brooklyn federal court.
The suit is the latest alleging that Wall Street firms, whose executive ranks are still largely the domain of white males, have stymied the careers of Black employees. Still, Booker — who in her role as diversity chief has testified before Congress about the industry's shortcomings — is one of the highest-profile former employees to take legal action.