TOP STORIES 
 
FED SIGNALS 2015 RATE HIKES, SAYS IT CAN BE 'PATIENT' 

Federal Reserve officials took a delicate step toward raising short-term interest rates in 2015, introducing language into their policy statement that asserted they would be patient about moving away from near-zero short-term interest rates.

 
OBAMA MOVES TO NORMALIZE CUBA TIES 
 

President Barack Obama said that the U.S. would end what he called an outdated approach to Cuba, beginning to normalize relations and establishing diplomatic ties after five decades of restrictions.

 
U.S. STOCKS JUMP AS FED SIGNALS PATIENCE 
 

U.S. stocks closed sharply higher after the Federal Reserve retained its pledge to keep interest rates low for a "considerable time." The Dow Jones Industrial Average added 288 points to 17357.

 
ORACLE REPORTS HIGHER REVENUE 
 

Oracle said its earnings fell 2% on higher costs that offset stronger revenue during the quarter ended November, the first one with Safra Catz and Mark Hurd as co-chief executives. Shares rose 2.6% late as adjusted earnings and revenue beat expectations.

 
UBS LOSES APPEAL IN FRENCH TAX EVASION PROBE 
 

UBS failed to win relief from having to pay a $1.37 billion bond as part of a French probe into assistance provided by the Swiss bank to French tax evaders, prompting the lender to take its case to the European Court of Human Rights.

 
AVON FORMALLY SETTLES FOREIGN BRIBERY ALLEGATIONS 
 

Avon Products settled foreign bribery charges involving its China unit with the U.S. Department of Justice, agreeing to pay $67.6 million in criminal penalties.

 
ICE PROPOSES MAJOR STOCK-MARKET OVERHAUL 
 

In a draft letter being circulated among large banks and investment firms, ICE is said to be proposing a trade-off between exchanges and brokers by dropping the fee for trading stocks in a trade-off with brokers.

 
FEDEX PROFIT RISES LESS THAN EXPECTED 
 

FedEx reported that holiday peak shipping volume in November was lower than what retailers predicted, resulting in a slight dip in margins for its ground business as it spent more money to prepare for the holidays.

 
U.S. REGULATOR SUES SPRINT OVER MOBILE CHARGES 
 

The U.S. consumer-finance regulator filed its first legal action against a telecommunications company, accusing Sprint of hitting mobile phone customers with unauthorized charges.

 
OIL DRIVES BIG DECLINE IN U.S. INFLATION 
 

U.S. consumer prices fell in November at the steepest rate in almost six years. The CPI fell a seasonally adjusted 0.3% from October. Excluding food and energy costs, core prices rose 0.1%. Economists predicted a 0.1% drop in overall prices and a 0.1% increase in core prices.

 
U.S. OIL PRICES BOUNCE OFF MULTIYEAR LOWS 
 

Oil prices rallied as traders closed out positions following a dramatic plunge in prices in recent months. January Nymex crude settled up 54 cents, or 1%, at $56.47 a barrel.

 
 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
The Wall Street Journal 
SONY CANCELS RELEASE OF 'THE INTERVIEW' 
 

Sony Pictures said it would cancel the Dec. 25 release of its controversial comedy "The Interview." The move came as four big movie theater chains decided not to play the movie following threats of terrorism.

 
Heard on the Street 
BLACKBERRY'S CLASSIC GAMBIT 
 

Even with lowered expectations, BlackBerry needs to sell enough of its newest smartphones to meet Wall Street's targets and further its turnaround.