Stock Market Enjoys Santa Claus Rally

Morning Money Memo…

The stock market is having more than a Santa Claus rally. The U.S. economy is getting stronger with new optimism about growth heading into the new year. The stock market closed yesterday at record highs after the Commerce Department said growth expanded at an annual rate of 5 percent during the third quarter. That's the strongest rate of growth in more than a decade. Gains in spending by consumers and businesses are part of this trend. Consumer confidence is at the highest level since before the recession. The Dow Jones Industrials gained 65 points yesterday, closing above 18,000 for the first time. Futures rose again this morning after five straight days of gains.

The latest sign of a growing economy comes from today's jobs report by the Labor Department. Weekly unemployment applications fell to 280,000 - the lowest level in seven weeks. The four-week average of people making first-time benefits claims is down 16 percent since this time last year.

This year's worst-performing currency is not the Russian ruble - it's bitcoin. The digital currency peaked at a value of $1,130 just over a year ago, reports Bloomberg News. Bitcoin plunged 56 percent in value this year, making it dead last in 175 foreign-exchange values.

Standard & Poor's has put Russia on a watch list . The credit rating firm is threatening to give a junk rating to its corporate debt. Russia's central bank has made another move to shore up the battered ruble, offering hard currency loans to companies and banks to help them service their debts. The bank says borrowers can put their debt obligations as collateral against the loans.

Uber is facing more legal problems . South Korea has indicted the head of local subsidiary of the ride-sharing service. The executive is accused a violating the local law that prohibits firms or people without licenses from providing public transport services.