But the budget is propped up with earnings from the permanent fund earnings. Legislators this year began using fund earnings to help cover government costs, with about $1.7 billion targeted for that purpose. Another $1 billion went toward paying residents capped dividend checks. The size of the checks has been limited since 2016, first by Walker, then by lawmakers, in response to the deficit.
Verizon reported better-than-expected fourth quarter earnings as it added 1.2 million retail postpaid customers as it preps for a broad 5G network rollout. Revenue, however, fell short of expectations. The company reported fourth quarter earnings of 47 cents a share on revenue of $34.3 billion, up 1 percent from a year ago. Non-GAAP earnings, which exclude fourth quarter charges of a goodwill writedown of Verizon Media of $4.6 billion, pensions and acquisition and integration charges, were $1.12 a share. Wall Street was looking for non-GAAP earnings of $1.09 a share on revenue of $34.44 billion.
Investors cheered the inauguration of Donald Trump on Friday, sending stocks higher in anticipation of his administration's pro-growth policies. Trump began signing executive orders right away on Friday afternoon and investors will be watching closely to see what he tackles within the first few days of moving into the White House. McDonald's, which has been leaning on the popularity of all-day breakfast, reports quarterly earnings before the bell. Yahoo also reports earnings after the bell and could provide commentary on its acquisition by Verizon. Outgoing U.S. Securities and Exchange Commission Chair Mary Jo White will give the keynote address at a Northwestern conference.
Stocks gained ground thanks to buybacks on the Tokyo Stock Exchange Friday, although trading was lackluster ahead of closely watched events next week. The 225-issue Nikkei average advanced 125.88 points, or 0.56 percent, to end at 22,712.75. On Thursday, the key market gauge dropped 27.38 points. The Topix index of all first-section issues closed up 9.98 points, or 0.57 percent, at 1,775.76, after rising 12.30 points the previous day. The Tokyo market was bolstered by some relief stemming from easing of concerns over a possible escalation of the U.S.-Europe trade dispute, brokers said.
The Nikkei 225 average rose, although slightly, Tuesday, buoyed by the yen's weakness against the dollar and strong earnings at Japanese companies. The benchmark gauge climbed 40.16 The market was closed Monday for a national holiday. But the Topix, which covers all first-section issues on the Tokyo Stock Exchange, lost 3.05 points, or 0.17 percent, to 1,774.18. It rose 5.10 points Friday.