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Donald Trump becomes the first former president to be sentenced for a felony.

In some ways, it's largely symbolic.

There's no punishment.

There's not even a minimal fine or anything like that.

In other ways, it matters because it cements his status of a felon.

And a better than expected jobs report is good news for the economy, but not necessarily the stock market.

Plus, why this weekend could be critical for fighting the wildfires in Los Angeles.

It's Friday, January 10th.

I'm Alex Osala for the Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that move the world today.

Today was a big down day for U.S. stocks. All three major indexes fell more than one and a half percent,

with the Dow losing nearly 700 points and the S&P 500, seeing all of its 2025 gains wiped out.

The big reason? The Labor Department's jobs report came with stronger than expected numbers this

morning. Last month, the U.S. economy added 256,000 jobs, about 100,000 more than economists had

anticipated. The unemployment rate was 4.1%,

slightly lower than expected. Paul Kiernan, who covers the U.S. economy for the Wall Street Journal,

is here to tell us more about what this means. Paul, what do these numbers tell us about how the

economy is doing? They just sort of reinforced that the economy in 2024 was stronger than a lot of people expected

going into the year. GDP grew faster, and the economy added more than twice as many jobs as

economists had expected at the beginning of 2024. So we're in good shape. This is really the

soft landing that the Federal Reserve had been hoping for during

...