P.M. Edition for Jan. 10. Donald Trump has become the first former U.S. president to be sentenced for a crime—in this case, falsifying business records. WSJ courts reporter Corinne Ramey weighs in on why this sentence matters. And a strong jobs report is good news about the health of the economy, but sends stocks trending downward. Reporter Paul Kiernan lays out what this could mean for the Federal Reserve’s next steps. And why this weekend could be critical for the effort to contain the wildfires around Los Angeles. Alex Ossola hosts.

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