Sunblock, charcoal ... and Powerball? Holiday weekend lottery drawing worth $1 billion

DETROIT (AP) — This could buy a lot of Labor Day weekend sunblock: Saturday's Powerball jackpot is estimated at $1 billion, the sixth-largest prize in the game's history.

Powerball, which costs $2 per ticket, is played in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. The jackpot has been growing each week because no one has matched all six numbers since May 31.

As ticket sales climbed this week, game officials raised the estimated Saturday night jackpot to $1 billion from $950 million, before taxes. Payments would be spread over 30 years, or a winner can choose an immediate lump sum of $453 million, again before taxes.

“We’re bringing extra excitement to Labor Day weekend," said Matt Strawn, head of the Iowa Lottery and chair of Powerball.

The odds of matching all six numbers, of course, are daunting: 1 in 292.2 million. By comparison, the odds of getting a rare shark bite during a last summer dip in the ocean are much lower, according to the Florida Museum of Natural History.

Angela Schwartz, who sells tickets at City Market in downtown Detroit, said the message Friday was consistent: “Give me a lucky Powerball.”

"I don't know if that's enough for me," she said with a laugh, referring to the lump-sum payout a winner could get. “It could pay a few bills.”

At a Fuel City in Dallas, Duran Hargest let the lottery machine spit out four tickets with random numbers.

“It could be a blessing,” he said of winning the jackpot. “It could also be a curse, depending on how you use it. I just wanted to make sure if I get it, you know, take care of my family and then probably help others that probably need it, too.”

Powerball and Mega Millions are lottery games with potentially huge jackpots because they are played in multiple states. The top Powerball jackpot was $2.04 billion on Nov. 7, 2022. The largest Mega Millions jackpot was $1.6 billion on Aug. 8, 2023.

LaFleur reported from Dallas.

The $1 billion Powerball jackpot is so large that the number doesn't fit on a lottery display at a Fuel City Dallas gas station on Friday, Aug. 29, 2025, in Dallas. (AP Photo/Kendria LaFleur)

Roslyn Jefferson makes her lottery ticket selections on a self-serve terminal inside a gas station ahead of Saturday's Powerball drawing offering of $1 billion, Friday, Aug. 29, 2025, in Baltimore. (AP Photo/Stephanie Scarbrough)

A Powerball play slip sits on the lottery ticket counter at a gas station, Friday, Aug. 29, 2025, in Baltimore. (AP Photo/Stephanie Scarbrough)

A Powerball play slip sits on the lottery ticket counter at a gas station, Friday, Aug. 29, 2025, in Baltimore. (AP Photo/Stephanie Scarbrough)

Roslyn Jefferson makes her lottery ticket selections on a self-serve terminal inside a gas station ahead of Saturday's Powerball drawing offering of $1 billion, Friday, Aug. 29, 2025, in Baltimore. (AP Photo/Stephanie Scarbrough)

Roslyn Jefferson holds her Powerball lottery tickets ahead of Saturday's Powerball drawing offering of $1 billion, Friday, Aug. 29, 2025, in Baltimore. (AP Photo/Stephanie Scarbrough)

NEW YORK (AP) — A surging stock market and a flurry of deal making padded the profits of Wall Street's two big investment banks, which both saw a double-digit jump in profits in the fourth quarter.

Goldman Sachs's net earnings rose 12% from a year earlier, posting a profit of $4.62 billion, or $14.01 a share. Meanwhile Morgan Stanley said it earned $4.4 billion, or $2.68 per share, compared to a profit of $3.71 billion, or $2.22 per share, compared to a year earlier.

Wall Street has been bolstered by the Trump administration's deregulatory policies, which has led corporations to seek out mergers and acquisitions, as well as the surge of investor interest in artificial intelligence companies and those who stand to benefit from the mass adoption of technologies like ChatGPT.

Fourth-quarter investment fee revenues over at Goldman were up 25% year-over-year and Morgan Stanley saw a 47% jump in revenue in its investment banking division. Both banks said their investment fee backlog, which is a signal of how much deal making is still pending that banks are working on, increased significantly in the fourth quarter.

Goldman and Morgan's results reflect the strong earnings out of the other big banks that reported their results this week. JPMorgan Chase, Bank of America and Citigroup all saw jumps in fourth-quarter profits, but their results were dampened by the ongoing tensions that Wall Street is having with the White House over the issue of the independence of the Federal Reserve and President Donald Trump's interest in capping credit card interest rates at 10%.

Along with a strong investment banking performance, Goldman Sachs also agreed to sell off its Apple Card credit card portfolio to JPMorgan Chase last week, effectively exiting its brief experiment in consumer banking. The bank sold the credit card portfolio at a discount to JPMorgan, a sign of how desperately Goldman wanted to exit the business and put the Apple Card behind it.

This story has been corrected to show that Morgan Stanley's investment banking revenues rose 47%, not 22%.

FILE - Electronic signage is shown at Morgan Stanley headquarters, Thursday, March 4, 2021 in New York. (AP Photo/Mark Lennihan, File)

FILE - In this Dec. 13, 2016, file photo, the logo for Goldman Sachs appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)