Stocks showed signs of life on Thursday.
Major indices hit all time highs over the course of the day, with the Dow ticking up over 18,600, the S&P 500 touching 2,187.66, and the Nasdaq hitting 5,238.54 in intra-day trading.
This is the first time all three indices closed at all-time highs since New Year’s Eve on December 31, 1999, according to a tweet by Bespoke Investment Group.
Still, this was the 21st day in a row that the S&P 500 moved less than 1% in either direction.
Let’s head to the scoreboard:
- Dow: 18,613.45 (+117.79, +0.64%)
- S&P 500: 2,185.75 (+10.26, +0.47%)
- Nasdaq: 5,228.40 (+23.81, +0.46%)
- WTI Crude oil: $43.37 (+1.66, +3.98%)
- 10-year Treasury yield: 1.566 (+0.065, +4.43%)
- Olympic Medal Count: Stay up to date with every country’s medal count here.
1. Valeant’s stock slid following reports that it’s under criminal investigation. Federal investigators are considering bringing charges of defrauding investors with its relationship to specialty pharmacy Philidor, reported the Wall Street Journal, citing unnamed sources familiar with the matter.
2. Shake Shack tumbled after missing big on sales. The restaurant reported earnings of $0.14 per share against expectations of $0.13. Revenue also beat at $66.5 million for the quarter against expectations of $63.15 million, according to Bloomberg.
3. “We are in a deep state of economic crisis.” In a televised address, Mongolia’s finance minister noted that the projected budget deficit is $2.6 billion — or 21% of GDP — and that the country’s ratio of government-debt-to-GDP will reach 78% this year, above the target of 55%. Additionally, Mongolia’s central bank’s foreign reserves are net -$429 million.
4. New Zealand cut rates, and its currency soared. The RBNZ lowered rates to a record low of 2.00%, and the bank’s board suggested that this wouldn’t be the last cut.
5. Citi appears to be beefing up its healthcare banking team. The firm has promoted Jennifer Fox and Toby King as coheads of North America healthcare banking, according to an internal memo seen by Business Insider.
6. Russia reported its “least bad” GDP contraction since 2014. The Federal Statistics Service said that preliminary data indicated that GDP shrank by 0.6% in the second quarter compared to a year earlier, an improvement from the previous quarter’s 1.2% contraction.
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