REUTERS/Dominic EbenbichlerAnastasia Savchenko of Russia competes in the women’s pole vault final during the IAAF World Athletics Championships at the Luzhniki stadium in Moscow, August 13, 2013.
There wasn’t a whole lot going on today. Still, stocks rallied with the Dow hitting new all-time highs.
First, the scoreboard:
- Dow: 15,746.6, +128.4, +0.8%
- S&P 500: 1,770.5, +7.6, +0.4%
- NASDAQ: 3,933.0, -6.8, -0.1%
And now the top stories:
- The Dow Jones Industrial Average got as high as 15,750, which is an all-time intraday high. The S&P 500 got to 1,773, which is just two points shy of an all-time high.
- “Our bullishness regarding US equities has lasted for more than four years, and we see little to dissuade us from our current position,” wrote Richard Bernstein, veteran stock market strategist. “Admittedly, equities are not as attractive as they were four years ago, but the standard warning signs that typically suggest a higher probability of a bear market are nowhere to be seen. We’ll likely change our tune when the yield curve inverts, when investors are certain and valuations are rich, or when US equities are widely considered to be core holdings. None of those characteristics are true today in the US.”
- Shares of Tesla, however, got crushed today. On Tuesday afternoon, the electric-car maker announced Q3 earnings that were stronger than expected. However deliveries of its Model S vehicles fell short of expectations. “We really are production constrained, not demand constrained,” said CEO Elon Musk during the earnings conference call. “North American demand has continued to increase. We’ve actually had to starve North American demand in order to feed Europe. We’ve had European customers that have been waiting for a long time so we’ve had to constrain deliveries to North America in order to get people their cars, in some cases for two to three years.”
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