STOCKS HIT RECORD HIGHS: Here's what you need to know

The Dow and S&P 500 touched record highs in early trading before suddenly giving back the gains near 2:30 p.m. ET and then rebounding in the final hour.

Here’s the scoreboard:

  • Dow: 22,339.56, +71.22, (0.32%)
  • S&P 500: 2,504.28, +4.05, (0.16%)
  • Nasdaq: 6,457.16, +8.69, (0.13%)
  1. Bitcoin surged past $US4,100 a coin, despite reports that Chinese authorities have decided on a plan for a wide-ranging crackdown on the cryptocurrency. The plan, which regulators revealed to cryptocurrency executives on Friday during a private meeting in Beijing, goes further than just a shutdown on exchanges, according to the Wall Street Journal.
  2. Retail investors have never been this hopeful that the stock market will continue to grind higher. The University of Michigan’s preliminary survey of consumer sentiment for September showed a record 65% expected probability that stocks would rise in the next year.
  3. Roku hopes to raise as much as $US252 in its IPO, a regulatory filing Monday showed. The company’s CEO and other insiders will control 98 per cent of the company’s voting power even after its IPO, a regulatory filing showed on Monday.
  4. Toys R Us could file for bankruptcy this week, CNBC reported. Bloomberg reported that the filing could come as soon as Monday. Chapter 11 protection would allow the company to restructure $US400 million in debt due in 2018 then renegotiate the rest.
  5. US defence contractor Northrop Grumman agreed to buy the missile and rocket maker Orbital ATK Inc. for about $US7.8 billion in cash, with plans to establish a new, fourth business sector. Orbital has billion-dollar contracts with NASA and the US Army.
  6. The Justice Department has reportedly opened an insider-trading investigation at Equifax. Bloomberg reported that the DOJ is investigating whether top company officials violated insider-trading laws when they sold shares before the company disclosed the hack.


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