STOCKS SOAR TO NEW HIGHS: Here's what you need to know

The Dow Jones Industrial Average on Tuesday rose to a record high after Caterpillar and 3M crushed third-quarter earnings estimates.

Here’s the scoreboard:

  • Dow: 23,447.12, +173.16, (0.74%)
  • S&P 500: 2,568.48, +3.50, (0.14%)
  • Nasdaq: 6,599.48, +12.65, (0.19%)
  1. Caterpillar beat Wall Street’s profit and sales estimates, driven by strong demand for its construction equipment in North America and China. It also raised its full-year forecasts.
  2. General Motors reported a quarterly net loss on Tuesday caused by charges related to the sale of its Opel unit in Europe to France’s PSA Group. But excluding the charges, the results beat analysts’ expectations.
  3. McDonald’s reported third-quarter earnings and sales that matched analysts’ forecasts as its promotions continued to drive sales growth at US restaurants. Sales at stores in the US open for at least one year rose 4.1%, driven by its $US1 soda and McPick 2 promos.
  4. Bitcoin fell by as much as 4.42% after the blockchain network underpinning the coin split again. Bitcoin gold is a clone of the original bitcoin blockchain, but it will play by different rules than the original digital currency.
  5. Greenlight Capital, a $US7 billion hedge fund founded by David Einhorn, told clients that the market may have adopted an “alternative paradigm” for calculating the value of stocks. “The market remains very challenging for value investing strategies,” he said in a letter reviewed by Business Insider.


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