STOCKS RISE: Here's what you need to know

Stocks closed up on Tuesday after the Senate healthcare bill passed a huge hurdle.

The Dow and the S&P 500 finished up, while the Nasdaq was little changed.

First up, the scoreboard:

  • Dow: 21,615.05, +101.88, (+0.47%)
  • S&P 500: 2,477.99, +7.22, (+0.30%)
  • Nasdaq: 6,412.00, +1.27, (+0.02%)
  • US 10-year yield: 2.325%, +0.072
  • WTI crude: $US47.89, +1.55, +3.34%

1. The Senate voted to open debate on the Republican healthcare overhaul. A procedural vote to begin debate on the House’s healthcare bill passed Tuesday by a narrow count of 50-50, with Vice President Mike Pence serving as the tiebreaker vote.

2. McDonald’s beats on second-quarter earnings after slashing prices on soda and coffee. McDonald’s shares rose by as much as 3% to a record intraday high. They gained 25% this year through the market close on Monday.

3. A legendary fund manager is piling into a market he says Wall Street is ignoring. There’s a fortune to be made buying closed-end funds (CEFs). That was the message delivered in a recent interview by famed credit trader Boaz Weinstein, whose $US1.7 billion firm Saba Capital is best known for its winning bet against the JPMorgan trader known as the “London Whale.”

4. It’s about to get a lot easier to bet against Snap. That’s because the company’s post-initial-public-offering stock lockup is set to expire Saturday, allowing insider shareholders to sell the stock for the first time. While borrowing fees of 50% to 60% have made shorting Snap prohibitively expensive to most investors, that cost will shrink to about 5%, according to S3 Partners.

5. Michael Kors is buying Jimmy Choo for $US1.2 billion. Jimmy Choo put itself up for sale in April after its majority owner, JAB, signalled its intention to focus on consumer goods.

6. A $US13 billion hedge fund is sounding the alarm on one of the biggest trends in investing: quants and passive investing. Highfields Capital Management flagged concerns this week about computer-driven trading in its second-quarter letter to investors, a copy of which was reviewed by Business Insider.

7. Snap shares slid before $US14 for the first time on Tuesday. After a brief pop following the initial public offering, Snap shares have been on a fairly steady downward trend, and are now 19% below their IPO of $US17..

ADDITIONALLY:

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GOLDMAN SACHS: Bitcoin may need “another few swings” before making a run at record highs.

The White House is only telling you half of the sad story of what happened to American jobs, writes Linette Lopez.

The housing collapse hit minorities hardest — and the impact is still being felt across America.

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