What you need to know on Wall Street today

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How high could the Dow go? According to Warren Buffett, it could hit 1,000,000 over the next 100 years. The Oracle of Omaha noted at a Forbes event that the dow was at just 81 a century ago, so reaching seven figures in 2117 isn’t that far-fetched.

And in the short-term: Forget about the next US recession until at least 2019. Market bears will continue to be dead wrong for the next several years, according to Byron Wien, the vice chairman of Blackstone’s private-wealth-solutions group.

In other bull-market news, bank stocks are on fire — and traders are betting the group’s climb to the highest level in a decade has a ways to go. And Bank of America thinks one area of the stock market could double in the next two years.

And as expected, the Federal Reserve announced that in October it will start trimming the $US4.5 trillion balance sheet it built up after the Great Recession. The dollar got a ‘nice bump’ in response. But something is off with the Fed. As Pedro Nicolaci da Costa notes: The central bank’s resolve to raise interest rates appeared to rise, even as the bank’s own forecasts pointed to arguments against doing so.

Other worrying headlines for the bears:

And the Equifax fallout continues, unabated:

Two tech giants are feeling acquisitive. Google is beefing up its hardware business, buying part of HTC’s smartphone division for $US1.1 billion and acquiring 2,000 new employees. And Amazon is hiring 2,000 people in New York City as the $US5 billion bidding war for its new headquarters rages.

Lastly, TGI Fridays will start delivering booze — and it could help defeat a curse sweeping the restaurant industry.

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