US stocks climbed to a record high ahead of a Federal Reserve meeting on Wednesday, where the central bank is expected to announce a 25-basis-point rate hike.
The S&P 500 gained 0.3%, while the Dow Jones Industrial Average added 0.2% and the more tech-heavy Nasdaq Composite index rose 0.5%.
First up, the scoreboard:
- Dow: 24,386.03, +56.87, (+0.23%)
- S&P 500: 2,659.99, +8.49, (+0.32%)
- Nasdaq: 6,875.08, +35.00, (+0.51%)
- US 10-year yield: 2.39%, +0.002
- WTI crude oil: $US58.03, +$US0.67, +1.17%
1. Bitcoin soars after futures launch. The contracts, which allow investors to bet on the future price of the red-hot virtual currency, debuted Sunday night at about $US16,000, a premium over the price of bitcoin in the underlying spot market.
2. Morgan Stanley laid out 3 things that could slow red-hot FAANG stocks in 2018. While the firm isn’t bearish on the group heading into next year, it does say that its massive outperformance could slow.
3. Bitcoin bull Tom Lee has identified 12 stocks that are perfect if you don’t want to own the cryptocurrency. The basket of 12 stocks has gained 136%, which has beaten the S&P 500 but is dwarfed by bitcoin’s rise.
4. Citigroup says a pattern is popping up in the euro that suggests it could soar 20%. The firm is closely watching the level at 1.1616 versus the US dollar.
5. Big-money investors singled out the biggest risk to markets over the next year. They’re most scared of a geopolitical shock, according to a survey conducted by Barclays.