STOCKS CLIMB: Here's what you need to know

Wednesday was another installation in the continued pattern of low volatility and modest gains.

The S&P 500 has closed higher for five days in a row but has only gained about 0.41% in that time.

The Dow is up 1.35% over that time, and closed above 23,000 for the first time ever on Wednesday. The Nasdaq is the only index to not close higher on each of the past five days but still has posted a modest overall gain of 0.49%.

Traders are betting the modest gains will continue, as short interest in the S&P 500 is at a three-year low.

Here’s the scoreboard:

  1. Steve Mnuchin says the stock market will tumble if Trump’s tax plan doesn’t pass. Mnuchin also “absolutely guaranteed” the tax bill would be on President Trump’s desk by early December.
  2. Kohl’s says it’s not trying to get acquired by Amazon — but traders are preparing just in case. The stock would likely pop if Amazon acquired Kohls, so traders are just being cautious.
  3. TOP STRATEGIST: Bitcoin will soar to $US25,000 in 5 years. We talk about how bitcoin will get to $US25,000 a coin in the first episode of “the bit” from Business Insider.
  4. If Trump is doing so horribly, why is the stock market doing so well? Donald Trump likes to take credit for new stock market highs, but that idea is being increasingly rejected by both Wall Street and investors.
  5. The company behind Burger King wants to take over fast food — and that could mean buying Papa John’s. Restaurant Brands International has recently snapped up popular fast food chains including Popeye’s.

Other headlines

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WE ARE SORRY: BTIG apologizes for overestimating Snap (SNAP)

Tens of millions of Americans are being left out of the economic recovery — and it’s easier than ever to see who they are

Morgan Stanley is making a boatload of cash lending money to rich people — and it’s just getting started

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