US STOCKS HIT RECORD HIGHS: Here's what you need to know

US Navy George H.W. Bush aircraft carrier Seahawk helicopterUS Navy/Mass Communication Specialist 3rd Class Matt MatlageAn MH-60S Sea Hawk assigned to Helicopter Sea Combat Squadron 9 lifts off from aircraft carrier USS George H.W. Bush, October 18, 2017.

The major US averages closed at record highs on Friday.

The day didn’t start out so well though, as General Electric caught investors off-guard with its disastrous earnings report ahead of the bell.

But, after sliding more than 6% at the open, GE ended the day higher and the S&P 500, Dow Jones industrial average and Nasdaq posted their best closes of all-time.

Here’s the scoreboard:

  1. General Electric’s disastrous earnings report caught traders off-guard. The stock clawed its way back on Friday as traders digested CEO John Flannery’s restructuring plan.
  2. Snap hit with more layoffs, plans to slow hiring in 2018. Snap’s stock, on the other hand, rose as the company cut workers and said it was slowing plans for future hiring.
  3. Bitcoin spikes to a record high near $US6,000. The currency is at all-time highs, even as Wall Street wrestles over its future.
  4. Catalonia’s fight for independence is about to hit a wall. Tensions in the Spanish region are simmering, and the Spain’s stock market has been reflecting that volatility.
  5. The GOP has found an innovative new way to steal from your future self. Republicans want to punish people saving for retirement to finance Trump’s tax cuts.

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