Stocks climbed to a new record as a core reading of inflation slowed, showing that economic growth is continuing to grind along.
The S&P 500 gained 0.1%. Meanwhile, the Dow increased 0.2% and the more tech-heavy Nasdaq also rose 0.2%.
First up, the scoreboard:
- Dow: 22,873.83, +32.82, (+0.14%)
- S&P 500: 2,552.70, +1.73, (+0.07%)
- Nasdaq: 6,603.05, +11.34, (+0.17%)
- US 10-year yield: 2.28%, -0.04
- WTI crude oil: $US51.36, +0.76
1. Forget bitcoin, an $US8 trillion bubble in global markets is waiting to pop. Deutsche Bank’s chief economist singles out government and corporate bonds that still have negative yields as potentially disastrous.
2. The rise of a new kind of finance is setting off alarm bells at the Fed. A surge in new methods and avenues to circumvent conventional bank finance presents the next major challenge for regulators in Washington, the St. Louis Fed’s president, James Bullard, told Business Insider in an interview.
3. Traders are betting big against gun stocks after the Las Vegas mass shooting. After their prices surged immediately following the massacre, traders are now loading up on shorts.
4. Bank of America beat on third-quarter earnings. The bank reported earnings of $US0.48 per share, even with the second quarter, beating analysts estimates of $US0.46 per share.
5. Bitcoin went bananas. The red-hot cryptocurrency crossed $US5,800 for the first time and set a record high of $US5,866 a coin.