DOW + 331 = 24,272 (Record)
SPX + 21 = 2647 (Record)
NAS + 49 = 6873
RUT + 1 = 1544 (Record)
10 Y + .04 = 2.42%
OIL + .08 = 57.38
GOLD – 8.80 = 1275.60
Cryptocurrency
- Number of Currencies: 1,361
- Total Market Cap: $297,611,083,181
- Volume (24h): $15,874,370,947
Record highs for the Dow, the S&P 500, and the Russell. The Nasdaq recovered nicely from a nearly 1.5% decline yesterday, but not enough for a record.
In a recent University of Chicago survey of 38 prominent economists across the ideological spectrum, only one said the proposed tax cuts would yield substantial economic growth. Unanimously, the economists said the tax cuts would add to the long-term federal debt burden, now estimated at more than $20 trillion.
Consumer spending slowed in October as the hurricane-related boost to motor vehicle purchases faded, while a sustained increase in underlying price pressures suggested that a recent disinflationary trend had probably run its course.
The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.3 percent last month after surging 0.9 percent in September. The jump in spending in September was the largest since August 2009 and was spurred by some drivers in Texas and Florida replacing automobiles destroyed when Hurricanes Harvey and Irma slammed the states.
Spending on long-lasting goods like autos fell 0.1 percent last month after accelerating 2.9 percent in September. Spending on nondurable goods such as prescription drugs and recreational items rose 0.2 percent. Outlays on services increased 0.3 percent.
The Fed’s preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, rose 0.2 percent in October after a similar gain in September. The so-called core PCE increased 1.4 percent in the 12 months through October.
The Labor Department said initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 238,000 for the week ended Nov. 25. Last week marked the 143rd consecutive week that claims remained below the 300,000 threshold, which is associated with a strong labor market. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is near full employment, with the jobless rate at a 17-year low of 4.1 percent.
Shares of the retail-pharmacy giant CVS Health Corp (NYSE:CVS) and health insurer Aetna (NYSE:AET) jumped in trading on Thursday after The Wall Street Journal reported that the two companies were nearing a deal. CVS was reported in late October to be in talks to buy Aetna in a deal worth about $66 billion. According to the latest report, CVS is nearing a majority-cash purchase of Aetna of $200 to $205 a share. Aetna’s stock gained 2% on the news. CVS rose by as much as 5%.
Aetna previously agreed to buy rival insurer Human for $34 billion, but the Department of Justice blocked that deal. A judge ruled in favor of the DOJ in January, saying a combination of the two companies would be anticompetitive.
For CVS, the acquisition is a way to fend off competition from Amazon (NASDAQ:AMZN), which has been speculated to be interested in the healthcare industry. It would allow the retailer to keep a greater share of each drug sale and to direct more Aetna clients into its stores.
OPEC members and other oil-producing countries agreed to extend production cuts until the end of 2018. Crude prices rose.
Kroger (NYSE:KR) jumped more than 6 percent after the company forecast strong same-store sales for the four quarter and posted better-than-expected earnings.
Meanwhile, Costco (NASDAQ:COST) shares climbed 3.9 percent after the company reported a 7.9 percent rises in same-store sales for November.