Reuters / Paulo Whitaker
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 increased 0.2%, while the Dow Jones Industrial Average climbed 0.5% and the more tech-heavy Nasdaq 100 slid 0.2%.
First up, the scoreboard:
- Dow: 24,515.08, +129.05, (+0.53%)
- S&P 500: 2,664.52, +4.52, (+0.17%)
- Nasdaq: 6,861.65, -13.57, (-0.19%)
- US 10-year yield: 2.40%, +0.018
- WTI crude oil: $57.21, -$0.78, -1.35%
1. Bank of America says the bull market has plenty of 'gas in the tank'. The firm's technical team says the S&P 500 could hit 3,000 by the end of 2018, and compares the chart for 2018 to the one from 2014, when the market gained 11%.
2. America's small businesses haven't been this pumped up since the 'roaring Reagan economy'. A measure of US small business optimism hit its highest level since 1983 last month, according to a National Federation of Independent Business survey.
3. A $200 billion quant fund says one of the biggest concerns about how companies will spend their tax savings is overblown. AQR Capital argues against the idea that share buybacks don't help the economy, calling it a myth.
4. Goldman Sachs says Bitcoin hasn't taken a bite out of demand for gold. Jeffrey Currie, the firm's global head of commodities research, said that the groups of investors looking to invest in the two assets are vastly different, therefore protecting gold demand.
5. Shopping mall owner Westfield sells itself for $15.7 billion. France's Unibail-Rodamco has agreed to buy the company in what would be the biggest takeover of an Australian company on record.
ADDITIONALLY:
Brent crude oil zooms higher after a major European pipeline is shut
A top exec at trading giant Virtu is out
Bitcoin just set yet another record high
BlackRock's $1.7 trillion bond chief says don't fear the Fed
Ethereum soars above $600 after a group of big banks announce a new project on its blockchain