STOCKS EXPLODE TO RECORD HIGHS: Here's what you need to know
US stocks surged to new record highs amid investor expectations that the final version of the GOP tax bill will be released on Friday evening.
The S&P 500 soared 0.8%, while the Dow Jones Industrial Average increased 0.6% and the more tech-heavy Nasdaq 100 index climbed 1%.First up, the scoreboard:
- Dow: 24,623.27, +114.61, (+0.47%)
- S&P 500: 2,674.94, +22.93, (+0.87%)
- Nasdaq: 6,933.95, +76.47, (+1.12%)
- US 10-year yield: 2.36%, +0.01
- WTI crude oil: $57.28, +$0.24, +0.42%
1. JPMorgan's quant guru says traders are waiting for tax cuts to unleash more stock market gains. Marko Kolanovic, the firm's global head of quantitative and derivatives strategy, says a successful Republican tax overhaul will give equities a huge shot in the arm in 2018.
2. A photo from the CEO of Goldman Sachs is fueling Twitter takeover chatter. The company's stock surged as much as 7.3% on Thursday, closing at its highest level in 14 months, amid speculation that Twitter and Goldman are re-engaging in discussions around a sale to Disney.
3. Oracle tops Wall Street targets - but shares sink more than 4%. The company reported strong quarterly earnings after the closing bell on Thursday afternoon, beating revenue and profit estimates.
4. Bitcoin pops to new all-time high. The red-hot cryptocurrency reached a new record versus the dollar, and has been steadily recovering ground after falling as low as $13,000 on Sunday.
5. Facebook admits that social media can be bad for you. In a blog post published on Friday, Facebook addressed a "hard question": "Is spending time on social media bad for us?"ADDITIONALLY: