STOCKS EXTEND RECORD HIGHS: Here's what you need to know
The S&P 500 rose 0.3% as concerns over the cost of Hurricane Irma ebbed, adding to Monday's all-time closing high. Meanwhile, the Dow increased 0.2% and the more tech-heavy Nasdaq climbed 0.3%.
First up, the scoreboard:
- Dow: 22,107.40, +50.03, (+0.23%)
- S&P 500: 2,495.17, +7.20, (+0.29%)
- Nasdaq: 6,449.42, +17.15, (+0.27%)
- US 10-year yield: 2.17%, +0.046
- WTI crude oil: $48.23, +0.16, +0.33%
1. JPMorgan CEO Jamie Dimon said bitcoin is a fraud that's 'worse than tulip bulbs.' At a Barclays conference, Dimon called the cryptocurrency a "fraud," and said that he would fire any trader that transacted bitcoin for being stupid.
2. Bank of America conducted an investor management survey that found bitcoin is the 'most crowded' trade. The study found that 26% of investors surveyed in September said they viewed being long bitcoin as the most crowded trade.
3. An Amazon-based retail trade has quadrupled the stock market's return this year. If you'd have made bullish bets on Amazon while placing bearish wagers on the most-shorted retailers, you'd have raked in a 43.7% return, according to financial analytics firm S3 Partners.
4. Apple announced 3 new iPhones and a revamped watch, and its stock fell. This year's corporate event celebrated the 10th anniversary of the iPhone with a brand-new model called the iPhone X.
5. Hurricanes Irma and Harvey cause Goldman Sachs to slash its outlook for the US economy. The firm now sees GDP growing by 2% in the third quarter, 0.8 percentage points lower than its previous forecast.
ADDITIONALLY:
Bitcoin slides after Jamie Dimon bashes the cryptocurrency
The world's largest sovereign wealth fund tops $1 trillion for the first time
DowDuPont is tweaking its post-merger breakup plan
Apple stock is slipping after announcing the iPhone X
Snap spiked after Apple demoed its new face tracking live on stage
HEDGE FUND BILLIONAIRE JULIAN ROBERTSON: 'We're creating a bubble' and it's the Fed's fault
Millennials are driving a shift in how the ultra-wealthy manage their money
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas