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Stocks extended record highs as the Trump administration plotted a tax overhaul and North Korean tensions remained subdued.
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: 22,118.86, +61.49, (+0.28%) S&P 500: 2,496.48, +8.37, (+0.34%) Nasdaq: 6,454.28, +22.02, (+0.34%) US 10-year yield: 2.17%, +0.046 WTI crude oil: $48.25, +0.18, +0.37%
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.