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Stocks rose slightly, with the Dow Jones industrial average closing in record territory for a ninth straight day.
Low volatility remains one of the key themes in the markets as Monday was the 13th day in a row the S&P 500 closed within 0.3% of its opening level. Markets haven’t been this complacent since 1966.
The S&P 500 edged higher by 0.14%, while the Dow ticked up 0.12% and the Nasdaq gained 0.59%. The markets were quiet Monday and news was slow from major companies.
Tesla made headlines, announcing it is planning a $1.5 billion bond offering to raise cash ahead of ramping up production of the Model 3.
First up, the scoreboard:
- Dow: 22,118.42, +25.61, (+0.12%) S&P 500: 2480.22, +3.39, (+0.14%) Nasdaq: 5934.73, +34.82, (+0.59%) US 10-year yield:2.26%, +0.04 WTI crude oil: $49.29, -0.23, (-0.46%)
Tesla will raise $1.5 billion through junk bonds as it ramps up production of its Model 3. The company is entering “production hell” as it tries to bring to market its first widely affordable car. Bitcoin hit record highs, which is great news for the stock market. Strong performances of the cryptocurrencies have been shown to correlate to strong stock market performance, according to Nautilus Investment Research. Stocks closed mostly flat again today, which has started to become the norm. Morgan Stanley said the markets are “out of whack” with the realities we are living in and traders are too complacent. Trump promised to provide a big boost for Wall Street by cutting regulation, which largely hasn’t happened. Bank stocks are lagging the market, but Goldman Sachs thinks the lack of Trump’s follow-through has made now the perfect time to invest. Netflix made its very first acquisition: a cult comic book company. Superheros are hot right now, and Netflix is hoping to be able to start fielding its own original characters with help from the guy who wrote the story lines for “The Avengers” and “Kick-A–.”