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03Oct2017 Market Update: Wall Street Soaring Higher While Many Investors Yawn And Analysts Wondering How Long This Trump Rally Is Going To Last

Written by Gary

US stock markets climb (again) to new historic highs (SPY +0.1%) buoyed by a rally in tech stocks and gains in Ford Motor and General Motors strong September sales.


Here is the current market situation from CNN Money

North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.76% while Mexico's IPC is up 0.43% and U.S.'s S&P 500 is up 0.12%.

What Is Moving the Markets

Here are the headlines moving the markets.

Uber CEO meeting with London transport authority 'constructive'

LONDON (Reuters) - Uber's new CEO Dara Khosrowshahi had a constructive meeting with London's transport boss on Tuesday, the company said, just days after the city refused to renew its operating license.

Tesla's Model 3 bottlenecks prompt questions on targets

(Reuters) - Worries about whether Tesla Inc would meet its promises on production of its Model 3 mass-market sedan in the months ahead sent the electric car maker's shares more than 2 percent lower on Tuesday as those in rivals climbed.

Wall Street at new record highs as tech, auto advance

(Reuters) - All the three main U.S. stock indexes hit fresh record highs on Tuesday, buoyed by a rally in tech stocks and gains in Ford Motor and General Motors after the carmakers reported strong September sales.

Exclusive: One Ford, two systems - U.S. carmaker revamps China strategy amid EV push

BEIJING/DETROIT (Reuters) - U.S. automaker Ford Motor Co is overhauling its China plans as its global "One Ford" strategy is holding it back in the world's biggest auto market, two high-ranking company insiders told Reuters.

Whole Foods price cuts hit hardest at Trader Joe's, Sprouts: study

LOS ANGELES (Reuters) - Trader Joe's and Sprouts Farmers Market Inc have been hit hardest by customer defections since Amazon.com Inc cut prices at Whole Foods, a data analytics firm said on Tuesday.

Buffett bets on truck stops, to buy majority of Pilot Flying J

(Reuters) - Warren Buffett's Berkshire Hathaway Inc bought a major stake in Pilot Flying J, the largest U.S. truck stop operator, and said it will become the majority owner in six years, deepening its commitment to the American economy.

GM to combine Asian, Latam operations as it ramps up electric

BEIJING (Reuters) - General Motors Co said on Tuesday it will combine operations outside of China and North America into a new organization based in Detroit, further scaling back its presence in money-losing markets as it ramps up spending on electric vehicles.

Hurricane recovery boosts U.S. September new auto sales

DETROIT (Reuters) - Major automakers on Tuesday posted higher U.S. new vehicle sales in September, as consumers in hurricane-hit parts of the country, in particular southeast Texas, rushed to replace flood-damaged cars.

BlackRock CEO says U.S. tax reform plan will have to be amended

NEW YORK (Reuters) - BlackRock Inc Chief Executive Larry Fink on Tuesday said a U.S. tax plan backed by the Trump administration cannot be passed as it is, noting the proposal would add to the deficit.

Warren Slams Wells CEO "You Should Be Fired" As Buffett Counters "He Has My Faith"

In a repeat of what she said almost exactly one year ago, when Senator Elizabeth Warren told then-Wells Fargo CEO Stumpf "You should resign, you should be criminally investigated" - not long before Stumpf indeed resigned, moments ago the akngaroo court was back in session and Warren doubled down her attack on Stumpf's replacement, Wells CEO Tim Sloan, blasting that he should be fired as he was part of a culture that pushed the bank to create millions of fake accounts for customers without their knowledge.

In prepared testimony, Sloan apologized for the creation of unauthorized accounts and said the bank has hired back more than 1,000 workers who were wrongly fired or left under a cloud. In late August, Wells admitted that as many as 3.5 million accounts were created for customers without their permission, nearly 70% more than originally thought. The scandal led to the departure of several executives including former CEO John Stumpf.

While the practice had been going on for years at the bank, it only became public last year, when Wells agreed to pay a $185 million settlement with regulators. Since then, it was revealed that the tactics extended to enrolling customers in auto insurance that they didn't need as we previously reported and as CNBC noted. Wells paid a $142 million class-action settlement and $2.8 million in refunds to affected customers.

Meanwhile, Warren attacked Sloan over his past comments to investors, saying he "bragged" about high levels of new accounts even though he was aware of sales-practice problems at the bank: "You went to the stock market and you bragged about it," Warren said at the Senate Banking Committee hearing Tuesday.

"At best you were incompetent, at ...

"We Have No Idea" Investigators Struggle To Pin Down Motive For Las Vegas Shooting

As the investigation into the deadliest mass shooting in modern US history enters its second day, local and federal law enforcement agencies are struggling to answer one of the most fundamental questions about the shooter, 64-year-old Mesquite, Nevada resident Stephen Paddock:

Namely - why would a millionaire real-estate investor with no known affiliations to controversial religious or political groups commit such a horrifying act?

Here's Reuters:

The gunman, identified as Stephen Paddock, 64, left no immediate hint of his motive for the arsenal of high-powered weaponry he amassed, including [42] guns, or the carnage he inflicted on a crowd of 22,000 attending an outdoor country music festival.

Paddock was not known to have served in the military, or to have suffered from a history of mental illness or to have registered any inkling of social disaffection, political discontent or radical views on social media.

Police have said they believed Paddock acted alone, but have been at a loss to explain what might have precipitated the shooting, which left nearly 60 people dead and more than 500 people injured after the shooting sparked a stampede and the 20,000 attendees at the Route 91 Harvest festival rushed for the exits.

The shooter's brother, Eric Paddock

US Expels 15 Cuban Diplomats In Retaliation For Mystery "Health Attack"

As previewed last night, when we reported that the US government would expel as many as 60% of Cuba's Washington Embassy staff, on Tuesday morning the Trump administration announced Tuesday it will expel 15 Cuban diplomats from the U.S. in response to months of mysterious "health attacks" that have affected American personnel in Havana. The State Department said that the decision was made due to "Cuba's failure to take appropriate steps to protect our diplomats in accordance with its obligations under the Vienna Convention."

A State Department official said the expulsions will ensure "we have equitable staffing levels" while still allowing the embassies to operate. The official would not confirm whether the percentage of Cubans expelled matches the U.S. staff cut in Havana. The Cuban officials were given seven days to leave Washington

The official also said the U.S. is maintaining diplomatic ties with Cuba, but warned Havana it will need its "full assurances" that U.S. diplomats will be protected in order to restore a full presence there.

"We have underscored repeatedly to the Cuban government its responsibility for the security, safety, [and] well-being" of our diplomats, the official said.

The announcement comes days after the U.S. pulled 60% of its embassy staff from the Cuban capital and is the latest sign of the worsening ties between the two former Cold War foes under President Trump.

As The Hill notes, the dipl ...

Hurricane Maria Packs a One-Two Punch for Insurance

The losses in Puerto Rico as a result of Hurricane Maria may surpass the more than $50 billion caused by Harvey and Irma, proving very costly for insurers.

Tesla Has a Forecasting Problem

The electric car company's inability to predict near-term Model 3 production should give investors pause about Elon Musk's vision.

Did Hurricanes Blow Profit Expectations Off Course?

Up until the hurricanes hit, the third-quarter was shaping up to be pretty good for U.S. companies. And now? That's hard to know.

Ask the experts: How will Trump's tax proposal affect retirement savers?

Pre-retirees will have to look at bracket strategies, estate planning and lack of deductions.

The Tell: BlackRock's Fink says rise of bitcoin shows 'how much money laundering is being done in the world'

Larry Fink, chief executive officer of asset management behemoth BlackRock Inc., says bitcoin and other cryptocurrencies may help to identify the extent of money laundering happening across the globe.

These are the fastest-growing cities in America

The Dallas suburb of Frisco, Texas, ranks No. 1 on WalletHub's list of fastest-growing cities in America.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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