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24Oct2017 Market Close: Wall Street Closes Fractionally In The Green, 3M, Caterpillar Power Dow To New Record, WTI Climbs Higher

Written by Gary

The Dow hit a record high close today as stronger-than-expected results and forecasts from companies including 3M and Caterpillar fueled optimism about economic strength, while the S&P 500 and Nasdaq ended slightly higher.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

3M, Caterpillar power Dow to record

NEW YORK (Reuters) - The Dow hit a record high close on Tuesday as stronger-than-expected results and forecasts from companies including 3M and Caterpillar fueled optimism about economic strength, while the S&P 500 and Nasdaq ended slightly higher.

Auto industry tells Trump 'We're winning with NAFTA'

WASHINGTON (Reuters) - Major automakers, suppliers and auto dealers are launching a new coalition on Tuesday to urge U.S. President Donald Trump not to withdraw from the North American Free Trade Agreement.

GM's earnings beat, forecast lift shares; supply glut shrinks

DETROIT (Reuters) - General Motors Co posted stronger-than-expected pre-tax profit for the third quarter on Tuesday, helped by cost-cutting and a shift to higher-margin trucks and sport utility vehicles, and its shares jumped to a record high.

CWA union to oppose Sprint, T-Mobile deal over job losses

WASHINGTON (Reuters) - The 700,000-member Communications Workers of America (CWA) union said on Tuesday it would oppose a deal to merge wireless carriers Sprint and T-Mobile, arguing that such a move would cost tens of thousands of jobs in the United States.

Nestle follows Campbell Soup in quitting food manufacturer lobby group

NEW YORK (Reuters) - Nestle SA is leaving the Grocery Manufacturers Association (GMA), a lobby group that represents hundreds of food companies in Washington, a spokesman for the group said, just months after a similar decision by Campbell Soup Co .

Fidelity chairman says U.S. regulations lag social media advances

BOSTON (Reuters) - U.S. financial regulations on data retention do not fit with the way people expect to communicate on social media, Fidelity Investments Chairman Abigail Johnson said on Tuesday.

McDonald's sales strong as cheap drinks, new burgers lure back diners

(Reuters) - McDonald's Corp reported strong restaurant sales on Tuesday, as $1 sodas and build-your-own burgers helped it draw in more customers and beat back rivals in an intense battle for market share.

Caterpillar smashes market estimates as North America sales rebound

(Reuters) - Caterpillar Inc blew past Wall Street's profit and revenue estimates for the third quarter, driven by surprisingly strong demand for its construction equipment in North America and robust sales in China.

Amazon rivals turn to legal fine print to stem Whole Foods strategy

SAN FRANCISCO (Reuters) - Whole Foods Market met a new foe this summer during talks to lease a top retail space in a San Francisco mall: the Target next door.

Watch Live: Sarah Sanders Holds Press Briefing After Fiery Flake Resignation Speech

Watch as Sarah Sanders enjoys the privilege of fielding questions following a fiery resignation speech from Senator Jeff Flake of Arizona.

Weinstein Victim Breaks NDA To Speak Out About Former Boss's Harassment

For the first time since the New York Times published its bombshell report earlier this month about disgraced Hollywood producer Harvey Weinstein's lurid history of sexual harassment and assault, one of at least eight women who reportedly signed an NDA as a condition of their settlement with Weinstein decided to break the agreement and come forward to share more nightmare stories about her lecherous former boss.

Zelda Perkins, a former assistance at the Weinstein Company's London office, signed a non-disclosure agreement with Weinstein in 1998 and was paid £125,000 in damages, she revealed in an exclusive interview with the Financial Times. Now, Perkins has become one of the more than 50 women who have spoken out about Weinstein's transgressions, and the Hollywood culture that was tacitly condoned his behavior for decades.

"He went out of the room and came back in his underwear. He asked me if I would give him a massage. Then he asked if he could massage me."

Harvey Weinstein

Ms. Perkins declined but said Weinstein would frequently be naked in a hotel room and ask her to stay while he bathed.

"This was his behaviour on every occasion I was alone with him," she said. "I often had to wake him up in the hotel in the mornings and he would try to pull me into bed."

But she initially put up with the harassing behavior because, as his assistant, she was able to sat in on ...

4 In 10 Canadians Can Not Cover Basic Expenses Without Going Deeper In Debt

Back on July 13, when the BOC hiked rates by 25bps to 0.75% - its first rate hike in 7 years - followed by another unexpected rate hike in September, we documented some troubling trends among Canadian households, including the record household debt-to-income ratio...

... the sliding average hourly wages...

... as well as the unprecedented Canadian housing bubble which puts US home prices to shame...

... followed by a just as troubling observation that Canadian reliance on housing has never been greater in the form of loans secured by property reaching an all time high...

... we warned that the combination of rising interest rate ...

WeWork's Lord & Taylor Deal: Savvy Move or Top of the Market?

Real estate startup WeWork is buying Lord & Taylor's flagship New York City location for $850 million and intends to convert the landmark building into its office headquarters. Heard on the Street examines the pros and the cons of the deal.

A New CEO Isn't the Cure for BHP's Ills

Big BHP shareholder Elliott is agitating for a board review of management—but the miner's current leadership isn't really the problem.

GM Keeps Investors' Robotaxi Hopes Alive for Now

General Motors will soon outline plans for a hugely ambitious road trip from its Midwestern home to America's tech-savvy coastal cities. They need to be impressive to live up to investor expectations.

How 'Star Trek: Discovery' led to Klingon culture finally being embraced

CBS now prioritizes Klingon language

Market Extra: GE's stock is in breach of an unwritten rule for Dow members

GE's stock has fallen to the point of breaking an unwritten rule for Dow components, which could get it kicked out of the venerable stock market barometer and end a 110-year streak as a member.

In One Chart: $1,000 World Series tickets are the new norm

Tickets to see the Dodgers vs. the Astros are averaging over $1,000 on the resale market — after last year's World Series sold for over $4,000.

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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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