- Reuters / Paulo Whitaker
Stocks inched higher to a new record as traders digested minutes from the Federal Reserve’s last meeting and prepared for an earnings season that’s set to kick off.
The S&P 500 gained 0.1%. Meanwhile, the Dow increased 0.1% and the more tech-heavy Nasdaq rose 0.2%.
First up, the scoreboard:
- Dow: 22,872.89, +42.21, (+0.18%) S&P 500: 2,555.24, +4.60, (+0.18%) Nasdaq: 6,603.55, +16.30, (+0.25%) US 10-year yield: 2.35%, 0.00 WTI crude oil: $51.31, +0.39, +0.77%
1. Trump took credit for stock-market records again on Wednesday – so we graded his claims. We found that while he’s been responsible for some periods of strength, there have been other times when the market has risen due to other factors.
2. The stock market is on the verge of making history. Deutsche Bank points out that the S&P 500 has delivered positive total returns in first nine months of the year, rivaling only 1995.
3. The Fed is worried that it won’t achieve its inflation target for a while. Officials are concerned that inflation will remain lower for longer, according to minutes of the Federal Open Market Committee’s September meeting.
4. Jefferies says Google has ‘the right pieces in place to win the race’ to a $1 trillion valuation. The firm’s analyst has set his price target at $1,200 per share, compared to the $992.31 where it currently stands.
5. Credit Suisse says the headlines around the Amazon-Whole Foods deal have been focusing on the wrong thing. Their analyst argues that the focus has been on price cuts, while the real path to lasting shareholder value is through fulfillment and delivery.