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2017-12-18

Full Steam Ahead - Wall Street Hits Record Highs



"Wall Street closed at record highs amid sustained optimism about the likelihood of lower corporate tax rates as the Republican tax bill moved closer to passage"
  1. The Dow Jones Industrial Average .DJI rose 140.46 points, or 0.57 percent, to 24,792.2, the S&P 500 .SPXgained 14.35 points, or 0.54 percent, to 2,690.16 and the Nasdaq Composite .IXIC added 58.18 points, or 0.84 percent, to 6,994.76.
  2. The three indexes set record closing highs, as did the small-cap Russell 2000 index , up 1.21 percent to end at 1,548.93. - Reuters


Fintech and cryptocurrencies are spurring other valuation bubbles perhaps. Perhaps it has been the tremendous recovery period the US demanded. The DOW, at its systematic core, is compiled of outstanding enterprises - Intel, Apple and Goldman were leaders today. It will be more prudent to discuss today's price of the Dow in three months time. Nasdaq lead with Akamai (7.91%) and Alcoa (1.96%), and the S&P gained despite heavy the losses from CSX last week. CSX CEO Hunter Harrison stepped down - after many rumors about his health throughout the summer, when CSX was backing up trains in Central Appalachia.  





CPI - Consumer Price Index - 12 Month


CPI - Consumer Price Index - 12 Month
Energy prices are up 16.4% which is driving the price increase in energy.


From the BLS: CONSUMER PRICE INDEX – NOVEMBER 2017 The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in November on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index rose 2.2 percent. The energy index rose 3.9 percent and accounted for about three-fourths of the all items increase. The gasoline index increased 7.3 percent, and the other energy component indexes also rose. The food index was unchanged in November, with the index for food at home declining slightly. The index for all items less food and energy increased 0.1 percent in November. The shelter index continued to rise, and the indexes for motor vehicle insurance, used cars and trucks, and new vehicles also increased. The indexes for apparel, airline fares, and household furnishings and operations all declined in November. The all items index rose 2.2 percent for the 12 months ending November. The index for all items less food and energy rose 1.7 percent, a slight decline from the 1.8-percent increase for the period ending October. The energy index rose 9.4 percent over the last 12 months, and the food index rose 1.4 percent.