Financial Review

Debasement


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….Dow hits another record high. Cat, 3M lead earnings parade. Blackrock downgrades US credit. Tax plan soon, maybe. Corker and Flake speak up. Jobs of the future. Happy online holidays. Financial Review by Sinclair Noe for 10-24-2017   DOW + 167 = 23,441 SPX + 4 = 2569 NAS + 11 = 6598 RUT + 2 = 1500 10 Y + .03 = 2.41% OIL + .55 = 52.45 GOLD – 5.70 = 1277.30   Another record high close for the Dow Industrial Average. Caterpillar and 3M delivered results that topped estimates, while General Motors and Fiat Chrysler also rallied on earnings. Japanese equities built on recent gains, with the Nikkei climbing for a record-breaking 16th consecutive session.   Caterpillar’s earnings announcement reinforced the view that the international economic expansion is the most synchronized since the start of the decade. Cat projected 2017 sales of $44 billion, marking a third straight increase in annual revenue forecasts. But what stood out was the breadth of demand for its products. Sales surged 27 percent in North America as the U.S. oil and gas industry cranked up, while China’s growing construction market helped sales in the Asia Pacific region balloon 31 percent. Dealers’ replenishing of inventories boosted sales in Europe, Africa and the Middle East by 22 percent and “stabilizing economic conditions” in Latin America lifted sales by 24 percent. Caterpillar earnings were more than 50 percent higher than what analysts were expecting. Shares popped by 6.7% today.   3M’s third-quarter earnings beat the highest analyst estimate, ...
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Financial ReviewBy Sinclair Noe