Records that were set for all the major averages, as upbeat car sales and expanding growth across the globe helped to lift stocks once again. The Dow Jones Industrial average rose by 84 points, closed at 22,641. Nasdaq added 15. The s p gained five. And the rally isnt just here in the u. S. Its happening pretty much everywhere, as bob pisani explains for us tonight. Reporter stocks remained in record territory today as the socalled reflation trade continues to power the market to new highs. Reflation means expansion of the global economy, a little bit of inflation, not much. Central banks talked about raising rates. In t united states, the prospect of tax cuts boosting corporate profits in 2018. Stocks have been rising in europe and asia as well. Japan hit a twoyear high today and stocks in hong kong were also near a twoyear high. The effect of this reflation trade is that many sectors have been rallying, particularly banks, which do better in a rising rate environment, energy stocks, which are benefiting from higher oil prices, and industrials and transports that benefit from an improving global economy. Elsewhere, car sales todaye in september with both gm and ford reporting better than expected sales. Gm is up 7 . Its been on a tear for a month, partly on the prospects of more sales due to all the cars ruined in hurricanes harvey and irma. For nightly business im bob pisani at the new york stock exchange. With stocks at records, the worlds most wellknown investor Warren Buffett thinks conditions are still right to buy stocks. In the end, you measure laying out money for an asset in relation to what youre going to get back. And the number one yardstick is u. S. Governments. And when you get 230 on the tenyear, i think stocks will do considerably better than that. If i have a choice of the two, im going to take stocks at that point. On the other hand, if Interest Rates were on the tenyear where five or six, you would have a whole different valuation standard for stocks. Some investors disagree and think things are getting a bit frothy. What should you do . Trip miller is partner at goal an Capital Partners and he joins us to talk about it. Trip, welcome, nice to have you here. Thanks for having me on again. What do you make the Warren Buffetts point, given the fact that we have very low Interest Rates, stocks still hold value . We agree with mr. Buffett. As value investors, were big fans of his. We agree in a market where you find you have a tenyear treasury at 230, its not compelling for us to deploy capital for the next two years. We think the average investor is better served with a concentrated basket of value stocks. I see you like retail. Im intreigued by that given tht this is a horrible year for retailers, record numbers of stores have closed, weve had bankruptcies, Department Stores are struggling. What do you like about retail . We agree with all those things. Wev long term shareholders in amazon. We feel retail has been unfairly punished. On a casebycase basis were finding a few things to look at and do. One of the things weve done this year is purchase shares recently in Dollar General. In the case of Dollar General were getting a great business thats buying back shares aggressively, that will open a thousand stores this year on top of the 300 theyve acquired. So we like businesses that we think play well. In amazon world, maybe in areas of the country that amazon isnt. You also like insurance but on a global basis. Absolutely. Specifically were big fans of fairfax financial out of canada, run by prim watsa, referred to as the Warren Buffett of canada. While the market is up, we feel like were getting value there. Its a Global Insurance company. Its had a lot of value in several international businesses. Like Dollar General, its just recently announced a share buyback. We like partnering with businesses like fairfax that we get global exposure with. On that note, trip, thank you very much. Tripp miller with golan Capital Partners. Meanwhile, companies in the s p 500 are returning record amounts of money to shareholders in the form of dividends. According to S P Dow Jones indexes, Net Dividends rose compared to a year ago. Those include all increased dividends minus dividend decreases. As bob mentioned earlier, auto sales in september rebounded as victims of hurricanes irma and harvey started buying new cars and trucks to replace those that were destroyed. The strength of the sales last month, though, exceeded even the most optimistic forecast. Phil lebeau has more on the. Reporter with an estimated 800,000 to 1 million vehicles destroyed by hurricanes in texas and florida, automakers knew storm victims would be eager to buy replacement cars and trucks. That drove much stronger than expected sales in september for toyota, gm, and ford. When Insurance Adjusters tallied up the number of total vehicles last month and started cutting claim checks for storm victims, much of that insurance money went towards downpayments on bigger, more expensive vehicles, primarily trucks and suvs. Thats one reason Ford F Series sales surged more than 20 last month while gm saw record demand for some of its cross utility vehicles, and toyotas suv sales also popped. Overall, september was the strongest month this year for auto sales, which helped automakers bring down their inventories. The question now is whether there was a brief increase in demand spurred by the hurricanes, or if it shows more strength for the economy as a whole. With the Unemployment Rate near its lowest point in years, many believe car buyers should continue streaming into dealerships. There is one other factor that could keep auto dealers busy through the end of the year. Its strong consumer confidence. If it remains high, thats a good indication we could see solid auto sales through december. Phil lebeau, nightly busi. And in a related story, late today ford outlined plans to aggressively cut costs and invest more resources on electric and selfdriving cars. The automaker also plans to reallocate about 7 billion to increased development and production of trucks and suvs which are very popular, while deemphasizing less popular seda. Jim hackett is meeting with investors today. Senator Elizabeth Warren told the ceo of wells fargo he should be fired. Senator warren said she didnt think he was the one for the job. This is about personal responsibility. Wells fargo cheated millions of people for years. The Federal Reserve should remove all of the current Board Members who served during the fake account scam. And mr. Sloan, you say youve been making changes at wells fargo for 30 years . But you enabled this fake account scam, you got rich off it, and then you tried to cover it up. At best, you are incompetent. At worst, you were complicit. And either way, you should be fired. In response, sloan said the board has taken strong action in terms of executive accountability and that his vision as ceo is the right one for the bank. Im not afraid to make hard decisions when its needed. And i have the support of 270,000 people. That why i think im the right person. Sloan said the company has corrected its missteps and says wells fargo is a better bank and in fact, wells fargos biggest shareholder Still Believes in the ceo. During a cnbc interview, Warren Buffett said when a company uncovers a problem, it has to be dealt with quickly. They have my faith. The truth was that 99 of the people were perfectly decent people. They were just like the people working at goldman or some other place. And somebody had totally gone haywire. And other people didnt report it. But when you find a problem, you have to jump on it. I mean, thats just basic. In fact when asked if he sold any wells fargo shares, mr. Buffett said only enough to stay under 10 , which is something that the fed requires. Mr. Buffetts Berkshire Hathaway now holds 9. 4 stake in the bake. Warren buffetts Berkshire Hathaway is acquiring 40 of the operator of pilot and flying J Travel Centers where truckers and drivers can refuel, eat, and shop. The company says it generates more than 20 billion in annual revenue. Berkshire did not disclose. Remember the 2013 hack at yahoo that compromised more than a billion accounts . Now yahoo believes that all of the approximately 3 billion yahoo User Accounts existing at that time were affected. Verizon, which now owns yahoo s core assets, says it is continuing to work closely with law enforcement. The former ceo of equifax was also on capitol hill today. Lawmakers described the massive data breach at the company as a travesty. And that was just the beginning. Aditi roy reports. Good morning. The subcommittee on Digital Commerce and Consumer Protection will come to order. Reporter former equifax ceo Richard Smith took the hot seat this morning in front of a house subcommittee, ready to answer tough questions on the companys massive cybersecurity breach. Its the first of three days of congressional testimony, before the house and senate. Smith started with an apology. Im here today to say to each and every person affected by this breach, im truly and deeply sorry for what happened. Reporter then the grilling began. For about two dozen lawmakers, the questions and rebukes were fast and furious. I hope we can give an insurance to this committee and the American People that there will be a bill to give consumers confidences against, because this is a mess. Reporter smith revealed it took the company 40 days to notify the public about the breach because at first equifax only noticed suspicious activity and that it took weeks to understand the depth and breadth of the breach. He also said it happened because of human error, with the person neglecting to implement a Software Patch for the vulnerability, and technical mistakes with a scanner not picking up the vulnerability. That led to more questions by house energy and Commerce Committee chair greg walden. How does this happen when so much is at stake . I dont think we can pass a law that, excuse me for saying this, but fixes stupid. Reporter smith was questioned about the selling of shares by three Company Executives after the breach was discovered. But smith maintains there was no play. L you believe this stock was sold as a matter of course as would be true in any other quarter . Yes. You do not believe it was based on knowledge known by these gentlemen related to the breach . Ive known these individuals, theyre honorable men. I had no indication they had any knowledge of the breach at the time they made the sale. Some lawmakers werent so quick to buy that argument. I think its very fishy that on july 31st, there was a lot of information that there had probably been a breach, and august 1st and 2nd, that over a Million Dollars in stock was sold. It doesnt smell good. Smi smith will answer all questions at the senate tomorrow. Thats where hell appear before two other committees. Im aditi roy for nightly Business Report, washington. Still ahead, the president tours puerto rico. And Financial Aid was part thousands of miles from wall street, investigators in las vegas are still searching for answers following the worst mass shooting in our countrys history. Reporter how did he do it . Investigators combed through the hotel room 64yearold Stephen Paddock used as his sniper perch to slaughter 59 people and injure hundreds more in a concert venue which today was still closed off as a crime scene. How did he get ten bags to his suite carrying 23 weapons without drawing attention . How long was he planning the massacre . Nbc news sources say he checked in last thursday, four days before the killings. The biggest unknown is why. Stephen paddocks brother had no answer. Weve got nothing to give you. Theres just nothing. He was just a guy. Reporter paddock was a known high roller in las vegas. Nbc news reports the day before the massacre, he transferred 100,000 out of the country to an account in the philippines where his girlfriend may have family. She has been out of the country but is expected back soon and authorities have questions. But then, everyone has questions. Im also angry, really angry that so many lives have been cut short, and so many people have been affected. Reporter as pictures of the dead began putting faces to the carnage, the ceo of mgm resorts, the largest Casino Company in las vegas, says changes will come. But what they are, no one is really sure. I love my town. I know my town. I feel responsible for everything that happens in this town. And but i do know that we did will continue to do uld. Everything we can. Reporter at the wyn today, metal detectors were used and bags checked. When all the investigations are done, i think that possibly something goodwill come from it in terms of being able to learn how we can do things better. Reporter the news is not stopping people from coming to las vegas. Did you have any second thoughts . Yeah. We did. But we decided to come anyway. There isnt anywhere safe. I live in northern virginia, 15 minutes out of de. C. Im just saying. Nowhere is 100 safe. Reporter why it happened here, we still dont know. For nightly Business Report, jane wells, las vegas. Wall street is also analyzing the impact on the gaming sector. Today a long time bull on mgm resorts which owns the mandalay bay downgraded the stock, citing concerns that the mass shog a negative effective on bookings in the coming months. Tonights market focus, despite seeing many of its markets impacted by the recent hurricanes, the nations second largest homebuilder actually still managed to report a rise in both profit and revenue that topped expectations. The company cited increased demand and higher average selling prices. Shares of lennar were higher to 55. 35. Delta said flight disruptions from Hurricane Irma are expected to cost that airlines 129 million in the third quarter. It expects to report passenger unit revenue that rose about 2 . Investors had feared that the Financial Impact from the storm would be worse. So shares actually soared on delta today by 6 to 51. 25. As you see, the shares of several other airlines also took off today and sent the dow transports into record territory. Paychecks said Strong Performance in its Hr Services Division helped overall profits and sales to rise more than expected. The Payroll Processor also lifted its full year guidance, saying that it expects revenue to grow by about 6 . Meanwhile, shares rose by more than 3 to 61. 99. Sue . Bill, walmart is beefing up Delivery Services with a deal to acquire Logistics Company parcel. The retail giant plans to tap into parcels technology and Employee Base to offer same day delivery in new york city for walmart and jet. Com purchases. Walmart shares were up 1 to 79. 22. Fiat chrysler is recalling more than 700,000 suvs on concerns that water exposure could affect brake function. That recall applies to 2011 through 2014 dodge duriango and jeep grand cherokees. Fiat chrysler shares were up a penny to 17. 96, bill. The fcc wants to make millions of dollars available to repair Communication Networks in hurricanebattered puerto rico and the u. S. Virgin islands. The chairman of the agency has proposed making available more than 75 million in funding to help restore cell service there. 90 of cell sites remain out in puerto rico. 69 are out in the u. S. Virgin islands. President trump was in puerto rico today to survey the damage from Hurricane Maria. One of the major focuses was Financial Aid to that island. Contessa brewer is in san juan. Reporter President Trump landed at midday, two weeks after Hurricane Maria tore across the island. It got wiped out. Reporter although she engaged in a social media fight with the president before his visit, san juans mayer, carmen yulin cruz, accepted an invitation to meet with him today, focused on keeping the lines of communication open. Right from the beginning this governor did not play politics. Reporter for his part, puerto ricos governor says its important for the president to get a clear picture of the magnitude of the damage. Weve calculated that the damage of the storm is extensive. And what we want is for that aid package to give us the funding that is consistent with the damage as it would have been in florida or texas, for the citizens of puerto rico. Reporter even before Hurricane Maria hit, puerto rico was struggling with an Unemployment Rate more than twice the National Average and half the people here living in poverty. The islands finances are under a federal Oversight Board following a 73 billion bankruptcy, the largest municipal bankruptcy in u. S. History. Over the last decade there has been a big problem of Puerto Ricans leaving the island in favor of more opportunity in the united states. And now, with maria crippling the infrastructure here and schools in the state bracing for more students from puerto rico, the governor is worried about a mass exodus. If we dont place the correct conditions in an aid package, this will not only occur immediately but in the midrun and long run. The effect of that is going to be that youre not own going to get hundreds of thousands of Puerto Ricans moving to the states,. Reporter as President Trump visits a town just outside san juan, he asked residents about their homes. Your house is okay, right . Reporter most Puerto Ricans wont be watching trumps visit without electricity or cell communications. Those who know about it wonder whether his tour today will make it easier to get food, water, gas, and medicine tomorrow. For nightly Business Report, contessa brewer, san juan. Coming up, an historic drug approval comes with a historic price tag. The business behind a new way of fighting cancer, in tonighe. Last night, we brought you the story of caitlin johnson, a young girl who beat cancer with the help of a revolutionary treatment. Tonight, a look at what that medicine costs, and the complicated business of a truly personalized drug. Meg terrell has the second and final part of our modern reporter mandy and James Johnson say when it came to treating their daughter caitlins cancer, no price would have been too high. Money would have never been a deciding factor. Reporter after 2 1 2 years of chemotherapy failed her, caitlin found success with an experimental treatment that used her own immune cells to cure her leukemia. The fda approved it august 30th. The price, 475,000. Even at a time of eye popping drug prices, that number raised eyebrows. Doctors at memorial Sloan Kettering said it, quote, shattered oncology drug pricing norms. The medicine is unique in several ways. Each patients therapy is made from her own immune cells, requiring a more complex manufacturing process. The price is for a onetime treatment. And the number of patients for whom the drug is approved is small, about 600 people in the u. S. Each year. A new type of medicine like this, and there will be so many out there that are administered just once and for profound benefit, really require us as a community to identify, you know, appropriate and fair pricing structures. Reporter novartis which markets the drug says some outside analyses suggested a fair price could be as high as 600,000. The company also employed a new pricing model. For patients covered by a government program, novartis only gets paid if their cancer is clear 30 days after treatment. The therapy is administered to all patients who need it. And if the medicine is working at a fixed period of time, then novartis is compensated. If it doesnt, then we feel good about having provided this chance for that patient. Reporter the success rate in Clinical Trials was more than 80 . Novartis isnt the only Company Working in this new tech. The same week the drug was approved, biotech giant gilead spent 13 billion to acquire another medicine for blood cancer that could come later this year. Other Companies Including celgene are also working to adapt immune salcells into canc hunters. Its a market that could reach 5 to 10 billion at its peak. The cost will continue to come into question. I think its easier to swallow a price tag like this when youre talking about a kid who has 70 years more life available to them if they are cured. Reporter caitlins treatment was paid for by novartis because she was in its clinical trial. But the rest of her care has been costly. Our insurance has been billed e 10 million for caitlins treatment from day one to current. Reporter doctors say were still in the early days of this new way to treat cancer. The question will continue to be asked. How do you put a price on life . For nightly Business Report, to read more about caitlins story and the business behind this in you way of treating cancer, head to nbr. Com. Pretty amazing story, bill, right . We are in the beginning stages of golden age for medical technology that uses immunotherapy and our own immune system. I couldnt agree more. Thats nightly Business Report for tonight. Im sue herera. Thanks for joining us. Im bill griffeth. Have a good evening, every this is bbc world news america. Funding of this presentation is made possible by the Freeman Foundation and kovler foundation, pursuing solutions for americas neglected needs. Planning a vacation escape that is relaxing, inviting, and exciting is a lot easier than you think. You can find it here, in aruba. Families, couples, and friends can all find their escape on the island with warm sunny days, co