Prognosticators who said the trump win would send stocks down hard have been off the mark. Today, the Dow Jones Industrial average rocketed to a record close. But not everyone participated. Well have more on that in just a moment. The dow rose 218 points to 18,807, a record. The nasdaq lost 42. And the s p 500 rose four. Bob pisani has more on the rally. Reporter what a week of trading. We went from rallying on monday, going into the election, to down 800 points the night of the election, to soaring to record heights just today. Whats going on . Theres a new trading mentality on wall street right now. Lets call it the reflation trade. Buy into sectors that will benefit from less regulation and more fiscal stimulus, that means spending. Bank stocks like jpmorgan and Goldman Stacks all hit new highs today. On the other side, the downside, Interest Rate sensitive groups like telecom, real estate, and utilities are being hit on concerns of higher Interest Rates. Big Tech Companies like app
Your commute weather. More clouds tomorrow with winds on the increase especially by afternoon where gusts to reach 40 or more. Locally higher in the mountains. Work has been going on since april out here. But work has been halted for the time being. We drove by the construction site today. And there was some staff out here. But the grading work largely appears to be done. Preparing the site for building the massive billiondollar electric car factory. The company said in a statement to the Associated Press that it is slowing down work to essentially focus on getting a production car built in time for ces in january. The state treasurer. Who has been skeptical of the dollar tax incentive and infrastructure deal passed 11 months ago. Says its a sign the company has run out of money. But North Las Vegas Officials Say thats not true. dan schwartz r state treasurer i think this is just an example, he didnt pay his construction bills, hes going to put this car out at ces, i dont know if its g
Has opened hearings that could lead to the impeachment of the irs leader. They will look at targeting of conservative groups. Latimer putin is promising that russia will take steps to retain strategic parity. Rizals new finance minister brazils new finance minister promises to reform the countrys pension system. Brazil is in its worst recession since the 1930s. Im mark crumpton. Bloomberg west is next. Brad im brad stone and for emily chang. This is bloomberg west. Coming up, apple drops a billion dollar, investing in one of ubers rivals. What this means for apples Current Mission and its relationship with the Chinese Government. And hypersonic pods a step closer to becoming reality . We have the details. Tesla shifts reduction into production into ludicrous mode as ceo elon musk promises to deliver half a million cars by 2018. Can he get there . We will discuss. But first to our lead apple dropping 1 billion on ubers rival in china and its a big deal for several reasons. This is one o
Finance minister thomas is to reform the countrys pension system. Brazil is in its worst recession since the 1930s. Im mark crumpton. Bloomberg west is next. Brad im brad stone and for emily chang. This is bloomberg west. Coming up, apple drops a billion dollar, investing in one of ubers rivals. What this means for apples Current Mission and its relationship with the Chinese Government. Pods a stepic closer to becoming reality . We have the details. Tesla shifts reduction into ludicrous mode as ceo elon musk promises to deliver half a million cars by 2018. Can he get there . We will discuss. But first to our lead apple dropping 1 billion on ubers rival in china and its a big deal for several reasons. This is one of apples biggest deals ever, second only to its acquisition of beats in 2014. It also came in just teed of president of the company met tim cook only about a month ago. And it could be a public show of goodwill to the Chinese Government. We will discuss what edge this didi in
Crime. Bernie sanders has endorsed Hillary Clinton for president. The two former rivals appeared together in New Hampshire today. Theresa may has less than two days to build a team to rescue the u. K. From its worst little political crisis in more than a decade. She replaces David Cameron as Prime Minister tomorrow. China is calling a landmark ruling on the South China Sea null and void. The hague has ruled china has no rights to the resources within its borders. China claims territorial rights two more they can 80 of the South China Sea. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. Im mark crumpton. Emily im emily chang and this is bloomberg west. Coming up amazon prime day a , couple of hiccups right back memories of last years online reviews. Did the ecommerce giant deliver on the muchheight global sales bonanza . Plus google underwater . Linking organ to japan. It is not the only major cloud player looking to the seabed f