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State Of Emergency

Podcast: Play in new window | Download (Duration: 13:15 — 7.6MB)

DOW + 72 = 21,963
SPX + 6 = 2476
NAS + 14 = 6362
RUT + 2 = 1427
10 Y – .04 = 2.25%
OIL – .94 = 49.23
GOLD – .60 = 1269.20
BITCOIN + 0.29% = 2743.61 USD
ETHEREUM – 0.87% = 225.04

Another record session for the Dow; that’s 5 in a row. It’s the 31st record high for the Dow in 2017. Between the scandals, the international gaffes, the disturbing handshakes, and a White House that has more turnover than a red-light district Airbnb, keeping up with the news is a full-time job. And through it all, Wall Street has shown an amazing ability to focus on other stuff.

With two thirds of S&P 500 companies having reported their second-quarter earnings, 72 percent have beaten Wall Street’s expectations. In a typical quarter about 64% of companies beat expectations. The S&P 500 is trading at about 18 times earnings estimates for the next 12 months, above its 10-year average of 14 times.

After the closing bell, Apple (AAPL) reported earnings and revenue topped Wall Street estimates. Apple jumped about 5% in after-hours trade. Apple also issued strong revenue guidance for its fourth fiscal quarter, suggesting strong sales growth year-over-year.

The strong guidance also hinted at the launch of a redesigned iPhone in September, which is expected to sell briskly. Although CEO Tim Cook had warned that iPhone sales might see a “pause” ahead of the expected September launch of the new iPhone, iPhone unit sales were in line with Wall Street expectations and in line with last year’s performance.

Apple posted earnings of $1.67 per share, up 17% year-over-year, vs expectations of $1.57. Third quarter revenue came in at $45.4 billion, up 7% year-over-year, vs expectations of $44.9 billion. Gross margin: 38.5%, up 1% year-over-year, vs expectations of 38.2%. Apple sold 14% more iPads than it did a year ago.

The Institute for Supply Management (ISM) said its index of national factory activity fell to 56.3 last month from 57.8 in June, which was the highest level since August 2014. A reading above 50 in the ISM index indicates an expansion in manufacturing, which accounts for about 12 percent of the U.S. economy.

The annualized pace of U.S. car and light truck sales in July fell to 16.7 million vehicles, down from 17.8 million vehicles a year earlier, according to Autodata Corp. Carmakers continued to trim low-margin sales to daily rental fleets in July as the overall pace of U.S. car and light truck sales fell for the fifth straight month

Automakers have used low-margin sales to rental fleets to avoid factory shutdowns. With more flexible labor agreements, the Detroit automakers have shifted course. They are quicker to idle factories to reduce supply, and they are demanding higher prices.