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A bigger blast off? What one strategist sees taking bitcoin ‘into the stratosphere’

“The digital currency bitcoin hit its latest in a series of records on Friday, as it extended an all-time high that has taken it up more than 500% this year alone” writes Markets Reporter for marketwatch.com. He didn’t define what price would qualify as being outside Earth’s atmosphere; bitcoin BTCUSD, +0.90%  hit a record above $6,000 on Friday.But what would it take for bitcoin to really rise?. But certainly many bitcoin enthusiasts already see it building on its massive gains. Source: marketwatch.com Share This:

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Stocks at record highs as Congress inches closer to tax cuts

“Investors are keeping a close eye on developments in D.C. in anticipation of tax cuts for large and small businesses, as well as individual earners” writes Matthew Rocco for foxbusiness.com. Stocks continued their ascent Friday, capping the week at new all-time highs, as lawmakers took a critical step toward cutting taxes.However, stocks don’t necessarily reflect the belief that tax reform is coming, according to Jamie Cox, managing partner at Harris Financial Group.The blue-chip index has booked 52 record closes since the start of the year, extending its third-longest bull market…

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Tax reform adds more fuel to financials’ rally

“The budget, passed late Thursday evening, paves the way for tax reform, which is seen as essential for this bull market to stay alive” reports foxbusiness.com. The S&P 500 has experienced its second longest bull market, climbing over 278% from its bear market low of 676.53 hit on March 9, 2009.During their earnings discussion, Goldman Sachs (GS) executives said their clients felt that tax reform would be a “good thing.” President Donald Trump has proposed a 15 percentage point change to the corporate tax rate, which would reduce it from…

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Gains by banks, technology firms lead US stocks higher

“KEEPING SCORE: The Standard & Poor’s 500 index rose 11 points, or 0.5 percent, to 2,573 as of 3:10 p.m” reports foxbusiness.com. Technology companies and banks led U.S. stocks higher in late-afternoon trading Friday, placing the market on course to extend its gains for the week.TAX CUT NEXT?: The passing of a $4 trillion budget resolution in the Senate stoked hopes on Wall Street that President Donald Trump’s tax reform package will be enacted.Higher bond yields allow banks to charge higher interest rates on mortgages and other loans.They also drew…

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GE shareholder: Cut the burdensome dividend now while you have the ‘political capital’

“De Gan was commenting on recent market speculation that GE may reduce its dividend and use the cash to help turn the company around” writes Matthew J for cnbc.com. And the stock would be dead money for while. [But] this is when he should do it, if he’s going to do it.”. The new chairman and CEO of General Electric is never going to have more “political capital” to cut the dividend than now, longtime GE shareholder Jack De Gan told CNBC on Friday after a huge earnings miss slammed…

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Tencent-backed gaming and shopping company Sea stumbles in US IPO

“Shares of Singapore-based online gaming and e-commerce company Sea stumbled in the company’s U.S. stock market debut Friday” writes Brendan Mcdermid for cnbc.com. Shares priced at $15 apiece, above the expected range of $12 to $14, in the $884 million IPO. Shares opened at $16.25 on the NYSE but fell below $15 within the first hour of trading.The company trades under the ticker symbol “SE.” The Tencent-backed company also boosted the original offer size of 49.69 million shares by 18.7 percent in response to strong demand. “We built a very…

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Apple’s recent weakness is just the ‘pause that refreshes,’ says one technical analyst

“Apple’s 200-day moving average comes in around $146, about 8 percent below where the stock is trading” writes unknown author for cnbc.com. It’s rolling over and trading below its 50-day moving average,” Larry McDonald, editor of The Bear Traps Report, said Thursday on CNBC’s “Trading Nation.”. You saw a stock that consolidated sideways, broke its 50-day moving average, found support for a while right around the uptrend support line,” he said. Source: cnbc.com Share This:

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Skechers stock zooms 37% as earnings show company ‘is not the one-trick pony it once was’

“Shares of athletic shoe maker Skechers Inc. zoomed more than 37% Friday, after the company blew past earnings estimates for the third quarter, prompting a round of stock price target increases from analysts and at least one upgrade” writes Ciara Linnane for marketwatch.com. In the second quarter, the stock slid more than 4% after earnings fell short of estimates.First-quarter earnings topped estimates, but shares still fell as analysts fretted about flat growth in the U.S. and pressure on margins.Susquehanna analysts reiterated a positive rating on the stock, the equivalent of…

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‘It’s cool again to invest’: Americans are giddy about stocks as Dow tops 23,000

“Consider these stats: 63 percent of Americans believe the stock market will be higher a year from now” reports washingtonpost.com. If they missed only the five best market days, their portfolio would fall to just under $400,000.The U.S. stock market is soaring, as President Trump likes to point out on Twitter.Fifty-two percent of Americans have at least some money in stocks, according to data released in September from the Federal Reserve.Some worry that stock market euphoria is gripping the country. Source: washingtonpost.com Share This:

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