End of the trading session. Equities arising for a second consecutive day. He ftse up all these currencies in the second column are falling against the dollar. All these bond deals are rising. Lets get on to some of the individual corporate stories today. Company, french drugmaker, shares down by two thirds of 1 . It is apparently considering a ounter bid, challenging a move by Johnson Johnson to buy the fund. Actelios to acquire mnn are increasing pressure. Sanofi if they are interested in acquiring, j j raised their bid. Actelion is europes biggest billion. Ompany at 27 the dutch lender agreeing to sell its private lending assets to asia and the middle east to liechtensteinbased lgt. They want to focus on their european operations. The unit manages about 20 billion in singapore, hong kong, and dubai, representing about assetsabn amros globally. The Company Expects a substantial but gain on the sale. Jps also considered bids for the units, which could be more than 300 million based on the valuation of other deals with people of the knowledge of the matter said in october. Lets go back to the macro side of things. German factory orders surging in october, suggesting growth in europes biggest economy will accelerate through the end of the year. All there is adjusted for seasonal swings and inflation. They sell a revised 4. 3 . The increase was the biggest ands july 2014. Since july 2014. What it does is that it provides evidence that europes biggest economy is gathering pace after the slowdown in the third quarter. Business sentiment held at the highest level in more than two years in november. Unemployment at a record low as well. The Nation Central Bank is predicting growth will accelerate considerably in the final three months of the year. 90 minutes into the trading day in the u. S. , lets go over to Abigail Doolittle for the latest. Abigail not a lot of action for u. S. Stocks. We have the dow, the s p 500, the nasdaq all trading basically unchanged. He dow ever down slightly could this does put us on record watch, especially for the dow. Perhaps we will see the dow carveout yet another record closing high. As for what is really working today, helping the index, we are looking at apple, amazon, and verizon. Apple is trading higher after the ceo tim cook said in an email, according to reuters, the data suggesting that the iwatch is doing great and is a very popular gift for the holidays. Amazon is rebounding once again from last weeks big slide. Amazon finished down all five days last week, but is trading higher. We have shares trading higher on the news that the company has sold its centers to equal its for 3. 6 billion as verizon will focus more on mobile video advertising. Today,what is dragging Chipotle Mexican Grill plunging down. We is after the ceo said are not satisfied with the rate of recovery. Customer service has declined and is slowing. Chipotle are down from the peak of august 2015. A lot of fallout from the e. Coli issue the company had. If we go to the bloomberg and look at g btv 2206, and those blue bars, we have the quarterly revenue change and in white we have the stock price. Investors were not very quick to pick up on issues. Revenue has been declining here and the stock unti continued higher, but revenue has gone into the negative toward for territory. Chipotle will really have to get revenues to churn around if the stocks can start moving higher. Julie theyll try many things like a burrito loyalty program. To talk about headline generated by president elect donald trump who said the latest air force one order should be canceled. In particular, he named belling specifically, which is developing that. Ofsaid that the high cost converting the jumbo jet for potential use. The plane is out of control. It is going to be over 4 billion for the air force one program. I think its ridiculous. I think boeing is doing a little bit of a number. We want belling to make a lot of money, but not that much money. Julie there was a Conference Call to discuss this tweet and these comments. On a call withke reporters saying that the tweet shows and his comments obviously show he is focused on keeping costs down. Spicer said people are frustrated with the government price tax. He did say that trump sold all his boeing stock in june. In 2013, he tweeted about buying some of that stock. Spicer saying that trump sold although shares in june. Mark matteo renzi is not the only one rattled by the italian election. Mario draghi also has to figure how to deal with the defeat of renzi and the resignation of the nations prime minister. Ecb couple of days, the will be to evaluate its qe program to determine the right economic path for the eu. Here are some perspective from david islands. Is it a given that we will see an extension from the program . David i think we will, but the issue is how long and by how much. There are some who think it will extend out to nine months and continue with 80 billion euros a month. That will take a long route beyond the german elections. In the last couple of days, spreads have remained sort of compressed. We have had a situation where things are blown out, but i think we would do 80 billion for nine months. This is where mario draghi will be trying to push away from the monthly number to the minutiae and these other measures that he can implement when looking at the longterm. What are those measures . David the market has to get around the view that they will be tapering. 2018,ill not be until which is at the earliest. The other thing that is important to notice is that as of march, you will have bonds falling out the euro system balance sheet, which they have been buying beyond paper. When he gets a march 2017, you will have these bonds rolling off. They will have to reinvest the portfolio and they will keep rising at 80 billion a month and not any less than that. Other things around the edges . Probably not. They will have to change some things to the program to allow Central Banks to blow the rate and increase the limit our way up to 77 for measures at 50 . Julie here in the u. S. At the end of quantitative easing, we had this whole debate about its effectiveness. It is pretty much still continuing to this day. Over in europe, if you do have all these various risk factors that we have been talking so much about, the elections coming up next year, etc. , is that going to limit qes effectiveness in europe if it will continue through 2017 . David if you have a situation where spreads are not widening out because of the risk in the markets are not pricing and more, where you going to break it up as a potential threat . The ecb would have to step up even further. The policies are generally working. The eurozone economy would be weaker. The problem is that its not working fast enough. The ecb needs help. They need help from politicians, particular you on the fiscal side in countries like germany and the netherlands. France needmes like structural reforms. They also have to clean out the italian Banking Sector and start doing more struck for reforms as well. That is obviously now one difficult, but this all has to happen over the next few years c. The ecbs policies are broadly working, but its very slow. The eurozone is recovering and moving in the right direction. The problem they have is that inflation is not picking up. On some measures, it has actually rolled over slightly. That will concern them, which is why they need to continue what they need to do. Julie i want to move to the u. K. For a moment. In the wake of the vote to exit the eu, we have seen relatively benign market reaction. Do you think there is still a Recession Risk and the u. K. Given how the various possibilities for help brexit could be handled . David the high risk now is just after we triggered article 50. That is also linked to the of various elections next year more generally in europe. We are going to trigger article 50 probably in march still. We will have the squeeze coming through in the Exchange Rate was. The big squeeze coming in the u. K. Will be seen in the first 69 months of next year. That is the type of Recession Risk could the u. K. Has more momentum than we were thinking going into the referendum. This is all encouraging news. Brands it doesnt apply ultimately gdp being wealth brexit does imply ultimately gdp being well. For the moment, the u. K. Is doing ok. Next year, those discussions will be very difficult. Black andhe middle of white or gray . There are so many shades of gray. David many shades of gray. Ultimately we have to agree on this. We have to decide which sectors are important because ultimately some sectors we will want to keep and other sectors will be of less importance. Mark david, one of our most stories on bloomberg today is the pessimist guide to 2017. It paints a gloomy scenario. En wins, the fivestar movement wins, theresa may goodbye, Angela Merkel goodbye, greece blows up. If all that were to happen, could europe economically forget politically could it withstand the shocks . David thats a very good question. Theres a lot political landmines going for next year. Have also gone through a number this year already. Merkel will be sitting and thinking ive lost a lot. They lost renzi now and also the Political Uncertainty i will happen in the u. S. Going forward as well. Her position isnt guaranteed. Its a real issue. At the end of the day, the ecb will still be working there backs off. I think the eurozone needs to see much weaker Exchange Rate. In some ways, thats a good thing. Next year is going to be really, really interesting. Mark as if the year wasnt. David allen, chief european economist at jefferies. Julie lets check in on the bloomberg first word news now. Emma chandra has more from the newsroom. Emma a unanimous u. S. Supreme court says that sharing corporate secrets with friends or relatives is illegal, even if the inside of providing the tips doesnt receive anything of value in return. It is a victory for prosecutors seeking to curb corruption on wall street. Convictionupheld the of an illinois man found guilty of making investments based on information he received from a member of his extended family. The head of the European Finance ministers wants to see a different approach to brexit by the uk. Netherlands spoke to the reporters today in brussels. It can be smooth and it can , but it requires a different attitude, i think, from the british government. The things ive been hearing so far are incompatible with being smooth and orderly. Emma theresa may faces a revolt from her own party with concerns over brexit. Some want her plans for leaving the European Union. Angela merkel is making a pitch to critics of her liberal immigration policies merkel says that she will protect the country from future waves of refugees. She is also called for the band of fullface veils for muslim women. Party formally endorsed her bid for the fourth term as chancellor. President elect donald trump is back on the road for his second stop in his thank you to her. He heads to north carolina, home of the army fort bragg. The president elect will use the valley to introduce his choice for defense secretary, retired marine general james mattis. Global news 24 hours a day powered by more than 2600 journalists and analysts and more than 120 countries. Im emma chandra. This is bloomberg. Mark we are going to continue our coverage of germanys convention next. We are going to essen in germany. This is bloomberg. Mark will from london, i am mark barton, counting you down to the european close, just about 12 minutes away. Julie from bloomberg World Headquarters in new york, im julie hyman. Mark german chancellor Angela Merkel was reelected as the german democratic christian taylo chairwoman. In germanyn estimate today at the cdu today national convention. She told delegates that britain would not be led to cherry pick in its brexit negotiations with the eu. Matt miller is at the convention where he caught up with david who emphasized that the u. K. Would have to find another solution if it cannot accept Single Market principles. The United Kingdom would like to stay a member of the Single Market for at least or at least have access to the Single Market and they can. One thing is clear could the have to follow our rules and regulations. You can only be a member of the Single Market if you accept all for fundamental markets of the Single Market. That includes not only the Free Movement of services, goods, capital, and also the Free Movement of people. That is a key principle of the Single Market. Mark matt joins us from essen. Angela merkel will continue as the cdu leader. Her support was the lowest of her chancellorship. It is a bittersweet result, isnt . It . Matt its not a great result for her to get less than 90 for the First Time Since she has been a sitting chancellor, at a time when she is absolutely no appointments. Its a very poor result. On the other hand, she really is plank out to the right and try to appease members of her party who were angered by her decision to let some of the refugees and how that decision has played out over the last two years. She herself said that the world is a more uncertain place and a less safe place than it was before the immigration and a wave of immigration should never be allowed to happen again. She is trying to outflank the right. The question is will she be able to challenge what comes to the left. Germany is a much stronger challenge. What did she promised today when she gave that 80 minute speech earlier . Matt there were a number of things that she promised. She definitely rolled back her opendoor immigration policy. She also went on record as saying that she doesnt think that muslim women should be allowed to wear a fullface veil, which has been a policy of the cdu previously. She is not gone that far. She wants immigrants who come to the country to do more that some and think need to take even integration courses here. That was one of the things that she talked about. See also talked about the Corporate Tax dodgers that germans have long seen as a problem, going other places to do business. That greatbviously story about the eu telling the irish had to deal with their tax policy. The germans are really concerned that they are losing a lot of money in that sense. The cdu is also very concerned about a balanced budget. They had one for three years in a row and one of their pledges is to keep that, a sort of typical cdu party concerned. Interesting when you have negative Interest Rates that you are that worried about a balanced budget. Julie to come back to the immigration issue, is the sort of a preview of what we will see for the next six months now . Will merkel, a little bit more to the right , a little bit more to the right and are there any indications that that strategy might work for her . That are still nine or 10 months really until the election, but i think youre right. I think this is a preview of what we are going to see. And this country at least, the rightwing populist party, the doesnt have the kind of momentum that the fivestar movement has in italy or Marine Le Pen has in france or donald trump had in the u. S. This country still has a history that is painful, for which a lot of germans feel responsible. You do not have quite as strong presence on the right. Arever, when you do, they very sensitive to it. The concern, i think for the cdu , christian democrats here, is really the left, the socialists, the former communists from east germany, and the green could put together a redredgreen coalition and take power from the current coalition. That is what they need to fight against. Usie matt miller coming to from essen, germany. We miss you, matt. Nice to see your face and hear your voice on bloomberg television. We just got a response from bowling on Donald Trumps comments. Ony say they want to work the best plan for the u. S. President. Trump had said he was questioning the cost of the plane and named boeing specifically. Shares have been falling this morning. They are down half of 1 . We will bring you an update throughout the morning. We will also be speaking to a reporter who covers the company. This is bloomberg. Julie live from london and new york, im julie hyman. Mark i mark barton and this is the european close on bloomberg markets. Roughly four minutes until the end of the session and here is where things stand right now. Stocks are up and rising for the second consecutive day. Theres the stocks europe 600 up. We are at the highest levels since october 24. Have a look at what is happening in the currency markets. I will leave you with that boards. Four minutes until the end of , and if you session didnt know, this is bloomberg. Generosity is its own form of power. You can handle being a mom for half an hour. Im in all the way. Is that understood . I dont know what shes up to, but its not good. Cant the world be my noodles and butter . Get your mind out of the gutter. Mornings are for coffee and contemplation. That was a really profound observation. You got a mean case of the detox blues. Dont start a war you know youre going to lose. Finally you can now find all of netflix in the same place as all your other entertainment. On xfinity x1. Mark from london and new york, i am mark barton with julie hyman. Stocks finish seeing finishing the session up. I shall come to utilities in just the second. 4 forghest since october 2016 we are down by 6 . Too late to change the rally in european sick uncle shares, that is the view cyclical shares, that is the view of deutsche bank. The sharpest bounce since 2010. , aing to equity bullishness weekly index compiled by citigroup showing a number of anna just analyst estimates to upgrades exceeded downgrades for the First Time Since 2011. Lets talk about the best performing Industry Group in europe, it is the utilities. These are the big players in germany. They are both surging. This chart is back to 2011 and it will all make sense in just an hour. E. On having its biggest gain since february. Entitled to Power Production rights. S said in a landmark ruling that the 2011 law that arose from the nations shift away to Atomic Energy failed to tackle compensation for companies that were committed to nuclear Power Production. It wouldiously said seek about a billion euros in compensation. You can see how much the shares have been hammered since 2011 after germany went green. Euros to six euros. No shares are rising. Post italy show you referendum, the volatility. This is one week implied follow euroyen. Latility for implied volatility expectations and the Exchange Rate have come down. We are even near the levels we saw in june post brexit, and you have the euroyen spot rate that is the blue line, the euro rising against the yen. We did see a pickup in volatility likely sell the day after brexit in june. Finishing up with one of my charts of the day, it is a lovely chart. Oilhows saudi arabia;s share index. About to break its correlation with global stocks for the first time in almost nine years. Gauge has jumped almost 26 this quarter as of monday. ,ou compare that to the msci this is what it is correlated against, it has fallen by 1 . Hence the correlation has broken down for the First Time Since 2008. Saudi arabia this quarter has sold its first dollar bonds and opec members agreed to cut supply for the first time in eight years. What a wonderful chart, julie. If i was doing botc today that is what i would be doing. Julie all of those people investing in saudi arabia. Lets check on u. S. Markets. Stocks are moving sideways,. Little change for the major averages after we got at or near record yesterday. That is a pattern we have been following. Oil is one of the things that is limiting gains. 2 de is down by nearly because in november opec had record production, even as they signed the Production Cut deal. The dollar up about 2 10 of 1 . The 10 year yield in a very tight range, unchanged at the moment. 2. 39 as u. S. Bond investors , areglobal investors waiting for ecb action or commentary later in the week. Lets check in on the bloomberg first word news. Emma European Union governments are ready to issue an ultimatum to the british prime minister. Toy will tell her she needs seal a deal for the trade hike after brexit. If not she will do that on a transitional phase. All of this according to three officials that are familiar. Nato Foreign Ministers meet in brussels for the First Time Since the u. S. Election. They will try to reassure each other that Donald Trumps policy shift will not weaken europe against russia. He said the u. S. May not defend its pledge uphold its pledge to defend all american allies. Talks have been set on the status of rebel fighters in aleppo. The two countries are close to a deal to allow rebels to leave the city. Russia warns that rebels who do not leave will be treated as terrorists. Shinzo abe will not apologize when he makes his historic visit to pearl harbor this month. A spokesperson says the purpose of his visit is to pay his respect to the dead. He will be the first japanese leader to go to the site of his countrys attack that led the u. S. Into world war ii. Global news 24 hours a day, powered by our 2600 journalists and analysts in more than 120 countries. I am emma chandra. This is bloomberg. Julie now i want to give you more details on the boeing response to donald trump. He said the order for air force one should be canceled. Says, we look forward to working with the u. S. Air force on subsequent phases of the program allowing us to deliver the best plan for the president at the best value for the american taxpayer. We are currently under contract for 170 million to determine that it abilities of this aircraft thatry serves the unique requirements of the president of the united states. We will hear more and a few moments, digging into the cost of air force one. Economy,g to the u. S. Novembers low unemployment novembers low employment on employment numbers our next guest says the fed will stick to its current script. Joining me is neil dutta. Thank you for coming in. That unemployment figure does not seem to be changing the market view that we will get that raise in december and perhaps two next year. You think that is pretty much what we can indeed expect . Neil i think that is what we should expect. The question is whether the markets will continue to expect it. This is a very unusual situation because the market and fed are going into 2017 on top of each other. Earlier this year Stanley Fischer said floor hikes would be in the ball pike ballpark for 2016. We have gotten very accustomed to the fed bending to the market and not the market actually pushing the fed in the direction of more rate hikes rather than less. I think looking at the set up for the first half of next year, i think it is a possibility. There is a good chance that the market actually thinks they be the fed is behind the curve and it will have to be reinforcing its views for fewer rate hikes than the market mandates. Julie do you think the fed is behind the curve . We have the Economic Data at our disposal, and you have a big wildcard in what the Incoming Administration will be doing. Neil i do not think the fed is behind the curve or it would be much steeper and the long and would be much higher than it is at the moment. I think the fed has to take the world as it is. The markets have speculated on potential actions that we do not know about and potential policies that we do not know the details around. The fed does not have the luxury. They have to take the world as it is and then they will adjust the forecast. Until that happens they have to stick to their script. What are your models telling you . This rally is built on thin air. What are your models telling us about this big reflation that investors seem to be buying into . What sort of impact isnt it likely to have on the u. S. Economy . Is it likely to have on the u. S. Economy . Neil i think the election gave investors an excuse to jump on board the socalled reflation trade. The lows in Commodity Prices were established well before the election. If you look at transportation stocks relative to the market, they have been outperforming long before the election. A lot of the things we are talking about with respect to the economy, the falling Unemployment Rate and rising wage growth, these are things that have been in place for a long time. Basically that is the way i see it. I think people had been on the sidelines. They are using the election basically as a crutch to play the reflation story. , my sense is that that is not even returning headline inflation over the next year. Remember that the term premia on bonds is still quite low. , at what on bonds juncture does the rise in yields become selfdefeating . At what juncture, or we already there, is the dollar helpful to the fed in that it stops it from raising policy as much as it could . Neil we get that question a lot , at what point in the treasury yields does it impact the market. When earnings stop falling. Clearly the fact that bond yields have backed up almost 50 basis points in a matter of weeks and the stock market is tells you the projected path of earnings has gone up substantially. I think earnings are rising. The talk about recession early in the year, that is over. Earnings are accelerating and that is a function of corporations exhibiting more pricing power, and basically the drag from the dollar. Even though the dollar has come up, it is basically flat yearoveryear. People think the dollar is a headwind but in the real world all else is not equal. I think nominal growth expectations are accelerating and that is good for corporate profits. Julie obviously you are pretty optimistic on it comes to the u. S. Economy. What is the biggest risk in your mind to this scenario . Neil the biggest risk is the larger the stimulus is, the bigger the risk to the economy is. I say this because we are talking about a big infrastructure stimulus plan coming out of washington at a time when jobs in the Construction Industry are going begging. They are having a difficult time funding finding workers so we could talk about the crowding out effect. In, ahe government coming maypole resources away from industries that need them right now. I think less in terms of stimulus. The government should be focusing on investments, things that boost the capacity, not things that boost aggregate demand in the short run. You, neil dutta of Renaissance Macro research. Boeingup, the latest on as president elect trump says the latest air force one order should be canceled for ridiculous costs. Mark live from london and new york, i am mark barton. Julie i am julie hyman. This is the european close. President elect donald trump says the newest air force one order should be canceled. He spoke this morning at trump tower in new york. the plan is completely out of control. It is going to be over 4 billion and i think it is ridiculous. I think boeing is doing a little bit of a number. We want them to make a lot of money but not that much. Julie boeing has responded saying, we look forward to working with the u. S. Air force on subsequent phases of the program, allowing us to deliver the best plane to the president for the best value to the american taxpayer. Rick plus who covers boeing is with us. Give us a little bit of the background. There obviously is an air force one in existence, and what is the status of the order for the next one . Rick the existing air force one planes are nearing the end of their 30 year life span so it is time to get a couple of new ones. Boeing has already signed a deal to bid the new build the new ones. They are under a 170 Million Contract right now but the budget is quite a bit larger than that. Were in the process of doing the r d necessary to build these things. They need to be flying fortresses but also comfortable for the president and his family, and able to accommodate all the needs that he might have. There really is a lot that goes into that. Julie is there any sort of wiggle room on cost for things like that . Rick there may be, but not a lot. The most recent edge it figures budget 3. 2 billion figures put it at 3. 2 billion. Cost 229 themselves million. There is so much more that goes into that including the r d for all of the technology that these things need, and so the cost really does get pushed up. That 4 billion number is plausible. Mark it is not the first time that he has tweeted about boeing. I think it was back in february. Rick he mentioned a factory they are building in china. Companies like boeing have a Global Manufacturing base. A company like that is going to have factories in china. Trump has mentioned them and another of other companies. He has taken a direct role in some of their operations. Mark what about trumps relationship when it comes to Stock Ownership of boeing . Did he owns shares and does he still . Rick he did own shares but his that say he sold all of stock in june so he does not currently have a stake in the company. Julie what about the timeline for this new air force one . Is it something that would even be completed in the first trump term . Heard,he last number i or year i heard was 2023. It is still a ways out and it really is a lot of r d that goes into this. It takes some time to build a proper plane for the president. Julie and how important is this plane to boeings profits . For example, percentage of revenue. Rick boeing is quite a Large Company and this is not necessarily material for them, especially considering that the number, 4 billion or whatever it may be be stretched out over a number of years. The existing contract is 170 million, a drop in the bucket for a company like boeing. It is one of those issues that is very visible even if it is not necessarily big for the bottom line. Mark there is no suggestion here that he is going to not use air force one . And thehink to 9 11 president running the country from the sky in the wake of a terrorist incident, there is no suggestion, is there, that air force one will not be used . Rick that is not clear. His aides say that the details will come after he has been sworn into office. There is not an obvious alternative here. He has got his own plane but it is not capable of accommodating all of the needs a president might have. If you look after 9 11, president bush stayed airborne for hours while getting everything sorted out. Be able toy needs to accommodate a lot of different types of scenarios. Ough, think you so much. From we are going to hear luke analysts, this is bloomberg. Mark live from london and new york, i am mark barton. Julie i am julie hyman. This is the european close on bloomberg markets. Elk luke analysts says lis says market are looking for what is next. Earlier this year he did not anticipate the events that transpired. Interview he addressed some of his misjudgments. I think i probably wouldve had the wrong positions at the beginning of the year if you have given me those three things. I have to recognize that markets are looking for what is next and looking forward quite aggressively at this point. I wonder what that means to put together strategies for next year given that that has been the lesson for 2016. Or moves in the markets perhaps the most surprising surprising thing, the fact that the market held up even after the brexit referendum. What does that mean for 2017 . Got twothink you have big effects. A lot of people have forgotten due tog effects moves market. It has been a while since we have had significant fx moves. If you look at the u. K. Equity. Arket, that is all about fx we are sitting here today and in the state of guessing about what trump is going to do. There is a lot of talk on the campaign and different talk over the course of fixing the cabinet. It will be january when we get a sense of what his real initial ideas are that he is focusing on. You will not really know what happens to the market until we have some sense of an agenda. Sitting here today, i think the best estimate is that the last five or six years has been characterized by a complete consensus between governments and Central Banks within countries and across the globe. Everybody basically has been following the same playbook. The mixture of first brexit, trump, italy, certainly some of the other moves in europe suggests we might see a situation where the consensus breaks down. That will be good for some markets and bad for other markets. We might get a breakdown in the high correlations we have had, and we might get it quite interest a quite interesting active management. Julie that was an exclusive interview with man group ceo luke ellis. Mark lets remind everybody where European Equity markets fell today. The second day of consecutive games. Deutsche bank says it is too late to chase the rally in european cyclical shares given extreme readings on a number of metrics. Interesting move in the utility space. Rwe and e. On rallied after germanys top court ruled they are entitled to compensation for Power Production rights. Countrysdue to the decision to exit nuclear energy. It is noon in new york. Welcome to bloomberg markets. I am david gura. Avi from bloombergs World Headquarters in new york, here is what we are watching. Stocks flirting with alltime highs ahead of the ecb meeting and oil slipping from a 16 month high. Latestoss out with his boeing under pressure from the president elect as he says the governments air force one order should be canceled. Abigail doolittle is joining us. Abigail not a lot of action for u. S. Not a lot of action for u. S. Stocks. The three major averages are largely unchanged, trading very close to even. We do have these indexes very close to record highs, especially the dow so we are on record watch. We will see if the dow can eat out another record high. Dow