Jeopardy but the dows ongoing record of record closes might even make him take notice. Today made seven in a row and the blue chip index finished better than expected earnings. Financials continue to report strong result, a sign that theyve been able to manage all of the global uncertainty. And microsoft helped lift the blue chip index rising more than 5 after it reported a solid quarter, which we told you about last night. Here are the closing numbers. The Dow Jones Industrial average rose 36 to 18,595, a record. Nasdaq helped by microsoft added 53. And the s p 500 was up 9. Late today, two more dow components topped wall street earnings expectations. American express and intel. Lets start with American Express. Expenses declined sharply at the Financial Services firm but revenue fell slightly as well. The Company Earned 2. 10 a share, 15 cents better than estimates. Revenue growth, which has been a big focus, was slightly below what wall street was looking for and lower from a year ago. As for the stock, shares rose. Kayla tausche takes a look at the results. Reporter the big beat American Express posted was largely due to a onetime gain coming from the sale of its costco portfolio that happened in the quarter. Theres roughly a 1 billion gain that brought consolidated expenses down 15 and operating expenses down by 31 . The company said its spending will remain elevated for the second half of the year but investors will placated by the fact that the Company Still said not only would they affirm guidance but they are on track for 2016 to post earnings at the high end of the range. That was music to investors ears for a company in the middle of the turnaround. Im Kayla Tausche in new york. And now to intel which saw its profit drop but revenue rise as the company booked a big charge related to cost, cuts and restructuring. Expectations were for 53 cents. Revenue was about in line with estimates and up more than 2 from a year ago and the chief Financial Officer stacy smith says the second half of the year looks strong. We have insight into what we think some of the big cloud customers are going to buy. We have new products coming in to the data center that we think will give them some capabilities that they will buy a richer group of products for us. Particularly in the cloud, as we go into the back half of the year, we can give us more than seas growth in q3 and q4. Underpinning the recent rally in stocks is a series of upside surprises ranging from the economy to earnings. So what was wall street expecting would happen this summer . And what is actually happening . Steve liesman takes a look. Reporter on wall street, the old adage sell in may has given way to buy, buy, buy in july. Many on the street or many at the beach are caught by surprise. There may be Something Real here. That is summer time surprises from the economy to earnings to the federal reserve. Exhibit one, the u. S. Economic index, swung from around minus 24 to the end of june to positive 25 now which indicates the Economic Data is surprising to the upside. The better than expected jobs report and housing data and Consumer Spending has powered the index to a 50point swing. It doesnt tell you whether the market will go higher. It suggests that the stock has to catch up with better data. Weve had several false warnings in years past and in this year, too. Some have been because of external shocks but when you have weak Economic Data give way to these stronger reports, these positive surprises have reinforced confidence in markets. The economic surprises have helped a lot. Exhibit 2, the market seems cheered by the 50 of Companies Beating estimates and beating revenue. Both are above the longrun average. Its only 14 of the s p 500 but notable marquise beats, including ibm, Goldman Sachs and Morgan Stanley along with better guidance for Earnings Growth later in the year. To be sure the blended earnings stroke is up 3. 8 year over year earnings declined. A backdrop has been a surprised decline. A tenyear yield is down 20 basis points in the wake of the brexit vote. That comes along with a rethink of the fed. Markets now judge no chance of a rate hike next week and little chance in september. But continued improvement in the economy does represent a risk to the rally as it might bring the fed back in to play. Something the market seems to have mostly priced out. Now, one criticism of summer rallies doesnt apply here. The volumes are about normal. If wall street is at the beach, they seem to be trading from there. For nightly business report, im steve liesman. Lets turn now to Michael Jones to talk about what it may mean for you and your money. Hes chairman and chief Investment Officer at riverfront investment group. Michael, welcome. Are stocks too expensive, which is not to say they cant get even more so . We dont really think so. On our price matters model, stocks are about 5 to 10 above their longterm average valuation. Thats a Little Pricey but by no means alarming. To put it in context, before the 2008 crash, stocks were 25 to 35 overvalued and in 2009, stocks got 100 over value. They are a Little Pricey but nothing historically thats caused problems for higher prices. But you are watching a couple things that may be external shocks, like a political shock. We saw volatility come in with brexit and youre pointing out the italian Bank Situation . Thats absolutely right. I think the fundamentals underneath the market both in the u. S. And, frankly, in europe, very solid growth. Growth is a good 2, 2. 5 . You mentioned probably the most risky one. Italys banks are going to need a bailout. Thats unquestionable. By the end of the month, theres going to be a stress test that many are likely to fail and we need to know how the Italian Government is going to bail these banks out. The germans are calling for a package that will impose losses on bond holders, which are mom and pop retailer. That would be incredibly politically unpopular and another shakeup in the eu that i think wed rather not see. In the wake of brexit, we think calmer voices are coming to the fore and we think the package wont be as strong on italy as brexit. Do you like what you have seen so far in terms of corporate . Very much so. The u. S. Economy turned a corner in the first quarter. When we transitioned from losing a lot of jobs in the oil patch and getting some of the benefits of lower oil prices. The Second Quarter weve seen a noted acceleration. Youre seeing that acceleration in earnings. I think a lot of analysts got too cautious when the may nonfarm payroll disappointed. They took do earnings too much. Were reaping the benefits of better growth than people thought. You say investors should be basically slightly long risk assets. Can you elaborate on that for us . Sure. If youre a typical investor who fails comfortable with a 40 60 bond mix, this is about the time to be at that average time. Theres a couple of big political things sitting out there as a risk. We mentioned the italian bank bailout. Theres a big policy meeting coming from the bank of japan and these have opportunities to send the market much higher or be big disappointments. We want to be kind of neutral going in to these difficult to predict political events and then react once we know what the politicians have decided to do. Very quickly, you didnt mention the u. S. Conventions, the u. S. Election at all as one of the factors here . You know, i dont i do believe that this has been another bad week for the Trump Campaign and i think the markets are starting to settle in to the notion that it will be a Hillary Clinton presidency. A democratic in the white house, a republicancontrolled congress. The market knows what to expect. Thats not much. And predictable politicians are happy markets. Got to leave it there. Michael jones, riverfront investment group. Still ahead, up in the air, which candidate will get the Small Business vote . The answer is anybody the department of justice is filing a lawsuit to seize more than 1 billion in assets. One of the largest seizures in u. S. History. Those assets were stolen from an Investment Fund created by the malaysian government known as 1mdb used to purchase real estate and workings of art and finance the movie the wolf of wall street. From 2009 through 2015, these officials and their associates conspired to launder billions of dollars. They laundered their stolen funds through a complex web of opaque transactions and fraudulent Shell Companies with Bank Accounts in countries around the world. The fund in question is over seen by malaysias prime minister. Hes not named directly in the filings but a person referred to as malaysian official one received millions in those siphoned funds. And now to cleveland in day three of the Republican National convention where the Trump Campaign made an entrance. Mr. Trump himself arriving back in that city via his helicopter and greeted by his Vice President ial pick mike pence. Mr. Pence addresses the convention tonight. John harwood is there covering it all for us. What can we expect from the indiana governor . Reporter first of all, its his debut on the national stage. A very important day for him. Hes going to try to knit together the conservative wing of the republican party, especially religious conservatives. Thats the part of the party he comes out of with donald trump. Party unity is a key function for him. Hes not a highwatted speaker. Hes not going to be like Rudy Giuliani or Chris Christie last night in how he fires up the crowd, i dont think. But this is a chance for him to show steadiness and calm. Hes very even tempered guy from all accounts weve heard from his colleagues and somebody who may run for president himself. Big night for him. Rival ted cruz also speaks tonight. Do we expect him to endorse mr. Trump . Reporter thats the big question mark, tyler. Not clear one way or the other. I talked to his texas colleague kevin brady, chairman of the house, ways and Means Committee and he said he doesnt think its necessary that he endorses. Simply by ted cruz speaking here, thats a rally around trump but its going to be interesting whether he says those words. And, of course, for ted cruz, he wants to run for president in 2020, huge audience for him tonight. Absolutely. There was activity not only inside the Convention Center but outside as well. There were some protesters. What do you know about that, john . Reporter well, it wasnt a huge thing, sue. This convention has been very well run by local law enforcement. We havent had any problems getting in or out of the arena and the demonstrations have generally been under control but we did have some individuals trying to burn an American Flag today. Police stepped in quickly. There was scuffling, minor injuries by a couple of officers and a couple arrests but nothing serious, nothing of the kind that we all feared would happen so far at least when we began this week. John, well let you go. Youre a busy guy. John harwood in cleveland. The Small Business vote this november may still be up for grabs. A new report shows a large percentage are still undecided. Kate rogers is following the story for us. What did the poll find . Reporter the poll found that the Small Business vote is up for grabs. 35 of Small Business owners say they are undecided about who they are planning to vote for in november, a little over three months away. 37 say they are backing donald trump. 28 say they are voting for Hillary Clinton. This is from manta, a Small Business networking platform. One of the things that the Business Owners who support trump say is that hes a successful businessman and that draws their vote towards him. Onethird is a very big chunk of undecided. Of those undecided, do they say they are going to vote because th are those who are unhappy with both candidates who say they are going to sit this election out. Reporter thats so true. 86 said they plan to head to the polls. It seems like a big opportunity for one of these candidates to step up and become the Small Business president. Its not a monolith in any sense but what do they want to hear . Trump, they havent laid nd out formal plans to help Small Businesses. Hillary has some information. Donald hasnt touched on it more than just mentioning Small Businesses on the campaign trail. They want issues. Government and health care is huge. Hillary clinton talks about cutting red tape at every level of government. What does that mean . They want details on how that will help and what regulations shes referring to. Donald trump says hes going to repeal Health Care Day one but what does that mean . I think health care is an enormous issue for Small Businesses not only in this campaign but other campaigns as well. I assume that will be a pivot point in terms of where they decide to place that vote. Obviously Hillary Clinton and donald trump have extremely different opinions on that. Hillary supports obamacare and wants to see it strengthen and would like to put cost protections in place. That could help Small Businesses. Trump, once we see what his plan might be and if theres an employer mandate he says end obamacare on day one. But with what . Yeah. Small detail there, right . Kate rogers from the Small Business beat for us, thanks. To read more about how Small Business owners might fair in this election, who they might go for, head to our website, nbr. Com. Morgan stanley ends earninging season for the big banks on a high note. The banks saw revenue and profit fall in the latest quarter but still better than expected thanks to an uptick in bond trading revenue. Costcutting efforts contributed to the earnings. The growth was spoken about in several divisions. If you look at the core businesses that are supposed to do well, they are doing great. Equities, number one franchise in the world. Investment banking, ipo market, m a, et cetera, they are really solid. The acquisition we did with smith barney and creating a business that has 2 trillion assets and is 15 billion of revenue, thats a phenomenal gem that is going to keep growing. Shares were up 59 cents to 28. 78. Halliburton says less activity impacted revenue for the quarter but the ceo says the rebound in drilling may be close. The oil Services Provider also said it took a more than 3 billion charge related to its failed merger account with baker hughes. Shares of halliburton were up more than 1 to 41. 28. Currency head winds hit tupperware. The household name stocks fell. Despite the higher than expected results, the company cut its forecast for the year. The shares of tupperware rose more than 7. 5 to 62. 55. Canadian Pacific Railway says lower shipping volumes and impact from the wildfires in alberta, canada, dragged down revenue. The results missed analyst expectations. Profits took a hit. Nevertheless, shares were up 5 to 150. 61 as management forecasted stronger comedy shipments in the second half of the year. Strong demand for barbie dolls helped mattel beat expectations. Earlier this year, the toy maker add variety of body types and skin tones, a move that has resonated with buyers. The Company Reported a narrower than expected loss. Shares of mattel initially rose following the results in extended hours while finishing the regular season at 32. 83. And eechbay surpassed analy estimates. The company launching a 2. 5 billion Share Buyback program and that sent shares higher in the extended session after ending the day at 26. 99. A startup that sold razors is now being acquired by a Consumer Products giant. Unilever is buying Dollar Shave Club as a way to further slice into the male grooming market. As Courtney Reagan reports, the deal opens up a new front in unilevers battle with its arrivals. Reporte 1 a month just paid out 1 billion. Thats what unilever will pay for the startup Dollar Shave Club. Men razor blades are shipped between 1 and 9 a month and now cleansers and sanitary wipes. It introduced itself with an explanatory video showing the founder taking direct hits at competitors and their razors and it became a viral hit. Do you like spending 20 a month on brandname razors . 19 go to roger federer. Im going to pass. Reporter competitors like gillette and schick added bells and whistles to their razors. The Dollar Shave Club goes the other way, Winning Consumer with price and convenience. P g is the Market Leader with the gillette. The market share has fallen 20 to less than 60 last year. Schick is a distant two. Dollar shave club only has 5 of the market and is not yet profitable but has a lot of data on its 3. 2 million members which is very valuable to unilever. Have you been approached by unilever, procter gamble, anyone interested in buying your company . If i had been, i wouldnt say so on this stage. Reporter david packman first invested in Dollar Shave Club after seeing the video saying that investment paid off tenfold today. Unilever will be operating with more corporate muscle available. Congratulations Dollar Shave Club, you have the resources of unilever to propel you but were not going to tell you what to do. Reporter and the founder will probably more efficiently scale the business. Im Courtney Reagan for nightly busine coming up, why a countr halfway around the world is having an impact on the most american of industri and heres a look at what is to watch for tomorrow on the earnings dow component visa and travelers report their quarterly results. On the economy, existing home sales for june and initial jobless claims will be released and the European Central bank needs to decide on interest rates. Officials are expected to leave policy unchanged but signal fresh stimulus in the months ahead. And thats wha for on thursday. Hollywood studios relying more on international revenue, including from china. Now that country may become a much bigger source of ticket sales and may be reshaping the movie industry as we know it. Julia boorstin has our story. Reporter Warner Brothers tarzan crossed 195 million in the 2 1 2 weeks in theaters. Now the film could have a second life in china where it opens this week. Thanks to a change in chinese regulation. Until now, china has blocked hollywood films during part of the summer to boost its local movies but it is relaxing those rules for the first time after a slow Second Quarter at the box office allowing in foreign films during what was known as a protection period. So far, hollywood bottom lines are getting a boost. Paramount teenage mutant Ninja Turtles grossed 57 million in the country. And after tarzan, the secret life of pets will be released on august 2nd in what used to be the quiet period. I think the big picture is chinas push to get deeper into entertainment is really connecting china and hollywood in a way that would never seen before. In my mind, this is something that the Chinese Government will move closer to accepting the kind of things that hollywood does. Reporter now that china is loosening its rules, the growth rate could accelerate and has the potential to not only exceed the north American Box Office next year but to be double that of the north American Box Office by 2025. Chinas increasingly interested in teaming up with hollywood with a group buying legendary known for the Jurassic World franchises. Wanda is reportedly interested in buying viacom paramount and become a growing force in hollywood decision making. Its clear that the studios are thinking about this when they are making editing decisions on their movies and putting elements in movies that would appeal to chinese consumers. And i think theres also some thought to editing movies in such a way that they will get past chinese sensors. And even though they bring home a smaller percentage from china than those sold here in the united states, china is still an increasingly important part of hollywoods bottom line. For nightly business report, im Julia Boorstin in los angeles. And before we go, heres another look at the day on wall street which saw the dow close for a record in the second straight session. The nasdaq added 53 and the s p 500 was up 9. Well see if they do it for eight, right . Eight in a row. That will do it for nightly business report. Im s herera. Thanks for joining us. And thanks from me as well. Im tyler mathisen. Have a great evening, everyone. Stay cool. Well see. This is bbc world news america. Funding of this presentation is made possible by the freeman foundation. Newmans own foundation, giving all profits from newmans own to charity and pursuing the common good. 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