Fighting the Islamic State has left most of northern and western iraq in ruins and notetakers ready to pay for the rebuilding efforts. Baghdad says at least 100 nationwide,eeded but local leaders and muscle say that is needed to repair their city alone. Iraq hopes saudi arabia, iran, and other gulf countries will step up. The u. S. Has told the rocket will not pay for a massive reconstruction drive. Global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. I am nabila ahmed. This is bloomberg. Julie live from bloombergs World Headquarters in new york, i am julie hyman. Joe i am joe weisenthal. Scarlet fu and julia chatterley are off today. Julie stocks are higher this afternoon. The dollar touched its lowest level this month. Joe the question is, whatd you miss . Julie who is afraid of amazon . Apparently everyone. We have a chart that shows you what happened attack sector in 2017. Sticking with tech, uber are looking to sell a sizable s
Im sue herera. Cvs is a major player in the Nations Health care system and drug supply chain. Its also on the front lines of the epidemic. Tonight that company is taking steps to try and curb abuse of the drugs by limiting the duration and dose of some prescriptions. Cvs reach is wide. Through its caremark unit, the company manages medications for nearly 90 million people. Thats about 28 of the u. S. Population. Meg terrell has more now on cvs new rules for opioid painkillers. Reporter cvs health said today its taking new actions to try to curb misuse of prescription opioids. If we do limit exposure to these medications, well have fewer people who become addicted to them. And the fewer people who become addicted, theyll lead better lives. Well relieve human suffering and the number of deaths that occur. Reporter cvs says it will limit use of o to seven days. For chronic pain, cvs says it will put caps on the daily dose. They say its consistent with guidelines set last year by the cente
Board almost in ascending order the nasdaq gaining the most as we continue to see a comeback in technology shares. Have seen strength in small caps consistently over the past month. The larger cap averages dont quite retain those levels. A chart of the small caps and one interpretation of them. Jim paulsen wrote in a report caps perform especially well when traders and investors expect inflation to accelerate. This is the ratio to the s p 500. When it is rising small caps are outperforming. We are looking at a marketbased inflation gauge. One measure of perceived inflation. Essentially we have seen a bounce in the blue line at the same time we have seen small caps outperforming larger caps. Speaking of inflation as well we are taking a look at the bond market this morning. We have quite a notable measure in the twoyear yield. 1. 4 7 this behind it has been since 2008 on the heels of Janet Yellens speech yesterday in which she seemed to indicate the fed is going to continue with Interes
Cutting the top earner rate to 35 and are leaving it to congress whether to provide create a higher bracket. Our bloomberg reporter has been for a while and is on capitol hill. They get got a uniform frame hold. Is this possible . Sahil it is not clear that it is possible right now. Right now this plan is a lot of sugar and not a lot of spinach. Of course people want to lower their rates and add additional benefits like lowering the standard deduction, but we are talking about multiple trillions of dollars. It would be a huge hit to the treasury if they passed it as is without eliminating loopholes and carveouts they say they will. I do not see how they can do it mathematically. Shery any details at all on how they plan to effect those rate cuts . Sahil they are talking about eliminating itemized reductions rather than mortgage and charitable giving. Implies the elimination of the state and local tax level. That is going to run into some headwinds among republicans. It is mostly blue s
Pouring in. Abigail the bulls are out today. We are looking at yet another record high, the dow on pace for a record closing high. Excuse, the s p 500 me, the s p 500 higher but not as much as the dow. Is talkingwhat shery about, they think it is about earnings from a macro perspective. Investors are looking for 1. 7 investment growth yearoveryear. Lus, tax reform hope the one risk to the rally we are seeing this year as if something does not get done by the end of the year. One sector certainly helping today, the financials. Take a look at the s p 500 banks index, up 1. 5 . It is generally acknowledged that these Companies Put up strong thirdquarter earnings. Today we have a rally in yields, the 10 year yield up about four basis points. That tells us haven bonds are selling off. On the year, it is pretty interesting what is happening with the 10 year yield. We see the 10 year yield is out of a range that it had been stuck in below 2. 3 , now trading higher perhaps back toward the high