indonesia. in fact human rights activ t activists were are detained in china where they were trying to you had a it the faudit the fac. wall street s optimism has not translated in to economic growth. s&p and dow look at this, record high closes on friday even as turmoil in washington stalls the trump economic agenda. here is what is driving stocks. corporate profits. corporate profits are keeping the bulls running. a number of big name companies report this week including netflix, american express, microsoft. expectations are high. last season s profit growth was the best in years. investors are also banking on a fed that is more cautious about future rate hikes. cautious because of low on inflation and slow consumer spending. consumer spending makes up the majority of economic growth and americans seem to be cutting back. retail spending dropped in june for the second month in a row, consumer confidence fell to the lowest since the election which
call him. very interesting absolutely. and we should mention this is made in america week. for some companies. not some in trump companies. because what we have seen, many of their products are not made in america. made in america week, the theme in washington. thank you so much, eugene scott. skok mtock market is at rec highs. the s&p 500, dow look at that, both hitting fresh record highs on friday. even as turmoil in washington swirls around the trump economic agen agenda, corporate profits are keeping the bulls running. stock markets reflect what is happening to companies and companies are making a bhoet load of money. we ll hear from netflix, gold
his role in ed wood and for playing a master of disguise in the original 1960s mission impossible tv series. landau was 89. let s get a check on cnn money stream this monday morning. global stock markets are mixed after china s economic growth beat expectations and wall street hit fresh record highs. the s&p 500 and dow on friday closing the week at records. corporate profits are keeping the bulls running. companies are making a lot of money and that is driving the stock market. we ll hear from more companies this week including netflix, goldman sachs, microsoft, and hopes are high here last season s profit growth was the best in years. visa is offering restaurants $10,000. the catch? they have to stop accepting cash. it s called the visa cashless challenge. visa wants to convince small businesses to stop accepting cash forcing customers to on pay with credit cards. the incentive is clear here.
aren t just causing a political fire storm. they re also triggering a wild ride of american stocks. the dow fell, boom, 150 points. it was a knee jerk reaction because it came right back recovering all the losses by the closing bell. that s because overall wall street ignores the turmoil in washington and has been. now corporate profits are keeping the bulls running. companies are making a lot of money and that s what drives stock market performance. second quarter earnings kick off this week starting with a few big name banks on friday and expectations for this quarter are high. last seasons profit grew at the fastest pace in years. analysts predict this quarter they ll rise at least 6%. also an eye on the fed chair, she heads to capitol hill for her twice a year testimony.
$50,000 donation to the committee to protect journalists. gianforte faces up to six months in jail and a fine of up to $500. all right, tech stocks have kept wall street s bulls running, but a recent plunge is fueling concerns a collapse is overdue. five of the biggest names fell about 4% on friday, big tumble for apple, facebook, amazon, microsoft and alphabet, parent company of google. an analyst noted their high values parallel to the tech bubble of the early 2000s. for example, amazon and alphabet recently hit $1,000 a share and the five stocks have added $600 billion to the market this year, which is another concern. just like tech leaders in 2000, these companies have an oversized impact on the overall stock market, accounting for more than a third of the gains of the s&p 500 this year. however, today s tech stocks have a few advantages over companies back in 2000 prices are cheaper, they have a lot more cash. in fact, apple alone holds about