S p 500, bill, up twothirds of 1 for the session, i do believe. 1732. Thats going to be a fresh closing high. That will be a new all time high for the s p. Big blue weighing down the dow, though. Bob pisani, back to business on wall street. Earnings back to center stage where it belongs. Absolutely. This is our comfort zone, folks. Not washington politics. Lets take a look. Bills right. New high. By the way, closing high, too. 1725. 52 is the old closing high on the s p. And we did it again. By the way, though, historic highs on the russell 2,000. Talking closing highs. And the s p 400 mid cap. Broad rally. This is why the market is so strong. Look at the sectors today. You had a day where ibm was weighing down the tech sector. Techs put up the sectors here. To the downside, technology. You get other sectors moving forward. The story throughout the year. Techs, big sector. Second big, financial. Financials were strong today. Even smaller groups like materials. So they fell in the middl
And well talk about that, whether the markets weary of chair yellen. Also, were expecting perfection. Anyway, when the bell rings in about an hour, thats when the action here might really heat up. At 4 00 p. M. , a new crucial rounds of Bank Stress Test results are due out. Well have that vital report on which banks made the grade and which did not, if any. And the financials have been very strong today, as they were yesterday. 18 of the s p 500. Jpmorgan is up like 6 this week. So expectations, if you want to put it this way, are pretty high. Well find out more in about an hour. Plus, nike reporting earnings. Keep it here for the numbers on that one and what it means for consumers. Of course, tomorrow morning well shift our focus to tiffany. Thats still some time away. A busy hour next hour. Thatll be fun. Plus, googles larry page says if he had to give away his billions, he would rather give all that money to elon musk than any charity. Now, before you judge him, wait until you hear
S p 500 also at a new ale time high of 1781, up 14. 25 points. The dow and s p closing at alltime highs. Bob, this meltup keeps happening. Dow jones industrial average, we were weak throughout the morning. Frankly going into european close around noon it started lifting. Not a lot of big macro news out there but Janet Yellens testimony tomorrow creating considerable question. May be more dovish than some anticipated. We dont have that testimony yet, but that was a source of a lot of speculation today. A lot of groups that have beaten up, moved to the upside. Good news on the fundamentals on retailers, macys had a terrific day. 3. 5 same comp sales moves. Nordstrom reporting tomorrow. Walmart also reporting as well as kohls tomorrow. Internet stock, high beta names moved up but emerging markets down again. Seven, eight, nine days in a row they are been to the downside. Many down double dijs over the last two weeks. A rare ipo disappointment. Its been a great ipo run. Not today for chegg
Then well keep our eye on europe as well, the mix of red and green, a little more green than red on this friday morning. The road map begins with the potential new record for the s p, starting from fresh highs we reached yesterday, strong results from Morgan Stanley and ge will help power things along. Google is also set to open at record highs after it reported Strong Quarter live results. Chinas economy rebounding to the tune of 7. 8 growth for the worlds second largest economy. And shares of chi polt up sharply on a jump in traffic. I could have told you that one from the lines i see. The s p is poised to open at new alltime highs. Morgan stanley chairman and Ceo James Gorman will be a guest on squawk on the street in the 11 00al eastern hour. Lets start with ge. A margin story that has been promised all year long, 120 basis points. I think that was terrific. On top of the 50 basis points in the second quarter. Things are getting better, industrial margin guides i think is very doab
Billion in new revenue, new taxes. If you do that by closing loopholes or other ways around. Now, to come to numbers like that, you think it would be more difficult to pull the democrats or more difficult to pull the republicans . A lot of those cuts could be doing things like cutting tax breaks for businesses, and other special interests that are out there. And that is something that i believe plenty of people in the tea party and others might sign on to. I think it would be more difficult to get republicans to come on to that bargain because they have a bright line on taxes. Democrats, as i mentioned a but if youre talking about cutting loopholes and cutting tax breaks that certain people are getting, we have Grover Norquist joining us today. He might not say that what is raising taxes. I expect he would say that is raising taxes. Look, the president said in our interview two weeks ago that tax rates are a thing of the past. Raising tax rates are a thing of the past. That what he wan