CNBC Business News Update - Market Close: Fresh Record Highs For Dow and S&P 500, Apple Jumps On Upgrade, SiriusXM Gets A Buffett Boost

Episode Date: October 14, 2024

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. The records keep on coming on Wall Street. The Monday session closed with yet another set of record highs for both the Dow and S&P 500, and the Nasdaq is now just eight-tenths of a percent away from its most recent record close, set on July 10th. The Dow jumped 201 points to close at 43,065. The S&P 500 gained eight-tenths of a percent or 45 points. The Nasdaq added 160 points or nine-tenths of one percent. Some investors have expressed concern about treasury yields holding near the four percent level. But Hightower Advisors chief investment strategist Stephanie

Link says that's not high on her list of worries. At the end of the day, we're growing at two and a half, three percent in the economy. We should share that. And so rates could easily stay at this 4% level. I think we can handle it because we do have a lot of stimulus in the system. The consumer is still really strong. Manufacturing, we're seeing a renaissance there. I don't like higher rates, but I can deal with it if the reason that we're seeing higher rates is because we're seeing better growth. Today's record-breaking trading took place on a day when the bond market was closed due to the Columbus Day holiday. Apple was one of the biggest gainers in the Dow today, up 1.7 percent after Evercore added the stock to its tactical outperform list. The firm says investors are overestimating the risk of a weaker smartphone market in China. Satellite radio operator SiriusXM surged nearly 8%,

following news that Warren Buffett's Berkshire Hathaway increased its stake in the company. And online personal finance firm SoFi jumped more than 11% after it struck a $2 billion deal with Fortress Investment Group to grow its loan platform business. Peter Schach now, CNBC. The vote. It's as American as apple pie. It's iconic. You got the flag up now. Peter Schach now, CNBC.