CNBC Business News Update - Market Close: Stocks Higher, Dow Closes Above 44,000 For First Time, Bitcoin At Record $87,000 11/11/24

Episode Date: November 11, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. Wall Street opens Tuesday morning after the major averages all finished in the green. The Dow jumping 300 points. It closed above 44,000 for the first time ever. The Dow up 304 points, more than a half percent. The S&P 500 index up five points, closing at 6,001. The Nasdaq was up 11 points. Right now we're in, you know, everything is possible. And what's happening right now is the transition is the time when the glorious hype of a campaign starts to meet the grim reality of governing. And so the real question is what happens over the next 70 days to prioritize all the things that have been discussed.

And I think that's going to have very substantial effects on the market. Lazard CEO Peter Orszag on CNBC. It was a good day for two big Detroit carmakers. GM is riding a seven-day winning streak. Ford coming off its fifth positive day in six. Bitcoin hit a fresh record high of $87,000 Monday as crypto traders bask in the Trump election victory. Donald Trump, remember, promised that all future Bitcoin will be mined in the U.S. and pledged to rapidly build out the country's energy production and transmission infrastructure, which is a great

thing for those power-hungry miners. This is one of multiple commitments made by the president-elect to the crypto industry on the campaign trail, along with vowing to fire SEC Chair Gary Gensler and to launch a national crypto stockpile. CNBC's Mackenzie Sigalos. Gold going the other way. It's going down, coming off its worst week since last May and since the election. On Monday, it was down another 2.5%. $2,622 an ounce. CNBC's Sarah Eisen spoke with one of the biggest names in mining, Wheaton's Randy Smallwood. Are there any policies that you're looking for

under a new administration on the regulatory front that would impact you? Well, I think the resounding message through the entire election process was tariffs. And tariffs, you know, the only group that ultimately pays for tariffs in the end is consumers. It just drives costs up. And that equates to inflation from my eyes. And so I do think that a strong response on the tariff side, if we do see strong tariffs put in, that's going to, you know, provide even better strength for the price of gold. Wheaton's Randy Smallwood on CNBC. Americans who are renting their homes may soon see increases again as people still can't afford to buy anything

so they're stuck renting. The apartment vacancy rate fell in the third quarter of this year for the first time in more than two years. That according to a new report from CBRE. Average monthly rents in the quarter rose 0.3% year over year, and that increase is expected to accelerate. This, of course, due to higher mortgage rates making home buying more expensive and thereby pushing both rental demand and rental retention. As occupancy rises, rents will continue to rise as well. CNBC's Diana Olick. Universal's Wicked set to hit theaters a week from Friday. Retailers are all about pink

and green in stores to pump up demand for movie tickets. Target and Walmart are selling collaborations from clothing and accessories to home decor and toys. Movie marketing partners include Lego and Mattel along with Starbucks. On Tuesday's watch list, earnings are coming from Home Depot, AstraZeneca, Kava, Shopify, Hertz, and FanDuel parent company Flutter. We get the latest on how small business owners are feeling about the economy. Disney-owned ABC's Dancing with the Stars will mark its 500th episode. Jessica Ettinger, CNBC. Don't miss CNBC Pro's Best Deal of the Year.

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