Closing Bell: LIVE MARKETS BLOG

 | Jan 09, 2018 | 4:08 PM EST
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Closing Bell

Markets were able to close the day at record highs Tuesday as the stock market continues its record run into 2018.

The Dow Jones Industrial Average, which was the lone average to falter in trading Monday, rose 0.41%, or 103 points, to 25,385. The Nasdaq rose 0.09%, or 6 points, to 7,163.58 and the S7P 500 rose 0.13%, or 3.6%, to 2,751.29.

AMD Security Patch Causes Trouble for Some Computers, Sends Stock Falling

Advanced Micro Devices (AMD) was down more than 3% on heavy volume Tuesday after Microsoft (MSFT) said that some of the AMD-powered computers that received a recent security patch were not running correctly. 

Just last week AMD said that there was a "near zero risk" that its chips were vulnerable to attacking methods. Microsoft said that it would "temporarily pause" sending updates to some devices running AMD processors. 


Kodak Jumps 70% After Joining Crypto-Craze

Eastman Kodak (KODK) shares jumped more than 50% Tuesday afternoon after the camera-maker announced that it was launching an ICO for its KODAKCoin cryptocurrency. 

The currency will help finance the company's KODAKOne platform which will help photographers license their work. 

"Utilizing blockchain technology, the KODAKOne platform will create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform," Kodak said in a statement Tuesday. 


Boeing Was the World's Top Airplane Maker in 2017

For the sixth year in a row, Boeing (BA) was the world's most active producer and deliverer of airplanes in 2017, delivering 763 jets last year. That number is up from the 748 jets that were delivered the previous year. The company's previous record was 762, which was set in 2015.

Rival Airbus EADSY is scheduled to release its numbers next week, and analysts are expecting it to finish just north of 700 jets delivered. 


Discovery Communications to Move HQ to New York

Discovery Communications (DISCA) is moving from its HQ in suburban Washington DC to New York, according to a memo from CEO David Zaslav that was reported on by WTOP

Discovery had been located in Silver Spring, MD since 2003, but the company will leave its HQ in 2019, according to the memo. State and country representatives had been in talks with Discovery to keep the company's operations in the state, according to WTOP. 

"The County and State made a substantial proposal designed to accommodate Discovery's challenges. Together, we were ready to provide considerable incentives to retain their presence in the County," Montgomery County Executive Isiah Leggett said. "I know this was a tough decision for Discovery. I respect the contributions Discovery has made over the last 15 years to Silver Spring and Montgomery County. We will miss them."


American Credit Card Debt Hit a New High in November

The U.S. Federal Reserve said that American credit card debt rose by $11.2 billion in November to $1.023 trillion, a new record high. 

The new record just nudges past the old record of $1.021 trillion in debt which was set in April 2008 as the great recession was just getting underway. 

Over the past year, revolving credit has increased 5.7%, or $55.1 billion, according to the Fed, while non-revolving credit, such as auto and student loans, roase by $16.8 billion to $2.8 trillion in November. 


Midday

Markets were showing strength Tuesday, continuing a hot start in 2018.

The Dow Jones Industrial Average was leading the way higher Tuesday after being the lone average to decline in trading Monday. The Dow rose 0.42%, or 106 points, to 25,389 while the S&P 500 climbed 0.3%, or 8 points to 2,755 and the Nasdaq gained 0.12%, or 8.6 points, to 7,166.


Zillow's Hottest Housing Markets

San Jose, CA and Raleigh, NC top the list of Zillow (Z)  hottest housing markets for 2018.

Home values in San Jose have risen 17.4% over the past year, topping Zillow's list. The median home value in San Jose is $1.13 million and is expected to grow by 8.9% this year, according to Zillow.

San Jose's housing strength is buoyed by a strong jobs market. Glassdoor estimates that San Jose has 0.36 job opening per person, the highest rate among large U.S. metropolitan areas. The median household income is $110,040.

Raleigh and Charlotte, NC were ranked second and fourth on the list, as the state continues to be a housing destination.

"Both areas boast strong income and population growth, as fast-growing Research Triangle anchor Raleigh becomes better known for innovations outside its life sciences base and Bank of America headquarters Charlotte builds on its reputation as a financial center," Zillow said.


Bets Against Dying Mall Debt Haven't Paid Off

Short sellers looking to get ahead of market trends have been betting against the debt owed by retail property owners have been left holding the bag, according to a Wall Street Journal analysis. 

The wagers against commercial mortgage-backed securities have been concentrated in a little-known credit default swap index known as the CMBX 6. 

Some of the beleaguered landlords have refinanced their debt or found new tenants to take over abandoned spaces. The overall delinquency rate for CMBS loans since the financial crisis is 0.52%, while the delinquency rate for the CMBX 6 constituency is 0.96%. 

"It is higher, but a delinquency rate of less than 1% is not devastating," Steve Kuritz, managing director at Kroll Bond Rating Agency, told WSJ.


Samsung Reports Disappointing Q4 Results

Samsung Electronics (SSNLF) reported operating income 15.1 trillion won ($14.2 billion) in the most recent quarter, missing analysts' consensus estimates by 1 trillion won as currency headwinds and employee bonuses outweighed supply orders from Apple (AAPL) for its new iPhone X. 

Samsung's own smartphone operation also showed weakness as the company increased spending to boost sales of its line of smartphones. Samsung shares dropped more than 3% in trading in South Korea. The stock is down 12% since it hit a new record in November. 

Samsung earned 66 trillion won in the quarter, 1.6 trillion won short of expectations. 


Opening Bell

The three major U.S. indices were all rising in early market trading Tuesday, looking to build momentum from the mixed day of trading Monday. 

The Dow Jones Industrial Average, the lone index to close in the red Monday, was leading the way higher, climbing 0.25%, or 63 points, to 25,346. The S&P 500 was rising 0.2%, or 5.16 points, to 2,752.58 and the Nasdaq gained 0.04%, or 2.7 points, to 7,160.43. 


Jamie Dimon Softens His Stance on Crypto

JPMorgan (JPM) CEO Jamie Dimon backtracked from his earlier stance on bitcoin and cryptocurrencies in an interview with Maria Bartiromo on Fox Business Tuesday. 

"The blockchain is real. You can have crypto yen and dollars and stuff like that," Dimon told Fox Business in an interview with network's Maria Maria Bartiromo at the JPMorgan Health Care Conference in San Francisco. "I don't like the politics of people insulting each other at all, from anyone ever, it makes me kind of angry."

Dimon had previously called bitcoin a "fraud" and said that investors "stupid enough to buy it" would "pay the price for it one day."

Bitcoin prices were down 3.4% to $14,463.57 Tuesday morning after hitting a 24 hour-low below $14,000. 


Jeff Bezos Is the Richest Person in History

Bloomberg's billionaire tracker has Amazon (AMZN) CEO Jeff Bezos listed as the world's richest person with a net worth of $105.1 billion. Bezos' net worth also makes him the richest person in history, according to the tracker, surpassing the record previously held by Microsoft (MSFT) founder Bill Gates.

Bezos' net worth is mostly tied to the nearly 80 million shares of Amazon he owns. The stock rose 1.4% Monday, adding about $1.4 billion to his net worth, according to CNN. Amazon shares were up 0.6% in premarket trading Tuesday. 

Meanwhile, Gates' net worth rests at a paltry $93.3 billion.


Premarket 

Dow Jones, Nasdaq and S&P 500 stock futures contracts were all rising ahead of the market open as Wall Street looks to build on a mixed day of trading to start the week. 

Dow futures were leading the way higher, rising 19%, or 49 points, after being the lone index to close yesterday's trading in negative territory. 

Nasdaq futures were climbing 12% and S&P futures were rising 0.06%. 

World markets were also showing strength in Asia and Europe. All of the major indices were in the green with the Nikkei in Japan closing the day up 0.57% and the CAC 40 in France leading the way in Europe with about four hours left in trading. 

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