Brent Crude oil hit $50 a barrel overnight. It was just 2 weeks ago that the price was threatening to go under $40 a barrel. Oil has gained more than 20% over that time. There's continued optimism that OPEC will cap production at its meeting next month. Uber has been very successful at disruption the on-demand ride business but it will have to start turning some very large profits to justify the $68 billion valuation given to it by investors. An New York University Professor ran available numbers on the San Francisco based company and came up with a value of just $30 billion. U.S. Olympic swimmer Jimmy Feigen has reached an agreement with officials in Rio De Janeiro to make an $11,000 donation to a Brazilian charity in an effort to resolve a dispute over a claim of robbery, according to media report. Brazilian authorities accused Feigen, Ryan Lochte, Gunnar Bentz and Jack Conger of making up a story about a robbery to cover up their acts of drunken vandalism.
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How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.