Will Dow Jones Breach 25,000 Today?
The Dow Jones Industrial Average closed at 24,782.29 yesterday and investors are betting that the blue-chip index might go over the top and hit the 25,000 milestone. However, the Dow still need to gain roughly 218 points to reach the breakthrough.
The index has been hovering close to 25,000 for the past trading sessions and like the S&P 500 and the Nasdaq Composite, it has gained 20% to 30% so far in 2017. All three hit a record high this week.
Tax Bill is a Windfall to Silicon Valley
The U.S. tax overhaul is coming in as a windfall to Silicon Valley technology companies like Alphabet Inc. (GOOGL) and Apple Inc. (AAPL). Both companies will enjoy big tax cuts and the window to bring back billions of dollars from overseas at a reduced rate.
Also, a great number of Bay Area workers and their families stand to get a tax break as well, even with new limits on state and local tax deductions. Since California has the highest state income tax in the U.S., Governor Jerry Brown called the new tax bill “evil in the extreme.”
Still, many in Silicon Valley stand to benefit including freelancers, startup employees, and venture capital investors. Tax experts said they will get new tax benefits or keep those they already have.
Bitcoin Loses One-Third of its Value
In a sudden reversal of fortune, the biggest and best-known cryptocurrency lost one-third of its value of Friday. The bitcoin price plunged below $13,000 in just five days after a blistering ascent to a peak close to $20,000 last Sunday.
Bitcoin had seen an amazing increase since the start of 2017, climbing from less than $1,000 to as high as $19,666 on the Luxembourg-based Bitstamp exchange on Sunday and to over $20,000 on other exchanges. However, the price has fallen each day since then, with losses accelerating on Friday. It fell to as low as $12,560 on Bitstamp. It’s bitcoin’s worst performance since April 2013.
Supersonic Travel Making a Comeback
The demise of the Concorde jet in 2003 ended super-fast jet travel. However, supersonic passenger travel will be making a comeback by the mid-2020s. Three entrepreneurial U.S.-based companies can make jets quiet and efficient enough to win over buyers and passengers.
The Virgin Group and Japan Airlines Co. Ltd. are backing one of the three U.S. supersonic projects, Denver-based Boom Technology Inc., which plans a 55-seat all business class jet.
Lockheed Martin Corp. (LMT) is joining with Aerion Corp. to develop smaller supersonic business jets. Spike Aerospace Inc. is also eyeing the private jet market given where the mega-rich are the likely clients.
Toys “R” Us Dispels Imminent Closure Rumors
The CEO said yesterday during their quarterly earnings call the company is undergoing a very difficult time although they’re currently working on a real estate strategy that’s a work in progress.