DOW TOUCHES NEW HIGH: Here's what you need to know
The Dow the index touched a new all-time high for the 12th straight day.
But just as happened last Friday, it wasn't exactly a huge surge: the Dow was up by less than 0.1% at the close.
The other two major indices also finished little changed, but up for the day.
Let's hit the scoreboard:
- Dow: 20,837.44, +15.68, (+0.08%)
- S&P 500: 2,369.73, +2.39, (+0.10%)
- Nasdaq: 5,861.90, +16.59, (+0.28%)
- US 10-year yield: 2.367%, +0.050
- WTI Crude: $56.42, +0.07, (+0.13%)
1. WARREN BUFFETT: Stocks are "on the cheap side" and not in bubble territory. "Measured against interest rates, stocks actually are on the cheap side compared to historic valuations," Buffett told CNBC on Monday. "But the risk always is interest rates go up, and that brings stocks down."
2. Dalls Fed manufacturing unexpectedly jumped to 24.5 for February, above economists' expectations of a dip to 19.4. "The basis of our more positive view of the business environment is the new administration's commitment to regulation reform, lower taxes and repeal/replace the Affordable Care Act," one respondent from the fabricated metal product manufacturing industry said.
3. US pending home sales unexpectedly fell by 2.8% in January. Buyer demand for housing is as strong as it's been since the recession, the National Association of Realtors said. However, "the significant shortage of listings last month along with deteriorating affordability as the result of higher home prices and mortgage rates kept many would-be buyers at bay," said Lawrence Yun, the chief economist.
4. Jeff Immelt, CEO of GE, talks globalization in his annual letter to shareholders. "Are we witnessing the end of globalization? I don't think so," he said. "It is the end of the 'global elite,' those who see the world only from financial centers or a website. Most 'Global Institutions' are 70 years old and must be modernized to address contemporary global challenges."
5. Trump says he is committed to rebuilding the roads and bridges in America. "We spend $6 trillion in the Middle East and we have potholes all over our highways and our roads," he said.
6. Apple ticked up as Buffett bought more shares. Buffett more than doubled his holding as of December 31, raising his stake in Apple this to about 133 million shares. Buffett also revealed a $1.6 billion gain in his Apple investment.
7. Japanese telecom giant Softbank is looking to invest $3 billion in WeWork, CNBC reported on Sunday. The investment under discussion is a $2 billion primary tranche of funding followed by a secondary round worth more than $1 billion, CNBC reported, citing a source.
ADDITIONALLY:
Wall Street is divided over Tesla.
Buffett says free trade is "wonderful" ... but not for everyone.
Trump is already walking back his most important promise on the economy.
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