The Dow Jones Industrials (^DJI) is closing on the 20,000 mark as investors shrug off geopolitical concerns and take stock of several earnings reports on this week before Christmas. Apple (AAPL) is considering making products in India. The Wall Street Journal reports that the company run by Tim Cook wrote a letter to the Indian government last month outlining its plans and seeking financial incentives.
In China, October first is a holiday marking the anniversary of the Communist takeover of the country. Its currency, the renminbi (RMB), will join the US dollar, the Japanese yen, the British pound, and the euro as a reserve currency for the IMF. “It’s happening before the RMB actually becomes a major reserve currency,” said Eswad Presad, professor at Cornell and former head of the IMF’s China division.
Several warning signs are flashing for the U.S. markets, warns Peter Borish, chief strategist at the Quad Group.