Stocks (^DJI, ^GSPC, ^IXIC) are rallying at midday after a better-than-expected GDP print of 2.9% before the bell. The energy (XLE) and real estate (XLRE) sectors are leading, while only health care (XLV) is in the red. Keith Bliss of Cuttone & Co. joins us live from the New York Stock Exchange.
To discuss the other big stories of the day, Alexis Christoforous is joined by Yahoo Finance’s Nicole Sinclair and Kevin Mahn, CIO of Hennion & Walsh Asset Management.
October sets record for dealmaking
“Let’s make a deal!” That’s the rallying cry we’re hearing loud and clear this month all across corporate America. And even though GE is denying it’s going to make an outright purchase of oilfield services firm Baker Hughes, there’s no doubt M&A fever is spiking. Numbers from Dealogic show this month has been the busiest ever for announced deals—nearly $250 billion in all. Give big credit to AT&T’s $85 billion offer for Time Warner and Qualcomm’s deal to buy NXP Semiconductors for $39 billion.
Banks & brokers must disclose cyberattacks: gov’t watchdog
Cyberattacks are on the rise, and with the financial system being a prime target, one government watchdog is upping the reporting requirements for hacking attempts. The Financial Crimes Enforcement Network (FinCen) was created to combat money laundering at banks and brokers. But it’s widened its regulatory net in recent years to include cybercrime.
White House turns to Silicon Valley to boost Obamacare enrollment
The Obama Administration is tapping into the gig economy to help convince workers to sign up for health insurance. The Department of Health and Human Services this week announced it’s partnering with Uber and more than a dozen other companies to push freelance and contract workers to sign up for Obamacare. The partnership came the same week news broke that Obamacare premiums would go up 25% in 2017.