Apple has celebrated the 37th anniversary of its initial public offering -- its stock has gained more than 43,600% since that IPO -- and technical analyst Todd Gordon says another milestone, a $1 trillion market capitalization, is in sight. Apple's chart shows a steady upward course between resistance and support, and Gordon expects bullishness to push the stock to $190, providing a $1 trillion valuation.
Microsoft's stock has enjoyed a stellar 2017, even by standards of the tech sector, and looks set to rise higher, although it appears overbought on a weekly chart, technical analyst Serge Berger writes. After a steep ascent on the back of a positive earnings report in October, the stock consolidated some days last month but broke out again last week and could reach a record high before year-end, Berger writes.
Technical analyst Bruce Kamich, CMT, writes of concerns about the near-term progress of Comcast's stock, which has seen volatility and retracement since summer. Weekly chart indicators are weakening significantly, and Kamich sees potential for a decline to $29 from $37.
The 2017 Dalbar study of investor behavior shows individual investors following the pattern of earlier years and performing less well than the market at large. Authors of the study say personal psychological factors are behind the shortfall, citing bias toward certain investments, impatience with market movement and overconfidence in one's expertise.
The European Commission has written US Treasury Secretary Steven Mnuchin to say tax legislation under consideration by Congress "contains elements that risk seriously hampering trade and investment flows between our two economies." If adopted, the measure will probably violate international trade rules and commitments made by the US, the letter says.
Rapid gains in bitcoin have prompted regulators to question whether a market bubble is forming and whether they should regulate the cryptocurrency. "Simply because of the scale, it is certainly increasingly necessary to discuss whether and in what form regulations are needed here," said European Central Bank Governing Council member Ewald Nowotny.
Four French ministers plan to push for a financial-transaction tax in Europe to fund work to curb global warming. Finance Minister Bruno Le Maire, Foreign Minister Jean-Yves Le Drian, Environment Minister Nicolas Hulot and Higher Education Minister Frederique Vidal say the tax could generate €5 billion annually by 2020.
German Chancellor Angela Merkel has endorsed French President Emmanuel Macron's proposal to deepen EU integration. Merkel says she hopes to form a German coalition government soon so France and Germany can work together on an EU overhaul before 2019 elections distract politicians.
Securities and Exchange Commission Chairman Jay Clayton urges investors considering the purchase of cryptocurrencies or participation in an initial coin offering to be certain they fully understand the risks. "If you choose to invest in these products, please ask questions and demand clear answers," he said.
In letters to Congress, the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have indicated intentions to revise and reissue for public comment leveraged-lending guidelines. The Fed is "considering soliciting public comment on the [leveraged-lending] guidance in the near term with a view to improving the clarity of the guidance and reducing any unnecessary burden," Chair Janet Yellen wrote to US Rep. Blaine Luetkemeyer.