The week started with the Dow breaking another record high as positive manufacturing data lifted market sentiments across the board. The Q4 earnings season continued to deliver more good news, with large-cap companies beating estimates and keeping investors positive about the economy. Although, there is a possibility of another rate hike in December.
The aftermath of Hurricane Maria in Puerto Rico became more visible this week as the updated death toll more than doubled to land at 34. President Trump went on to say that Puerto Rico’s $73 billion debt should be wiped out, which sent the municipal bond market in a tizzy, but later, White House officials dismissed such a possibility.
Meanwhile, the European Commission went after American tech giants and ended up taking Ireland to the European Court of Justice to recover up to $15.3 billion tax dues from Apple (AAPL ) alone.
For the most part, receding tensions with North Korea, the possibility of a substantial tax cut in the near future, and a roaring economy kept markets on a positive note this week.
Be sure to check out our previous week’s edition here, in which markets were focused on Trump’s proposed tax cuts.