Stocks hit record highs after strong economic data

The Dow hit an all-time high Wednesday, and the S&P 500 flirted with a record close, as Wall Street eyed robust economic data. US government bond yields surged, with the 10-year rising to peaks not seen since July 2011. The dollar edged higher. Here’s the scoreboard: Dow Jones industrial average: 26,827.07 +53.13 (0.20%) S&P 500: 2,925.59 +2.16 (0.074%) Nasdaq Composite: 8,022.54 23.00 (0.29%) Employment numbers in the US flew past expectations last month. Private payrolls notched their largest gain in seven months in September, an ADP employment report showed, with companies adding 230,000 jobs. The upbeat data comes a day after Amazon announced it would raise its minimum wage to… Read More

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Renault just unveiled a stunning self-driving electric concept car that’s a swanky luxury hotel on wheels

Renault unveiled the EZ-ULTIMO self-driving, electric car that combines connected-car technology with traditional French luxury. “Renault EZ-ULTIMO offers a unique luxurious experience aboard a robo-vehicle that can be adapted depending on the service provider,” said Laurens van den Acker, SVP Corporate Design. The concept is equipped with Level 4 autonomous-driving technology. EZ-ULTIMO also features a new entertainment platform called the Augmented Editorial Experience, or AEX. The system curates content for passengers based on their personal preferences. Renault unveiled a self-driving, fully-electric concept car that will combine connected car technology with traditional French luxury on Wednesday at the 2018 Paris Motor Show. “Inspired by contemporary architecture, and completely integrated in future… Read More

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AMD tumbles into a bear market before getting upgraded at Moody’s (AMD)

AMD tumbled into a bear market on Wednesday, a day after a research report said it sees a possible end in sight to Intel’s chip-making struggles. Later Wednesday, Moody’s upgraded AMD’s debt and outlook, citing growth in its PC segment as well as graphics cards and server chips. Follow AMD’s stock price in real-time here. The credit-rating agency Moody’s upgraded Advanced Micro Devices (AMD) on Wednesday, citing strength in gaming consoles like Xbox an PlayStation, even as the stock tumbled into bear-market territory — down more than 20% from its September high. Shares of AMD rose slightly after the upgrade, but are still 16% off their high of $34.14 set… Read More

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The retail apocalypse is still in its ‘early innings’ — and thousands more stores will close before it ends

The United States still has far more retail space per capita than any other country. This suggests the US is still in the “early innings” of mass store closings, according to a new 50-page report by Cowen and Company. As more stores close, hundreds of poorly performing shopping malls will go dark. At the same time, sales are accepted to accelerate at the country’s top-rated malls. The American retail industry has been rocked by record-high store closures, dozens of high-profile bankruptcies, and the death of hundreds of shopping malls over the last several years. But the amount of retail space in the US still far outweighs other countries, which suggests… Read More

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We spent a day with China’s rock star of AI, whose new book about China’s superiority in machine learning is jolting American tech companies

Machine learning and neural networks have never been sexier. The top experts in artificial intelligence are speaking before thousands, signing book deals and attracting gobs of money. The sector is moving from tech niche to center stage stardom. Take for example Kai-Fu Lee, the noted investor, former president of Google China and AI researcher. On Friday, at two speaking engagements in San Francisco, Lee basked in the kind of attention typically reserved for rock stars, not technologists. Young men and women in business attire flocked to him. Investors sought introductions. Even school children asked for autographs. Lee is one of AI’s biggest boosters as well as one of its chief… Read More

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