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b'Markets Making More Milestones
\\nThe Dow continued its weekly winning streak with another milestone, closing above 28,000 for the first time: 28,004.89 to be exact.\\xa0 That\'s a gain of 222.93.\\xa0 Now, I\'m sure everybody is getting their "Dow 30,000!" hats ready, because obviously that\'s not too far off, now from 28,000.\\xa0 But it\'s not just the Dow that is setting records and crossing milestones. The NASDAQ - another record high today - up 61.81, closing at 8,540.83.\\xa0 That\'s the first time the NASDAQ has been above 8,500.\\xa0 The S&P also making new highs, up 23.83 - 3120.46 is the close. This is the first time the S&P has been above 3100.
\\nRussell 2000 Sitting Out the Party
\\nThe only major index really not enjoying the party, although it was up again today is the Russell 2000, still not quite near an all-time record high.\\xa0 That index is at 1,596.\\xa0 Again, the Russell is the one that most reflects the domestic economy, and it is the domestic economy that is in a lot of trouble. In fact, the Dow rose today, despite more weak economic data that was released during the day.
\\nIndustrial Production: Weak
\\nProbably the weakest data point of them all was on industrial production. It was supposed to drop again after falling .4% in September, and they did revise the September drop to -.3% from -.4%.\\xa0 But instead of a .4 drop in October, which was the consensus forecast, we dropped by .8.\\xa0 So twice as large a decline. In fact, I think you have to go back to March of 2009 to see a larger decline than that in industrial production.\\xa0 Capacity Utilization really contracted as well, from 77.5; it went all the way down to 76.7.
\\nHalfway to Recession
\\nAnd we also got more weak news on business inventories, which were revised lower.\\xa0 And I think that, and industrial production and some other weak data points that had come out caused the Atlanta Fed to reduce its forecast for Q4 GDP all the way down to .3%. It was at 1%, and now it\'s at .3% which is close to zero. And in fact, it\'s very likely that we could end up with a negative print for Q4 GDP, which means we\'re halfway to recession.\\n\\nOur Sponsors:\\n* Check out Rosetta Stone and use my code TODAY for a great deal: https://www.rosettastone.com/ \\n\\nPrivacy & Opt-Out: https://redcircle.com/privacy'