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Here are five things you must know for Wednesday, Sept. 13:
The Dow Jones Industrial Average gained 0.28% to finish at a new high of 22,118.86. The S&P 500 gained 0.34%, settling at a new record high of 2,496 after an all-time closing high a day earlier. The Nasdaq also notched a new record, its first since Sept. 1, after rising 0.34% to 6,454.
"Financial markets seem to have abruptly stopped worrying about the end of the world, with stocks soaring again, bond yields pushing higher, and safe haven currencies such as the JPY selling off," said Rob Carnell, Asia head of research at ING, in a note. "It won't last. But until the next risk-off event appears, we might as well enjoy it and can focus back on the underlying macro story."
Sales of the new anniversary iPhone edition likely will begin in early November, well in time for the peak of the U.S. holiday shopping season but still likely to push a good portion of the phone's revenue into the December to March quarter, the second of the company's next financial year.
"Apple is hoping the later availability date for iPhone X will not affect iPhone 8 sales this quarter," said IHS Markit in a research note. "Apple's lower iPhone 8 pricing should limit the impact, but it remains a risk. iPhone X is the future of smartphone design, but it's also available in the future too."
On Tuesday, Apple unveiled the state of the art iPhone X as well as its new iPhone 8 and iPhone 8 Plus models. The iPhone 8 and 8 Plus will be released at the end of September.
Bitcoins were marked at $3,966 each on the Bitsmap exchange in London, the lowest since Aug. 13 and down about 5% from Tuesday night's levels following a series of disparaging comments from JPMorgan Chase & Co. (JPM) CEO Jamie Dimon, who called the virtual currency concept a "fraud" and said he'd fire any of his traders for dealing in it. So far this month, however, bitcoin prices have fallen nearly 20%, or more than $1,000, from the all-time peak the virtual currency reached on Sept. 1.
"The currency isn't going to work," Dimon told the Delivering Alpha investor conference in New York. "You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart."
"My daughter bought a bitcoin and it immediately went up, now she thinks she's a genius," Dimon said.
"It's just not a real thing," Dimon said. "Eventually, it will be 'the emperor has no clothes.'"
4. -- Nordstrom Inc. (JWN) shares jumped 10% in after-hours trading on Tuesday following a report that said family members, who are executives of the department store, were nearing an agreement with private-equity firm Leonard Green & Partners to assist in a buyout of the retail giant.As part of the agreement, Leonard Green would give the Nordstrom family members, who own roughly 31.2% of the company, about $1 billion in equity to help fund the transition, CNBC reported.
The deal with Leonard Green hasn't been finalized, and other parties may still emerge and begin their own discussions.
Nordstrom stated its intentions in June to go private and has been searching for a private-equity backer to support a transaction. It has previously held discussions with both Apollo Global Management LLC and KKR & Co.
In a brief statement published in Tokyo, Toshiba said it would negotiate a "mutually satisfactory definitive agreement" with the Bain-led group that would close the sale by the end of the month. No financial terms were provided butthe unit has attracted bids in the region of $18 billion, according to reports. Toshiba also noted, however, that the agreement was non-binding and "does not eliminate the possibility of negotiations with other consortia."
Western Digital protested Toshiba's sale of the unit to the Bain-led group.
"We are disappointed that Toshiba would take this action despite Western Digital's tireless efforts to reach a resolution that is in the best interests of all stakeholders," Western Digital said in a statement.
Updated from 6:04 a.m. ET.
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