Advertisement
Singapore markets close in 4 hours 6 minutes
  • Straits Times Index

    3,173.17
    +1.24 (+0.04%)
     
  • Nikkei

    39,739.70
    -0.70 (-0.00%)
     
  • Hang Seng

    16,550.90
    -186.20 (-1.11%)
     
  • FTSE 100

    7,722.55
    -4.87 (-0.06%)
     
  • Bitcoin USD

    65,190.80
    -3,282.38 (-4.79%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,149.42
    +32.33 (+0.63%)
     
  • Dow

    38,790.43
    +75.63 (+0.20%)
     
  • Nasdaq

    16,103.45
    +130.25 (+0.82%)
     
  • Gold

    2,163.10
    -1.20 (-0.06%)
     
  • Crude Oil

    82.59
    -0.13 (-0.16%)
     
  • 10-Yr Bond

    4.3400
    0.0000 (0.00%)
     
  • FTSE Bursa Malaysia

    1,550.00
    -3.64 (-0.23%)
     
  • Jakarta Composite Index

    7,342.27
    +39.81 (+0.55%)
     
  • PSE Index

    6,894.40
    +41.11 (+0.60%)
     

What you need to know on Wall Street today

Bill Ackman, CEO of Pershing Square Capital, speaks at the Wall Street Journal Digital Conference in Laguna Beach, California, U.S., October 17, 2017. REUTERS/Mike Blake
Bill Ackman, CEO of Pershing Square Capital, speaks at the Wall Street Journal Digital Conference in Laguna Beach, California, U.S., October 17, 2017. REUTERS/Mike Blake

Thomson Reuters

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.

A scary little statistic is buried beneath the US economy's apparent stability: Consumer-debt levels are now well above those seen before the Great Recession.

As of June, US households were more than half a trillion dollars deeper in debt than they were a year earlier, according to the latest figures from the Federal Reserve. Total household debt now totals $12.84 trillion — also, incidentally, about two-thirds of gross domestic product.

ADVERTISEMENT

And according to Business Insider's Pedro da Costa, that's creating an economic trap

In other news, an $18 billion fund manager started by Al Gore and a Goldman Sachs exec is setting its sights on Silicon Valley. The new titans of Wall Street have their eyes on your savings. And Bill Ackman told a CEO he gets more "clicks on the internet" than anyone except Donald Trump.

President Trump says "there will be NO change to your 401(k)" after reports Republicans want new caps on retirement savings. Traders now have a brand-new way to bet on Trump tax reform.

In deal news, Cisco is buying a telecom-software company for $1.9 billion. And Saudi Aramco's IPO is on track for 2018, according to its CEO.

Lastly, Wall Street's favorite deal-making restaurant has opened in Larry Ellison's hotel — we went inside.

NOW WATCH: Here are your chances of winning at popular casino games

See Also: