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BMW recalls 1.4 million vehicles

The markets traded higher during the midday with the Dow rising 31 points to 23,548. Nasdaq climbed 42 points to 6,757.


BMW announced two separate recalls in North America to address potential fire risks. Approximately 670,000 3-Series vehicles from the 2006 through 2011 model years have faulty wiring for the heating and air conditioning systems that could potentially overheat and cause a fire. More than 740,000 model years 2007 through 2011 vehicles from the 3-Series, 5-Series, 128i, X3, X5 and Z4 have a valve heater that can overheat.


Sears announced another round of store closures as part of the retailer's continuing efforts to cut costs. The department store identified 45 Kmart locations and 18 Sears stores that will close their doors at the end of January 2018. Liquidation sales are expected to begin on November 9, 2017.


Factory orders rose by a greater than expected 1.4% in September. Orders for core capital goods, which are non-defense capital goods excluding aircraft, soared by a strong 1.7%. Orders for machinery edged up 0.1% while mining, oil field and gas field machinery orders leaped 17.8%.


In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 5 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The broader S&P 500 rose 6 points to 2,586. Bitcoin soared $230 to $7,310.


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