are financial correspondent jens korte is standing by. jens, case closed, seemingly.ks in the u.s. have to be sighing relief today after a new law aching it harder to sue banks. jens: with help of the vice president, senate voted against the proposal from former president barack obama that would have made it easier for consumers to file class-action suits against financial institutions. so now with vista boot of these -- with this vote of the senate, all that is missing is the signature of u.s. president donald trump. that is pretty likely to happen anytime soon. this is seen as the biggest regulatory victory for the financial industry since the new administration took over. if you look at financial stocks overall they had been on fire in the past couple months. even if that is soon as good news for big financial institutions, stockinette area did not move that much on wednesday. but financial stocks saw an incredible increase in the past couple months. helena: quite a coup for the banks. the market not as chirpy as yesterday. seems like some quarterly earnings out no

we can check in with what else is moving on wall street now with our financial correspondent jens kortens, caterpillar also reported today. a company often seen as a bellwether for global business. how is it all looking? jens: well, it looks like caterpillar could end a four-year drop of revenue. in the past quarter the easily beat wall street expectations. the good news is they see growth all over the globe. for example, construction in sign-up -- in china helped but also in the u.s. and canada there were energy prices coming back and oil industry is investing heavier than in the past. that is also an area where caterpillar is profiting from. bottom line is the numbers of caterpillar growth in the usa, but also all over the globe. helena: interestingly, it is not the tech sector moving the market so much for once. explained that development to us. jens: we see a certain sector rotation here on wall street from. -- wall street. for most of the year we had companies like amazon, google, netflix driving stocks higher. now we see rotation into financial stocks and also into some industrial

let's bring in jens korte from wall street. ou think investors share that optimism from the imf? jens: investors on wall street do not necessarily need the opinion of the imf to make up their minds if the economy looks brighter or not. in the past couple weeks and months we got some solid economic reports in the united states. in the past week we had the best reading from the industrial sector in about 13 years. the car industry seems to be doing a bit better. at least we got hints on that from the latest car sales over here in the united states. overall the picture does look pretty bright. it did not hurt that the imf also actually hired expectations. the imf also does see some risks , especially when it comes to protectionism. that's a tendency we might be seeing all over the globe, not just from the united states itself. there are also some geopolitical events that could distract overall growth. but the bottom line is we did see another record day here on wall street. where shy not even 200 points for the dow jones to reach 2

let's bring in jens korte, our financial correspondent on wall street. thank you for being here. now how important the nafta agreement is and yet president trump seems quite relaxed about it. our investors just as cool? jens: wall street watches, but wall street does not react at this point. overall if you look at most in the streets in the united states, it is hard to see -- if nafta were to fail. the u.s. car industry relies on back-and-forth trade and also suppliers. if for example you were to have higher tariffs on imports, that would probably increases prices here in the united states. the same is true for the fashion or retail industry and also for most parts of agriculture. but so far everything is pretty abstract and that is why wall street is not reacting. let's listen in to what the president had to say. >> it's possible we will be able to reach a deal with one or the other. in the meantime we will make a deal with one. but i think we have a chance to do something very creative that is good for canada, mexico and the united states. javier: that was donald trump. i know w

korte is at the new york stock exchange for us. what has let that fire under the dow recently? jens: well, an epic rally, that is what morgan stanley calls it. it is a mark the dow jones crossed for the first time ever since the presidential election. right now we are experiencing the fifth consecutive quarter that u.s. companies see an increase in profits. overall, the economy is doing rather well, and there are still the promises that there might be less regulation for the financial institutions, that we might see tax cuts at some point. there are fundamental reasons, and there is a little bit of hope that the administration might bring, why we see this epic rally. daniel: u.s. stock prices have had a blazing run of late, but is a correction around the corner, or as some predict, a crash? jens: stocks are certainly not cheap at this point. i just talked to a traitor here who was here 30 years ago -- trader here who was here 30 years ago. we remember black monday. almost precisely 30 years ago. he told me that when he came in that morning, nobody experienced what would happen then,