RAI made headlines this week by announcing the planned launch of the Revo, a “safe” cigarette that heats tobacco rather than burning it. PM has a similar product in the works for sale overseas.

Earnings also improved 10.5% year over year backed by higher cigarette and moist snuff pricing, which more than offset increased investment in the Vuse brand of e-cigarettes.

Goldman Sachs cut its rating on global stocks to neutral for the next 3 months, saying stocks are at risk of a brief selloff as rising inflation boosts government bond yields.

A record high close for the Dow; the 15th record high close of the year for the Dow. The S&P 500 did not take out the old high from July 3rd. Federal Reserve released its Beige Book, plus Fed Chair Yellen continued testimony on Capitol Hill, and lots more.

June E-mini S&Ps (ESM14 -0.47%) this morning are down -0.40% and European stocks are down -0.64% after the World Bank cut its global 2014 GDP forecast to 2.8% from a Jan estimate of 3.2%.

The average large cap score is 67.25, below the four week moving average score of 68.63. The average large cap is trading -9.07% below its 52 week high, 6.19% above its 200 dma, has 3.37 days to cover held short, and is expected to grow EPS by 13.58% next year.