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    Goldman Sachs crushes analysts' estimates on strong investment banking and trading results

    Here are the numbers: Earnings of $14.93 a share vs. $10.18 consensus estimate according to Refinitiv.
    Revenue: $13.61 billion vs. $11.68 billion consensus estimate.
    Shares of the New York-based bank rose 2% in premarket trading.

    David Solomon, chief executive officer of Goldman Sachs & Co., speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, April 29, 2019.
    Kyle Grillot | Bloomberg | Getty Images

    Goldman Sachs posted third-quarter results on Friday that exceeded analysts’ expectations as investment banking revenue surged nearly 90% and the bank reaped record fees from equities financing.
    Here are the numbers:

    Earnings: $14.93 a share vs. $10.18 consensus estimate, according to Refinitiv.
    Revenue: $13.61 billion vs. $11.68 billion consensus estimate.

    Profit at the bank surged 63% to $5.28 billion, or $14.93 a share, as revenue climbed 26% to $13.61 billion. Shares of the New York-based bank rose 2% in premarket trading.
    Goldman, led by CEO David Solomon, has the world’s premier investment banking franchise, and analysts had expected strong revenue from mergers and IPO activity in the quarter. That theme played out at rivals from JPMorgan Chase to Morgan Stanley.
    But Goldman exceeded expectations, producing $3.7 billion in investment banking revenue, an 88% increase from a year earlier and roughly $750 million more than the StreetAccount estimate. Those results were driven by a rise in completed merger transactions and debt and equity underwriting; the bank said advisory revenue hit a record high.
    Its wealth and asset management businesses should benefit from high equity values. And the firm’s consumer banking businesses have continued to grow. All that feeds into Solomon’s efforts to improve the steadiness of results at the company.
    Analysts are likely to ask Solomon about the rationale for his $2.24 billion acquisition of fintech lender GreenSky. The deal is expected to close by the first quarter of 2022.

    The bank said last month that CFO Stephen Scherr would step down by year-end, to be replaced by Denis Coleman, the current co-head of the firm’s Global Financing Group.
    Goldman shares have climbed 47% this year, exceeding the 37% rise of the KBW Bank Index
    Goldman is the last of the six biggest U.S. banks to report earnings. JPMorgan Chase, Bank of America, Morgan Stanley, Citigroup, Wells Fargo all exceeded expectations for profit and revenue, helped by reserve releases and strong investment banking revenue.
    This story is developing. Please check back for updates.

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    Bitcoin is inches away from reaching $60,000 amid ETF speculation

    Bitcoin surged as high as $59,920, notching its highest level since May. 10, but struggled to break above the $60,000 mark.
    Traders are optimistic about the chances of the SEC giving the green light to the first bitcoin futures exchange-traded fund.
    Approval of an ETF that gives mainstream investors exposure to bitcoin would be a landmark for the crypto industry.

    Bitcoin on display.
    Chesnot | Getty Images

    Bitcoin climbed Friday to hit a five-month high, and was inches away from hitting $60,000.
    The world’s biggest cryptocurrency surged as high as $59,920, notching its highest level since May. 10. But it struggled to break above the $60,000 mark.

    Bitcoin was last trading 3% higher in the last 24 hours, at a price of $59,274, according to Coin Metrics data.
    Traders are optimistic about the chances of the U.S. Securities and Exchange Commission giving the green light to the first bitcoin futures exchange-traded fund, according to analysts.
    The ProShares Bitcoin Strategy ETF is scheduled to debut at the New York Stock Exchange on Tuesday, and experts believe the SEC unlikely to object to the product.
    Approval of an ETF that gives mainstream investors exposure to bitcoin would be a landmark for the crypto industry, which has long been pushing for greater acceptance of digital assets on Wall Street.

    “The ETF news is being priced in with the market expecting an approval on Monday. This is driving the price up,” Vijay Ayyar, head of Asia Pacific at cryptocurrency exchange Luno, told CNBC.

    “However, we are at high time frame resistance here around 58-60K, hence a rejection on the ETF application could send Bitcoin back to 53-55K levels. But overall the trend is still bullish and there are a number of other ETF applications in the pipeline as well.”
    The CME bitcoin futures contract for Nov. 1 was last trading at about $60,515.
    Not all cryptocurrencies got a boost from the ETF news Friday. Ether, the second-largest coin, rose 1% to $3,771 on spot exchanges. However, XRP and ada were both down about 2%.
    Bitcoin and other cryptocurrencies have been on a wild ride this year. The number one digital coin hit an all-time high of nearly $65,000 in April, before slumping sharply on the back of a crackdown on the crypto market in China. It’s since staged a comeback and has more than doubled in price so far this year.

    Regulators have been taking a tougher line on crypto this year, as interest from investors has surged. The industry has been putting up a fight though, with Coinbase on Thursday calling on the U.S. to create a new regulator to oversee digital assets.
    Earlier this week, Bank of England Deputy Governor Jon Cunliffe warned cryptocurrencies could spark a global financial crisis of similar magnitude to the 2008 crash.
    “When something in the financial system is growing very fast, and growing in largely unregulated space, financial stability authorities have to sit up and take notice,” Cunliffe said in a speech Wednesday.

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    Stocks making the biggest moves premarket: Moderna, Virgin Galactic, Truist and more

    Check out the companies making headlines before the bell:
    Moderna (MRNA) – Moderna added 3.2% in premarket trading after rising 3.2% yesterday, following an FDA panel recommendation for a booster dose of its Covid-19 vaccine. The panel recommended approval of a booster for people 65 and over as well as those at high risk.

    Virgin Galactic (SPCE) – Virgin Galactic shares tumbled 18.4% in the premarket after it said it would delay the launch of its commercial space service to the fourth quarter of 2022 from the third quarter. The company is taking the extra time to work on improvements to its space vehicles.
    Truist Financial (TFC) – The bank beat estimates by 21 cents with adjusted quarterly earnings of $1.42 per share and revenue also above estimates. Truist’s results were helped by stronger fee income as well as loan and deposit growth.
    PNC Financial (PNC) – PNC reported adjusted quarterly earnings of $3.75 per share, compared with a consensus estimate of $3.20 and revenue also topping Wall Street forecasts. PNC benefited from the recapture of credit loss provisions as well as the integration of BBVA USA, a deal that closed last October. PNC rose 1.3% in premarket trading.
    Pearson (PSO) – Pearson tumbled 12.2% in premarket trading after the educational materials company said higher education sales have fallen 7% so far this year, even though the company maintained its full-year guidance. Pearson said enrollments at community colleges in the U.S. appear to have been hit by the delta variant of Covid-19.
    Corsair Gaming (CRSR) – Corsair shares slid 5.9% in the premarket after the maker of video game-related peripheral products said supply chain issues were hurting sales. Corsair said 2021 will still be a “strong growth year.”

    23andMe (ME) – The consumer genetics company’s stock surged 9.3% in premarket trading, following a positive mention by EMJ Capital founder and portfolio manager Eric Jackson on CNBC’s “Closing Bell” Thursday. Jackson said 23andMe should be more properly thought of as a therapeutics company in addition to being a subscription service, which he thinks bodes well for future growth.
    Alcoa (AA) – Alcoa reported an adjusted quarterly profit of $2.05 per share, beating the consensus estimate of $1.80. The aluminum producer’s revenue topped estimates as well on higher aluminum prices. Alcoa jumped 6.7% in premarket action.
    fuboTV (FUBO) – fuboTV’s Sportsbook unit struck a deal with Nascar to become the racing circuit’s authorized gaming operator. fuboTV shares added 2.1% in premarket trading.
    Del Taco (TACO) – The restaurant chain reported adjusted quarterly earnings of 11 cents per share, a penny above estimates, with revenue essentially in line with Wall Street forecasts. However, comparable sales rose 1.8%, short of the 2.1% estimate from analysts surveyed by FactSet. Shares slid 3.6% in the premarket.

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    Climate change poses systemic threat to entire economy, Biden plan warns

    The roadmap accounts for how climate change will impact the companies people are invested in and aims to protect the savings of American families with retirement plans.
    The also identifies how agencies can strengthen the resilience of infrastructure in response to worsening climate disasters.

    U.S. President Joe Biden delivers remarks on the September jobs numbers in the South Court Auditorium in the Eisenhower Executive Office Building on October 08, 2021 in Washington, DC.
    Chip Somodevilla | Getty Images

    The Biden administration unveiled on Friday a government-wide plan to address the systemic threat climate change poses to all sectors of the economy.
    The roadmap is part of the White House’s longer-term agenda to slash domestic greenhouse gas emissions nearly in half by 2030 and transition to a net-zero emissions economy by mid-century while mitigating the impact of climate change on the economy.

    Worsening climate-related disasters like heatwaves, drought, floods and wildfires threaten to upend the stability of the global financial system.
    This year, extreme weather events affected 1 in 3 Americans, according to federal disaster declarations, and interrupted supply chains across the country. In the past five years, extreme weather has cost Americans more than $600 billion in damages, according to the National Oceanic and Atmospheric Administration.
    The administration’s plan accounts for how climate change will affect the companies people are invested in, and it aims to protect the savings and pensions of American families with retirement plans. Climate-related risks in retirement plans have already cost U.S. retirees billions in lost pension dollars, according to a fact sheet released by the White House.
    The Department of Labor “is leading efforts to remove regulatory barriers and ensure that employee benefit plan fiduciaries can incorporate material climate-related risks into their investment decisions,” the report said. “These efforts will better protect the life savings of America’s workers and their families from the impacts of climate change, and could also mobilize capital towards sustainable investments.”
    The roadmap also identifies how agencies can strengthen the resilience of infrastructure in response to worsening climate disasters. It shows how agencies can leverage federal procurement to address climate-related financial risk, as well as incorporate climate-related risk into federal lending and budgeting.

    More from CNBC Climate:

    This month, more than 20 federal agencies published climate adaptation plans revealing the biggest threats climate change poses to their operations and facilities and how they plan to handle them.
    “Climate change poses a risk to our economy and to the lives and livelihoods of Americans, and we must act now,” National climate advisor Gina McCarthy told reporters Thursday during a press call. “This roadmap isn’t just about protecting our financial system — it’s about protecting people, their paychecks and their prosperity.”
    “We are clear-eyed to how climate change poses a systemic risk to our economy,” National Economic Council deputy director Bharat Ramamurti said on the press call. “We are taking a precautionary approach that reflects the fact that inaction is not an option.”
    The report is called “A Roadmap to Build a Climate-Resilient Economy.”
    President Joe Biden has also called on Treasury Secretary Janet Yellen, the head of the Financial Stability Oversight Council and financial regulators to produce a report on climate financial risk data. That report isn’t out yet.
    The president and first lady are set to travel to Europe in two weeks, with the global climate crisis on the forefront of Biden’s agenda. Biden will also travel to Glasgow, Scotland, to attend the United Nations Climate Change Conference of the Parties, or COP26, at the start of November.

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    China's central bank says Evergrande is unique and most real estate developers are stable

    Property giant Evergrande has $300 billion in liabilities and missed yet another payment to investors in U.S. dollar-denominated debt on Oct. 11.
    The risks posed by Evergrande are “controllable,” Zou Lan, director of the People’s Bank of China’s financial markets department, said in Mandarin at a press conference Friday, according to a CNBC translation.
    Zou added that authorities would protect individual consumers when it came to their house purchases, and provide financial support for the resumption of construction.

    An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018.
    Bobby Yip | Reuters

    BEIJING — The People’s Bank of China said Friday that indebted developer China Evergrande is its own case, and that most real estate businesses in the country are stable.
    Property giant Evergrande has $300 billion in liabilities and missed yet another payment to investors in U.S. dollar-denominated debt on Oct. 11. The developer ranks second in China by sales, prompting some concerns of fallout similar to a “Lehman Moment.” Economists have noted that Evergrande’s large holdings of land and physical properties set it apart from the U.S. investment bank’s financial assets.

    The risks posed by Evergrande are “controllable,” Zou Lan, director of the People’s Bank of China’s financial markets department, said in Mandarin at a press conference Friday, according to a CNBC translation.
    “China Evergrande Group’s problems in the real estate industry are an individual phenomenon,” he said, noting that property prices have remained stable. “Most real estate businesses are operating stably and have good financial indicators, and the real estate industry overall is healthy.”

    Real estate and related industries account for about a quarter of China’s GDP, according to Moody’s estimates. The central bank and other authorities held a rare meeting with Evergrande executives in late August and told the company to resolve its debt issues.
    A few days later the developer warned investors of potential default. In the weeks since, there has been news of Evergrande selling parts of its business to raise cash.
    Zou added Friday that authorities would protect individual consumers when it came to their house purchases, and provide financial support for the resumption of construction.

    Many new apartments in China are sold to consumers ahead of completion. This means that Evergrande’s financial troubles and incomplete projects have left many buyers with their savings gone or large mortgages, and no clarity on when — or if — their apartments will be completed.
    The central bank did not indicate Friday that major changes to monetary policy were ahead. The department head, Sun Guofeng, told reporters that the PBoC would continue to implement normal monetary policy. He added that factors like inflation were controllable.

    Read more about China from CNBC Pro

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    Sydney to allow quarantine-free international travel for Australians from next month

    Fully vaccinated Australians arriving in Sydney from overseas will no longer have to quarantine starting Nov. 1.
    Prime Minister Scott Morrison said the easing of entry restrictions at the border is meant only for Australian citizens, permanent residents and their immediate families.
    People who fall under those categories would be allowed to leave and return to Sydney without needing to quarantine.

    People gather for picnics beside the Harbour Bridge in the suburb of Kirribilli on September 19, 2021 in Sydney, Australia. Covid-19 restrictions have eased for people in NSW who are fully vaccinated.
    James D. Morgan | Getty Images News | Getty Images

    Fully vaccinated Australians arriving in Sydney from overseas will no longer have to quarantine starting Nov. 1.
    At a briefing, New South Wales Premier Dominic Perrottet implied that quarantine-free travel was also available for all vaccinated international travelers when he said, “We are opening Sydney and New South Wales to the world.”

    But he was overruled by Prime Minister Scott Morrison who later said the easing of entry restrictions at the border is meant only for Australian citizens, permanent residents and their immediate families.
    People who fall under those categories would be allowed to leave and return to Sydney without needing to quarantine.
    “This is about Australian residents and citizens first,” Morrison said at a briefing, following Perrottet’s announcement.
    “Commonwealth Government has made no decisions to allow other visa holders … to come into Australia under these arrangements. They are decisions for the Commonwealth Government, as the premier and I know,” he said.
    The prime minister did not give any indication Friday as to when the border restrictions would be eased for other travelers, but said it would be done in a staged and careful way.

    Border re-opening

    Australia shut its international borders in March 2020 due to the Covid-19 pandemic. Since then, it allowed only citizens and permanent residents to enter, but they must go through two weeks of quarantine.
    Still, with fewer flights available and weekly limits placed on how many international passengers are permitted to arrive at the major cities, thousands of Australians have been left stranded overseas.

    Prime Minister Scott Morrison during Question Time in the House of Representatives on February 18, 2021 in Canberra, Australia.
    Sam Mooy | Getty Images News | Getty Images

    Australia’s other major state, Victoria, has a similar reopening roadmap, which will see certain restrictions lifted when the vaccination rate hits a certain milestone. The state’s Chief Health Officer Brett Sutton reportedly told local media this week that Melbourne could exit lockdown earlier than planned.
    The rest of Australia still has some way to go before hitting the 80% vaccination threshold. Information collated by online publication Our World In Data showed around 53% of all eligible people in Australia have been fully vaccinated.

    Easing restrictions

    Perrottet also announced a number of local restrictions that would be eased for vaccinated individuals as the state is expected to achieve its target of fully inoculating 80% of its population by this weekend.
    Starting Monday, face masks would no longer be required in office buildings. Households would be able to receive up to 20 visitors at any one time, and outdoor gatherings of up to 50 people would be allowed.
    Restrictions would remain in place for people who are unvaccinated or not fully vaccinated yet.
    Travel between the Greater Sydney area and regional New South Wales will resume starting in November — that is when the state government expects the regional areas to hit the 80% vaccination target, Perrottet said.

    A red ensign flies atop the Sydney Harbour Bridge to commemorate Merchant Navy Day on September 03, 2021 in Sydney, Australia.
    James D. Morgan | Getty Images

    “We’ve only been able to do this because of a significant effort that people right across New South Wales have made in getting us to this point,” he added.
    Australia has handled the coronavirus pandemic relatively better than most due to strict social distancing rules, border restrictions, contact tracing and lockdowns. The country experienced a spike in Covid cases this year due to the delta variant, which forced several major cities into lockdowns.
    In July, the Australian government introduced a transition plan that said it wants to fully vaccinate between 70% and 80% of the population before easing international border restrictions.
    Australia’s flag carrier Qantas said it will restart international flights from Nov. 1, two weeks ahead of schedule following Friday’s announcements. Qantas said it would operate multiple return flights a week to Sydney from London and Los Angeles.

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    A buried building near Jerusalem’s Western Wall is opening to travelers – here's what it looks like

    CNBC Travel

    Christian travelers visit Jerusalem to retrace Jesus’ final footsteps along the Via Dolorosa, Muslims to revere the Dome of the Rock, and Jewish people to insert written prayers into the cracks of the Western Wall.
    Some people do all three.

    Come December, travelers will have a new option available to them when visiting Jerusalem. They can go underground to experience a portion of the Old City as it existed some 2,000 years ago.

    An underground building

    Following an excavation that lasted more than 150 years, a buried building constructed around A.D. 20 is set to open to the public this year.
    The subterranean building is located steps from the Western Wall, a retaining wall on the western side of the Temple Mount, which is the holiest site in Judaism and the place where Jerusalem’s First and Second Temples once stood.

    About 10% of the original Western Wall is visible today, with most buried behind construction in the Old City’s Muslim Quarter as well as beneath the ground.
    EMMANUEL DUNAND | AFP | Getty Images

    The Western Wall is also one of the top sites for travelers to Israel. It attracted 12 million visitors in 2019, said Eyal Carlin, the tourism commissioner for North America for the Israel Ministry of Tourism.
    The excavated area dates to the period of the Second Temple, which was originally constructed in sixth century B.C. and later greatly expanded by Herod the Great, who ruled Jerusalem from 37 to 34 B.C. The Romans destroyed the temple around A.D. 70.

    The new chambers are located under Wilson’s Arch, an archway that once supported a bridge leading to the Second Temple, seen here in the lower, left corner.
    Christopher Chan | Moment | Getty Images

    The building, located about 50 feet underground, contains dual underground chambers that are separated by hallways and a “magnificent” water fountain, according to the Israel Antiquities Authority (IAA), the governmental body that oversees the country’s excavation projects. Once located on a street that led to the Temple Mount, the building is now buried deep underground, covered by centuries of construction.
    The new areas will become part of the popular Western Wall Tunnels tours, which are conducted all-day Sunday through Thursday, and Fridays until noon.

    What travelers can see

    To reach the new areas, visitors descend staircases that are like a journey through time, Carlin told CNBC.
    “When you dig down, you literally go down through history,” said Carlin. “Each layer represents different parts of history and different centuries.”

    A portion of the steps used to reach the newly excavated areas.
    Yaniv Berman, Israel Antiquities Authority

    “You go down to the Ottoman period, the Muslim period, the Crusader period … all the way down to the Herodian period,” he said, referencing the reign of King Herod and his heirs, from 37 B.C. to 73 C.E.

    Support beams reinforce the hallway between the two chambers of the ancient underground building.
    Yaniv Berman, Israel Antiquities Authority

    Archeologists knew one chamber existed, but excavations uncovered a larger building with two identical rooms separated by a courtyard.
    The building may have been a city council building, said Shlomit Weksler-Bdolah, excavation director at the Israel Antiquities Authority, in a press release published by the Israel Ministry of Tourism in August. She called the excavated area “one of the most magnificent public buildings from the Second Temple period that has ever been uncovered.”

    One of two chambers of a building discovered outside the Western Wall.
    Yaniv Berman, Israel Antiquities Authority

    Historians believe the chambers were reception rooms for dignitaries, wealthy visitors and members of the high priesthood, said Carlin.
    They may also have been places to eat. Archaeologists believe that the rooms once contained reclining sofas, where people would eat lying down, as was common in the Greek, Hellenistic and Roman eras, according to Weksler-Bdolah.
    “It’s very opulent — these were big chambers with big decorative elements of water flowing,” said Carlin. “It displays the affluence of that area at the time … and the people who were greeted there.”

    The second excavated chamber, which is constructed using arched stone ceilings.
    Yaniv Berman, Israel Antiquities Authority

    Archeologists found a small ritual purification pool, called a mikvah, which priests and aristocrats likely used before visiting the Second Temple.
    “Those are the steps going down” into the pool, he said, which “usually would be filled with water brought from springs.”

    Steps leading into a purification pool, or mikvah, which is believed to have been added many years after the excavated building was constructed.
    Yaniv Berman, Israel Antiquities Authority

    The mikvah wouldn’t be open to the public, said Carlin. Members of the general public cleansed themselves in the Pool of Siloam, located about a third of a mile away. That is the same pool where Jesus was said to have restored the eyesight of a blind man, as referenced in the Gospel of John in the Christian Bible. 

    The room with the mikvah was part of an “elite gateway” into the Second Temple, said Israel Ministry of Tourism’s Eyal Carlin.
    Israel Antiquities Authority

    Past the baths, visitors can see the foundation stones of the Western Wall, said Carlin. The stones are huge, with some weighing upwards of 250 tons.
    Jerusalem is, in parts at least, a city built on top of other cities. Existing buildings became basements or underground living spaces for new construction built on top, according to an article in The Times of Israel.

    Hallways contained ornate pilasters, or ornamental columns, that were topped with Corinthian capitals with water pipes built inside of them.
    Yaniv Berman, Israel Antiquities Authority

    That’s why parts of the underground buildings were found completely intact. Decorative elements “were found whole,” said Carlin. “There were parts that were chipped, but the elements we see were not reconstructed.”
    Excavations are ongoing in Jerusalem, but many don’t open for tours, said Carlin.
    “There’s great excitement because [this area] is accessible to the general public,” he said. “It’s also shedding light on what life was back then in one of the most important periods of the Jewish people.”

    Touring the new area

    Visitors can see the new underground areas through guided tours booked through the Western Wall Heritage Foundation, a non-profit governmental body that manages the Western Wall.
    The opening, which was originally set for August, was rescheduled to coincide with the celebration of Hannukah in early December, said Carlin.

    The ornate remains of the building located outside the Western Wall, or “Wailing Wall.” The latter term is falling out of favor, as some deem it as making light of the Jewish community’s mourning over the loss of the Second Temple.
    Yaniv Berman, Israel Antiquities Authority

    He said that’s “good timing” in more ways than one.
    “If everything goes according to plan this week or early next week, and our government approves the reentry of tourists to Israel … that will actually coincide when the majority of the world can … travel to Israel.” More

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    Former President Bill Clinton admitted to hospital with non-Covid related infection

    Clinton’s spokesman Angel Urena said late Tuesday that the former president was admitted to UCI Medical Center in California.
    “He is on the mend, in good spirits, and is incredibly thankful to the doctors, nurses and staff providing him with excellent care,” Urena said in a statement.

    Former President Bill Clinton
    Adam Jeffery | CNBC

    Former President Bill Clinton was hospitalized on Tuesday evening to receive treatment for a non-Covid related infection, according to his spokesman.
    Clinton’s spokesman Angel Urena said late Tuesday that the former president was admitted to UC Irvine Medical Center in California.

    “He is on the mend, in good spirits, and is incredibly thankful to the doctors, nurses and staff providing him with excellent care,” Urena said in a statement.
    Clinton’s doctors said in a joint statement that he was admitted to the hospital for “close monitoring” and administered IV antibiotics and fluids.
    “He remains at the hospital for continuous monitoring,” his doctors Alpesh Amin and Lisa Bardack said. “After two days of treatment, his white blood cell count is trending down and he is responding to antibiotics well.”
    They said that the California-based medical team has been in “constant communication” with the President’s New York-based team, including his cardiologist.
    “We hope to have him go home soon,” they said in the statement.

    NBC News, citing a source close to Clinton, said that the former president was in intensive care as a “precautionary measure” taken by the hospital to isolate him — not because it was required as part of his treatment. The original infection was diagnosed as urologic, but it turned into a broader one, said the source, according to the NBC report.
    Clinton, who is 75, also has had a history of heart problems. In 2004, he underwent a quadruple heart bypass operation to relieve severely clogged arteries, according to NBC News. In 2010, he had another heart procedure to insert two stents to a coronary artery.

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