On today's episode of Market Domination Overtime, Hosts Josh Lipton and Madison Mills analyze the market close and break down some of the biggest stories of the trading day.

The big three stock market indexes (^DJI, ^IXIC, ^GSPC) closed Wednesday's session in positive territory. The Dow Jones Industrial Average rose by over 1%, notching a new record close alongside the S&P 500 as Wall Street looks ahead to September's Consumer Price Index (CPI) due out Thursday morning.

Veteran strategist Jim Paulsen draws a distinction between typical bull markets and the current one, noting that traditionally, bull markets are initiated by the Federal Reserve easing monetary policy to avoid a recession. This usually results in declining bond yields, increasing money supply, advancing fiscal stimulus, and a weakening dollar. He explains, "The beginning of a bull is so fantastic not only in terms of how much the market rises but how much it's broad participation across a variety of names." However, Paulsen points out that this pattern diverges in the current bull market, as the Federal Reserve maintained a "tight" monetary stance until about two weeks ago.

As part of its drug price negotiations, the Biden administration released a list of generic drugs it hopes to make available to Medicare recipients for just $2. Yahoo Finance senior health reporter Anjalee Khemlani explains the plans for this Medicare pilot program for generic drug pricing.

In a new note, Piper Sandler said that Hurricane Milton could significantly change the insurance market. Piper Sandler managing director Paul Newsome expects a lot of uncertainty for the industry after the hurricane hits, saying, "We don't know what the losses will be. They could be the biggest we've ever seen. Theoretically, that could have wide-ranging changing effects on the industry for pricing terms and conditions, how the things are regulated."

This post was written by Melanie Riehl