U.S. stocks were slightly lower during the morning hours, but rose off intraday lows after Federal Reserve Chairwoman Janet Yellen reiterated the central bank's intention to raise short-term interest rates [later] this year.
Todays S&P 500 Chart
Large cap finished the session fractionally in the red while the Nasdaq closed higher in the green. The oils fell fractionally and stabilized at the lower levels, still well withing the sideways trading zone and the U.S. dollar broke through its resistance earlier and appears to want to move higher.
NEW YORK (Reuters) - U.S. stocks ended weaker on Friday after Federal Reserve Chair Janet Yellen indicated the central bank was poised to raise interest rates this year, in line with broad expectations on Wall Street.
PROVIDENCE, R.I. (Reuters) - Federal Reserve Chair Janet Yellen was clearer than ever on Friday that the central bank was poised to raise interest rates this year, as the U.S. economy was set to bounce back from an early-year slump and as headwinds at home and abroad waned.
RIGA (Reuters) - European leaders told Greece on Friday to return to the negotiating table for "intensive work" to wrap up a reform agreement before cash runs out, sidestepping Athens' demand for a comprehensive, long-term solution to its troubles.
It's official: after seeing it work so well for years in China, the US Department of Commerce's Bureau of Economic Statistics has officially replaced all of its excel models with just one function. The following:
As Steve Liemsan hinted a few days ago, in what we thought was a very belated April fools joke, th eBEA has finally thrown in the towel on weak seasonally-adjusted US GDP data, and as a result has decided to officially proceed with a second seasonal adjustment: one which will take all the bad data, and replaced it with nice and sparkly, if totally fake and goalseeked, GDP numbers.
As Bloomberg reports, "the way some parts of U.S. gross domestic product are calculated are about to change in the wake of the debate over persistently depressed first-quarter growth. In a blog post published Friday, the Bureau of Economic Analysis listed a series of alterations it will make in seasonally adjusting data used to calculate economic growth. The changes will be implemented with the release of the initial second-quarter GDP estimate on July 30, the BEA said."
In other words, as of July 30, the Q1 GDP which will have seen its final print at -1% or worse, will be revised to roughly +1.8%, just to give the Fed the "credibility" to proceed with a September rate hike which means we can now safely assume not even the Fed will launch a "hiking cycle" at a time when the first half GDP will print negative (assuming the Atlanta Fed's 0.7% Q2 GDP estimate is even modestly accurate).
WASHINGTON (Reuters) - Rising shelter and medical care costs boosted underlying U.S. inflation pressures in April, a welcome sign for the Federal Reserve as it contemplates raising interest rates this year.
Forget Shanghai and its roaring stock market, there's a new centre for speculative excess in China. Nothing says sustainable capital formation like a stock index that trades at a valuation of 67.2 times earnings, is up 166% in the last year and whose components regularly see 500% rallies (and recently epic collapses). Welcome to Shenzhen.
With margin debt hitting new records and with over 20 million new retail trading accounts opened in the last 9 weeks alone, China has - without any doubt - gone full tulip-tard...
But, as Bloomberg reports, the greatest fools can be found not in Shanghai, but in Shenzhen, home of China's hottest stock market, rallies of more than 500% aren't unusual.
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