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16Jul2015 Market Close: Markets Close Higher, Nasdaq Near Historic High And Oil Easing Down Through Support

Written by Gary

U.S. averages melted higher today as U.S. stocks climbed following a batch of upbeat earnings reports and as Greece's Parliament passed austerity measures needed to secure a fresh bailout.

Short-term indicators are leaning heavily towards 'bearish' conditions while the U.S. dollar flirts with busting through it resistance which is also bearish.

Todays S&P 500 Chart

The market rose broadly in afternoon trading after several big companies, including EBay and Citi, reported better-than-expected earnings.

The Nasdaq up 1.26 percent closing near its record high while WTI oil closed below its support.

The Market in Perspective

Here are the headlines moving the markets.

Wall St. ends up, Nasdaq sets new record high

NEW YORK (Reuters) - Wall Street ended stronger on Thursday, with the Nasdaq up over 1 percent at a record high after eBay and Netflix reported strong quarterly results.

Citi May Finally Slip Its Cuffs

Citigroup's second-quarter results add credibility to the idea that its shares could trade above tangible book value in the not-so-distant future.

Early read of banks' living wills shows progress: Fed's Yellen

WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen said on Thursday that a preliminary read of the living wills that large U.S. banks submitted this month showed progress.

Europe moves to restore funding to Greece after bailout vote

ATHENS (Reuters) - Europe moved to re-open funding to Greece's stricken economy on Thursday after the parliament in Athens approved a new bailout program in a fractious vote that left the government without a majority.

Goldman profit hit by big legal provision, weak bond trading

(Reuters) - Goldman Sachs Group Inc reported its smallest quarterly profit in nearly four years on Thursday as it set aside more than $1 billion to cover potential mortgage settlements, and nervous investors pulled back from bond trading.

Why A Third Greek Bailout Is A Bad Idea

Submitted by Pieter Cleppe via VocalInternational.com,

Last Sunday, Eurozone countries submitted yet another ultimatum to Greece: implement a whole round of reforms, from eliminating early retirement over scrapping exemptions from sales tax to opening shops on Sunday, and we'll start negotiations on providing a new bailout of possibly €86bn from the European Stability Mechanism (ESM), the Eurozone's bailout scheme, which will carry yet another series of strings attached. Here are four reasons why this whole thing is just a bad idea.


  1. The previous two bailouts have failed. Why try more of the same?

Today, Greek debt to GDP has reached 180%, an all time high. It should come as no surprised that an overindebted country's economy will shrink when it is being burdened with even more debt. This happened from 2010 on, when the country received "emergency loans" amounting to an estimated 240 billion euro, both from Eurozone countries and the IMF. At the instigation of former French IMF chief Dominique Strauss-Kahn, the IMF violated its own principles by not allowing Greece to default on major international banks before granting it a loan. It now is facing heavy losses, after Greece has already defaulted twice on an IMF payment now or is "in arrears", in IMF-lingo. Also the "no-bailout rule" in the EU Treaty was violated.

It's true that this therefore was a bailout of major international banks who had been lending to Greece, as we have

Plenty of Open Road for J.B. Hunt

Ahead of the Tape: Intermodal traffic growth should help J.B. Hunt continue its strong run.

Jobs and Home-Building Reports Show Momentum in Economy

The number of Americans filing new applications for unemployment benefits fell last week, and confidence remains high among home builders.

Benefits, and Some Resistance, as New York Cracks Down on Nail Salon Abuses

Lunch breaks, higher pay and protective equipment are some of the improvements manicurists have seen two months after an investigation by The New York Times.

Saving Greece's Banks Could Mean a European Takeover

European bailout funds should be used to directly recapitalize Greece's financial system. That is bound to mean more controversy.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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