U.S. Markets closed higher with the DOW topping out at +140 and WTI oil in the low $47's. Oil prices surged to a two-week high after data showed an unexpectedly large decline in U.S. crude stockpiles, raising expectations that a lingering supply glut is about to ease.
As far as the Fed announcement goes, 'buy the 'Fed Rumor' and sell the fact. Tomorrow we will see what the Fed has in store for us.
(Reuters) - Microsoft Corp on Wednesday was hit with a proposed class action lawsuit in U.S. court claiming its policy of ranking employees to determine pay and promotions led to discrimination against women.
(Reuters) - Shares of Hewlett-Packard Co rose as much as 5 percent on Wednesday as investors cheered plans for the company's soon-to-be separated but struggling PC and printer business to return more capital to shareholders than many had expected.
BOSTON (Reuters) - Two U.S. senators have asked the world's biggest automakers for information on steps they have taken to protect cars from being hacked, as attention on vehicle security has surged following the first car recall over a cyber bug.
Submitted by David Stockman via Contra Corner blog,
I know its not fair to pick on an old guy who should have been put out to pasture long ago. But the chief economist for Dow Jones/MarketWatch, Irving Kellner, posted something this morning so truly stupid that he deserves a smackdown——especially after 40 years on Wall Street as top economist at Chase, Chemical and Manufacturers Hanover etc.
Making the case for yet another Fed rate delay, Kellner offered up this gem right out of the gate:
Every day brings another reason why the Federal Reserve should hold off before raising interest rates.........First and foremost there was the recent plunge in stock prices.
Huh? Apparently dips are now "plunges" and no longer permitted.
I was actually thinking this was the obligatory hat tip to the casino, and that some&nbs ...
NEW YORK (Reuters) - A U.S. appeals court on Wednesday rebuked the federal judge overseeing litigation stemming from Argentina's sovereign debt default nearly 14 years ago, and threw out his expansion of one class action of bondholders suing the country.
WASHINGTON/NEW YORK (Reuters) - Wall Street's top economists are on unfamiliar ground: as the Federal Reserve decides whether to raise interest rates, for the first time in years they are deeply divided on what will happen.
The inflation-adjusted household income for half the US population is back at 1989 levels. Meanwhile the S&P500, which impacts the net worth, confidence and spending habits of about 10% of the US population is six times higher than where it was in 1989. America has a problem.
* * *
Of course, it doesn't have to be like this, and in fact: it wasn't.
... and then Nixon took the US off the gold standard.
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