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04Nov2015 Market Close: Markets On Again, Off Again Has Many Investors Worried About Another Deep Correction, Oil Glut Not Abating And US Dollar Climbing

Written by Gary

US markets closed down fractionally taking a pause after two straight days of gains. The main indexes retreated as Fed Chairwoman, Ms. Yellen, hinted that a rate hike in December will not derail the economy. Crude oil fell to to the mid 46 level where it traded most of the afternoon, while the US dollar closed up at 98.00.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Fed's Yellen sees possible December rate rise, gradual hiking path

WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen on Wednesday pointed to a possible December interest rate "liftoff" but said rates would rise only slowly from then on to nurture the U.S. economic recovery.

Kraft Heinz to close 7 plants, cut 2,600 jobs

(Reuters) - Kraft Heinz Co will close seven factories and lay off about 2,600 employees, a spokesman for the food company said.

Wall St. retreats with energy after recent gains, Yellen

(Reuters) - U.S. stocks edged lower on Wednesday, pulling back after recent strong gains along with energy shares, while Federal Reserve Chair Janet Yellen said a rate hike in December was a "live" possibility, but not a certainty.

Time Warner warns on ad revenue as ratings fall, shares plunge

(Reuters) - Time Warner Inc - the owner of cable channels TNT, TBS Cartoon Network - said ratings for its "key" domestic entertainment networks have dropped more than anticipated, which will result in a fall in ad revenue next year.

Alstom to launch share buy-back worth 3.2 billion euros

PARIS (Reuters) - French engineering group Alstom said on Wednesday it would launch a share buy-back program worth 3.2 billion euros ($3.5 billion) on Dec. 23.

Exclusive: U.S. insurer caught on to odd billing at Valeant-linked pharmacy

NEW YORK/LOS ANGELES (Reuters) - OptumRx, a leading U.S. pharmacy benefits manager, began to stop payments to a pharmacy closely-linked to Valeant Pharmaceuticals International more than a year ago after recognizing billing irregularities, former employees at the pharmacy and sources familiar with the matter told Reuters.

U.S. economic data seen supporting December interest rate hike

WASHINGTON (Reuters) - U.S. private employers maintained a steady pace of hiring in October and a jump in new orders buoyed activity in the services sector, suggesting the economy was strong enough to support an interest rate hike from the Federal Reserve in December.

Hawkish-er Yellen Sparks Dollar Pop & Stock, Bond, Commodity Pop

A hawkish Yellen a week ago sparked an exuberant rally because "rate hikes must mean the economy is awesome" but a hawkish-er Yellen today sparked turmoil as the dollar jumped and bonds, stocks, and commodities dumped... (though we note markets had been anticipating some of this move into her statement)

Smashing Dec rate hike odds to 60% (from 50% overnight)

Everyone knows you never go full Hawk-tard...

Still, stocks are holding most of the gains from the Hawkish FOMC statement...

Futures once again show the craziness this week best..

But Trannies were worst today as a late-day panic buying ef ...

Buffett Bloodbath: Kraft Heinz Laying Off 10% Of Workforce

Back in August, we said “thanks uncle Warren†on the heels of reports which indicated it was time for Kraft employees to do their part to facilitate merger "synergies†in the wake of the Kraft-Heinz tie-up engineered earlier this year by everyone’s favorite folksy octogenarian billionaire along with 3G.

In short, Kraft Heinz said it would lay off 700 workers at Kraft's corporate headquarters in north suburban Northfield, part of a cost-cutting plan that would slash the combined entity’s headcount in the U.S. and Canada by 2,500 jobs.

Well, on Wednesday we got more of the same with CNBC reporting that Kraft Heinz will close seven plants and lay off 2,600 employees. The company is also reportedly moving Oscar Mayer to Chicago from Wisconsin. Here's what we know so far:

The closing factories are in Fullerton, California; San Leandro, California; Federalsburg, Maryland; St. Marys, Ontario, Canada; Campbell, New York; Lehigh Valley, Pennsylvania; and Madison, Wisconsin, Michael Mullen SVP of corporate and government affairs, said in a statement.

Over the next 12-24 months, he said, production in those locations will shift to other existing factories in North America.

He said the decision to close the factories came after "an extensive review of the Kraft Heinz North American supply chain footprint, capabilities and capacity utilization."

Calling the move "difficult but necessary," Mullen said the closures would cut approximately 2,600 positions from the company's North American factory-based employee popul ...

Global Trade In Freefall: China Container Freight At Record Low; Rail Traffic Tumbles, Trucking Slows Down

Over the past year we have regularly contended that a far greater threat to the global economy than either corporate earnings, currency devaluations, rate cuts (or hikes), reserve outflow, or even the stock market, is the sudden, global trade crunch which has been deteriorating rapidly since late 2014 and has seen an even more dramatic drop off as 2015 is winding down. Actually, that is incorrect: global trade is merely a manifestation of the true state of the above listed items.

First, there was ships.

Back in March, we reported that "Global Trade Volume Tumbles Most Since 2011; Biggest Value Plunge Since Lehman."

Then in August when we first pointed out a dramatic slowdown in the Baltic Dry index which had peaked just a few weeks earlier and we said that "should the dead cat bounce in shipping rates indeed be over, and if the accelerate slide continues at the current pace, not only will shippers mothball key transit lanes, but the biggest concern for global economy, the unprecedented slowdown in world trade volumes, which we flagged a week ago, will be not only confirmed but is likely to unleash yet another global recession."

Three weeks later, we we got confirmation that the BDIY has indeed become a lagging indicator to actual demand, when Reuters reported in its latest weekly update using data from the Shanghai Containerized Freight Index, that key shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 26.7 percent to $469 per 20-foot container (TEU) in the week ended on Friday.The collapse ...

U.S. Stocks Slip on Yellen's Testimony

U.S. stocks slipped Wednesday after Federal Reserve Chairwoman Janet Yellen said a rate increase is possible for the central bank’s December meeting.

U.S. Mulls New Treasury Bill Issue

The U.S. Treasury may for the first time begin regular sales of two-month securities, the latest sign of strong global demand for government debt.

Deutsche Bank to Pay $258 Million for Violating Sanctions

Deutsche Bank agreed on Wednesday to pay $258 million to New York and U.S. banking regulators for violating U.S. sanctions by handling restricted transactions involving Iran, Libya, Syria and other countries.

Why more Americans are considering 'green' funerals

They're different, more eco-friendly, and frequently cheaper. Deathcare industry experts say demand is on the rise.

Bond Report: Short-term Treasury yields hit 4-year high as market leans toward December rate hike

Short-term Treasury yields spike Wednesday to their highest level since April 2011, after Federal Reserve chief Janet Yellen says a December interest-rate hike could be appropriate.

The Ratings Game: Lumber Liquidators stock jumps, but analysts aren't turning bullish yet

Lumber Liquidators Holdings’ stock surges after third-quarter results are reported and a new CEO is named, but analysts say they can’t get bullish until regulatory and legal issues are resolved.

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