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18Nov2015 Market Close: Markets Climb Higher, DOW Closes Up 248, Oil Glut Not Important To Investors Today, Fed Rate Hike On In December

Written by Gary

Markets closed higher on higher than usual volume. The Dollar retreated after Fed minutes was not as hawkish as traders hoped and oil prices briefly dropped below $40 a barrel today before settling higher as the dollar pared gains.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Fed officials again flag December; see smooth rates liftoff

NEW YORK (Reuters) - Federal Reserve officials on Wednesday continued to flag December as a likely time for interest rates to rise after seven years near zero, with two expressing confidence they will be able to pull off a rate hike smoothly despite fears of an abrupt market reaction.

Ford-UAW contract passage in doubt as voting nears end

DETROIT (Reuters) - Leaders of the United Auto Workers union scrambled Wednesday to salvage a proposed labor agreement with Ford Motor Co , warning rank-and-file members that a rejection of the deal could jeopardize investments that would sustain U.S. factory jobs.

Barclays to pay $150 million more to New York regulator in forex probe

(Reuters) - Barclays Plc will pay an additional $150 million to New York State's financial regulator to resolve allegations that it rigged foreign exchange trading by putting the bank's interests ahead of those of its clients, the regulator said on Wednesday.

Wall St. adds to gains after Fed releases October minutes

(Reuters) - The S&P 500 hit a session high on Wednesday after minutes from the Federal Reserve October meeting showed a solid core of officials rallied behind a possible December rate hike.

Monsanto CEO: data science key part of long-term growth

ST. LOUIS (Reuters) - Monsanto Co's long-term growth plans, which include new crop-boosting technologies and expansion into new markets, relies heavily on data science, the "glue that holds the pieces together," Chief Executive Hugh Grant said on Wednesday.

Lowe's sales top estimates amid strengthening U.S. housing market

(Reuters) - Lowe's Cos Inc followed larger rival Home Depot Inc in reporting better-than-expected quarterly profit and same-store sales, and the company said it expects higher spending on home improvement to continue until 2017 at least.

Oil down as U.S. stockpiles near record highs

NEW YORK (Reuters) - Oil fell as much as 1 percent on Wednesday, with U.S. crude snapping the $40-a-barrel support, as traders looked beyond a mildly positive report on U.S. crude inventories to focus instead on a global supply glut.

Target's online sales growth slows; margins pressured

CHICAGO (Reuters) - Target Corp faces margin pressure and will not meet its fiscal-year forecast for online sales growth, which slowed in the latest quarter, the discount retailer said on Wednesday, sending its shares down more than 5 percent.

These Are The 7 "Risks" That Bulls Are Banking On Not Happening

...or to put it another way, here is what Deutsche Bank believes are the only two "upside risks" for markets - "a smooth start to Fed tightening" and "eurozone growth surprises to the upside." Other than that, hope that The Fed reverts to old norms and eases, un-tightens is the last best hope for this decoupled, divergent equity market...

Because we suspect this...

Will not end well for stocks... so do you believe in centrally-planned miracles?

Source: Deutsche Bank

Stocks Rally as Investors Brace for Possible Rate Hike

U.S. stocks rallied to session highs after the minutes of the latest meeting of the U.S. Federal Reserve showed the central bank could raise rates next month.

Fed Tipping Toward December Rate Hike, Minutes Show

Federal Reserve officials meeting last month anticipated it “could well be†time to raise short-term interest rates at a December policy meeting after keeping them pinned near zero for seven years.

Oil Prices Dip Below $40 a Barrel, Then Erase Losses

Oil prices briefly dropped below $40 a barrel Wednesday before settling higher as the dollar pared gains.

28 October 2015 FOMC Meeting Minutes: Will The Federal Funds Rate Increase At The Next Meeting In December?

Fed-sealSMALLThe 28 October 2015 meeting statement presented the actions taken. This post covers the economic discussion during this FOMC meeting between the members (minutes were released today). There was a significant amount of discussion when to raise the federal funds rate: The quote of these minutes was:

... Most participants anticipated that, based on their assessment of the current economic situation and their outlook for economic activity, the labor market, and inflation, these conditions could well be met by the time of the next meeting .....

These meeting minutes seem to indicate a divided FOMC on several key issues.

The Fed: Dallas Fed president joins chorus of those who see reason to end zero-rate policy

Rob Kaplan, the new president of the Dallas Fed, sees reasons to let go of zero rates

In One Chart: Despite oil's plunge, this map shows even GDP growth is bigger in Texas

Everything’s bigger in Texas. And that includes the green spikes in this illustration.

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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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