We didn't see the afternoon rally, but the averages closed modestly in the green with the small caps averaging a plus 0.6%. WTI crude settled at or slightly above its resistance ($38.20). The DOW closed above 17,000 and the Spooz just below 2,000, close but no cigar. The bad news is the candlestick for today is a spinning top - a possible reverse in direction.
BILLERICA, Mass./LOS ANGELES (Reuters) - A health official on Wednesday commended Chipotle Mexican Grill Inc for its handling of norovirus infections at a Boston-area restaurant, saying employees prevented more problems by calling in sick rather than report to work and that a cleanup of the restaurant was done.
BRUSSELS (Reuters) - Teva Pharmaceutical Industries is expected to win EU antitrust approval for its $40.5 billion bid for Allergan's generics unit after agreeing to sell off some of its products to appease regulators, three people familiar with the matter said on Wednesday.
(Reuters) - Embattled Valeant Pharmaceuticals International Inc said on Wednesday it has added a representative from shareholder Pershing Square Capital Management to its board of directors as well as two other new directors.
BRUSSELS (Reuters) - Teva Pharmaceutical Industries is expected to win EU antitrust approval for its $40.5 billion (24.4 billion pounds) bid for Allergan's generics unit after agreeing to sell off some of its products to appease regulators, three people familiar with the matter said on Wednesday.
HONG KONG (Reuters) - Chinese telecommunications equipment maker ZTE Corp said on Wednesday its suppliers must seek licences to provide materials, in line with newly imposed U.S. restrictions on the company.
SAN FRANCISCO (Reuters) - After months of declines in Apple's stock, sentiment appears to be mending as investors focus on steady earnings expectations and bet that the expected launch of a new iPhone will add badly-needed fuel to sputtering sales.
One week ago, when looking at the latest BofA client flow trend monitor, we noticed something strange: despite the S&P's surge higher due to either a record short squeeze or because it is merely another bear market rally, the smart money was selling.
In fact, as BofA's Jill Hall calculated, the three groups that make up the so-called "smart money" basket, hedge funds, BofA's institutional clients as well its private clients, had been selling aggressively every week for the prior five. As she explained on March 1, "last week, during which the S&P 500 climbed 1.6%, BofAML clients were net sellers of US stocks for the fifth consecutive week, in the amount of $1.5bn. This was the biggest weekly outflow since mid-December." Someone clearly was very grateful for the selling opportunity that this squeeze was providing.
Well, we can now add one more week to the total: in BofA's latest note, "last week, during which the S&P 500 rallied 2.7%, BofAML clients were net sellers of US stocks for the sixth week."
She explains that "similar to the prior week, hedge funds, institutional clients, and private clients were all net sellers, though sales last week were led by private clients (vs. hedge funds the week prior). Our hedge fund clients remain the biggest net sellers of US stocks year-to-date."
The full breakdown below:
Clients were net sellers of stocks in five of the ten sectors last week and net buyers of the remaining five, as well as ETFs. Tech and the co ...
U.S. stocks ticked higher, led by a rise in energy shares. The session's gains were fairly small, however, as investors appeared reluctant to jump in ahead of policy meetings scheduled for the European Central Bank and the Federal Reserve in the coming days.
The S&P 500 index bull market celebrated a birthday Wednesday, but it didn't get much love from two Bank of America Merrill Lynch analysts: One recommended dumping Wall Street, while another suggested cautious stock plays.
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