US markets closed mixed as weaker-than-expected U.S. economic data reduced concerns about potential interest rate hikes and a dip in oil prices pushed down energy shares. Small caps poised small losses as U.S. consumer spending barely rose in February and inflation retreated.
(Reuters) - Eddie Lampert, the chief executive officer of Sears Holdings Corp , has acquired a portion of the company's new $750 million loan, his latest bet on the parent of Sears department stores and Kmart discount shops, people familiar with the matter said.
WASHINGTON (Reuters) - U.S. consumer spending barely rose in February and inflation retreated, suggesting the Federal Reserve could remain cautious about raising interest rates this year even as the labor market rapidly tightens.
(Reuters) - Japan's NTT Data Corp said on Monday it has agreed to buy Dell Inc's information technology consulting division for over $3 billion to expand in North America and bolster its services business.
(Reuters) - China's Anbang Insurance Group Co raised its offer for Starwood Hotels & Resorts Worldwide Inc to almost $14 billion, Starwood said on Monday, in the latest challenge to the U.S. hotel operator's merger with Marriott International Inc .
(Reuters) - Cosmetics maker Avon Products Inc has agreed to give Barington Capital Group LP the right to approve the appointment of an independent director, in a bid to avoid a proxy fight with the activist investor.
(Reuters) - Online music streaming service Pandora Media Inc appointed founder Tim Westergren as its chief executive to replace Brian McAndrews, who left the company on Monday, sending its shares down 10 percent.
Well that was a busy (no volume) day...But first some Easter Bunny fun...
Overnight JPY selling juiced stocks up but as soon as reality slapped them in the face - with housing data that everyone ignored for its idiocy and spending data that crushed hopes and dreams for Q1 GDP. However, the afternoon saw shootings at The Capitol, Times Square bomb alerts, and FBI investigating a major virus... stocks did not care.
We were not surprised...
Between 0.6% GDP and Capitol shooting, stocks should close at the highs
— zerohedge (@zerohedge) March 28, 2016
But for the 5th day in a row (and of increasing magnitude) Trannies were crushed at the open as it appears someone is dumping en masse...
Excerpted from Doug Noland's Credit Bubble Bulletin,
The 1987 stock market crash raised concerns for the dangers associated with mounting U.S. "twin deficits." Fiscal and trade deficits were reflective of poor economic management. Credit excesses - certainly including excessive government borrowings - were stimulating demand that was reflected in expanding U.S. trade and Current Account Deficits. Concerns dissipated with the revival of the bull market. These days we're confronting the consequences of 30-plus years of mismanagement.
Japan was the early major recipient of U.S. Bubble excess (throughout the eighties). The world today would be a much different place if the policy onus had fallen upon the Fed and congress to rein in U.S. borrowing excesses. Instead, enormous pressure was placed on Japan (and, later, others) to ameliorate trade surpluses with the U.S. by stimulating domestic demand. Such stimulus measures were instrumental in (repeatedly) stoking already powerful Bubbles to precarious extremes.
Fiscal and Current Account Deficits exploded in the early-nineties post-Bubble period. And as the nineties reflation gathered momentum, the boom in Wall Street and GSE finance pushed the Current Account to previously unimaginable extremes. Then, as the decade progressed, the associated global boom in dollar-based finance proved ever more destabilizing. Always ignoring root causes, each new crisis provided an excuse to further stimulate/inflate.
The fundamentally unsound dollar proved pivotal for European monetary integration, as the strong euro currency coupled with global liquidity abundance ensured runaway Bubble excesses throughout Europe's periphery. If the U.S. could run perpetual Current Account Defi ...
Prosecutors charged former Blackstone managing principal Andrew W.W. Caspersen, most recently an executive at Park Hill, with stealing $25 million from investors and scheming to defraud investors of $70 million more.
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