econintersect .com

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.

27May2016 Market Close: Wall Street Closed Higher, DOW Up 45 Points, WTI Crude Testing High 49's, Three Day Holiday Ahead

Written by Gary

Wall Street closed higher today for its strongest week since March after U.S. Federal Reserve Chair Janet Yellen said an interest-rate hike would likely be appropriate "in the coming months." Oil futures also ended the session higher and a gain for the week, but below the $50 yesterday. Financial markets in the U.S. will be closed on Monday for the observance of Memorial Day, in honor of men and women who died while serving in the U.S. military.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Yellen says Fed rate hike likely appropriate in coming months

CAMBRIDGE, Mass. (Reuters) - The Federal Reserve should raise interest rates "in the coming months" if the economy picks up as expected and jobs continue to be generated, U.S. central bank chief Janet Yellen said on Friday, bolstering the case for a rate increase in June or July.

Verizon strike seen lowering U.S. May payrolls by 35,000 jobs

WASHINGTON (Reuters) - The strike by Verizon Communications Inc workers will probably trim U.S. non-farm payroll growth in May by at least 35,000 jobs, a Labor Department report showed on Friday.

Wall St. rises, caps best week since March

NEW YORK (Reuters) - Wall Street rose on Friday and capped off its strongest week since March after U.S. Federal Reserve Chair Janet Yellen said an interest-rate hike would likely be appropriate "in the coming months."

U.S. economic growth revised higher in first quarter

WASHINGTON (Reuters) - U.S. economic growth slowed in the first quarter although not as sharply as initially thought, as a surge in home building and steady inventory accumulation partially offset the drag from a steep decline in business investment.

Monsanto boss could net $70 million from a Bayer takeover

LONDON (Reuters) - Monsanto boss Hugh Grant could land more than $70 million if the world's largest seed company is taken over by German chemicals giant Bayer AG .

Automakers recall 12 million U.S. vehicles over Takata air bags

WASHINGTON (Reuters) - Eight automakers said on Friday they are recalling more than 12 million U.S. vehicles for defective Takata air bag inflators, widening the largest-ever auto safety effort to more passenger-side devices.

Sumner Redstone to put shareholders first in deciding fate of board, CEO

(Reuters) - A spokesman for Sumner Redstone wrote in an emailed statement on Friday that the media mogul would act in "the best interests of shareholders," when asked about whether the media mogul will take action to remove Viacom CEO Philippe Dauman and the company's board of directors.

Saudi Aramco boosting market share as it prepares for listing: CEO

KHOBAR, Saudi Arabia (Reuters) - Saudi oil giant Aramco is gaining market share and pushing for greater efficiency, chief executive Amin Nasser said in an interview, as it acts as a "bridge" to a future when the nation relies less on energy exports.

Verizon and unions reach tentative deal to end strike

NEW YORK (Reuters) - Verizon Communications Inc and unions representing nearly 40,000 wireline workers have reached a tentative deal to end a strike that has stretched for more than month, U.S. Secretary of Labor Thomas Perez said on Friday.

Stocks Soar On Hawkish Fed As Gold Suffers Worst Week In 6 Months


So despite weaker than expected GDP, and tumbling GDP expectations...

Yellen has jawboned rate hike expectations up to record highs for July...

And stocks loved it!??

Stocks had their best week in over 3 months - mainly driven by a panic bid on Tuesday as Fed speakers went full hawktard...

And here are futures this week... just unreal...

As S&P cash was squeezed up toward 2,100 and VIX near a 12 handle once again... #FAIL 2098.87, and 13.10

What Killed The US Consumer, In One Chart

Once again, a topic we have beaten to death over the past several years, namely that US consumers spending on discretionary items has collapsed for the simple reason simply because these same consumers are forced to spend much more on staples such as housing (or since nobody can afford houses anymore, on rent) and health insurance (thanks Obamacare), has made it into the sellside, in this case the latest Greed and Fear report by CLSA's Chris Wood.

Here is the Chris Wood's delightfully simple explanation which summarizes what we have said over the past three years.

The failure of American consumption to pick up over the past year and more in the manner expected can be explained not just by increased consumer caution but also by the increasing costs of two essentially nondiscretionary items for most Americans. That is the soaring cost of medical care and the rising cost of rents.

Thanks president Obama and Janet Yellen for killing the US middle class, but it was all worth it: the S&P is at 2,100, or as Janet Yellen would say "the Fed's handling of financial crisis nothing short of magnificent."

The Economy vs. Earnings: Companies Aren't Winning

The U.S. economy isn't as weak as the GDP report suggests. As that becomes clear, companies will need to find another excuse.

Williams and Energy Transfer: No Rhyme or Reason

Energy Transfer Equity's counterclaims in a suit against Williams Cos are hard to swallow.

Terex-Zoomlion: Another Chinese Deal Bites the Dust

After Zoomlion abruptly pulled the plug on buying U.S. equipment maker Terex, other potential takeover targets might want to grill their Chinese suitors on whether they have the cash, or are truly willing to pay the price.

Currencies: Dollar hits 2-month high as Yellen suggests rate hike in coming months

The dollar rose sharply Friday, reaching a two-month high against its major rivals, after Federal Reserve Chairwoman Janet Yellen said an interest-rate increase may be coming in a matter of œmonths, if the economy continues to improve.

TheStreet fight: Activists say Cramer, other directors worse than Kim Jong Un

TheStreet has been accused by one major investor of manipulating the procedure of electing new directors.

Jeff Reeves's Strength in Numbers: Why Apple shares are ripe for picking

It appears that once again, Apple stock has found a short-term bottom, writes Jeff Reeves.

Summary of Economic Releases this Week

Real Time Economic Calendar provided by

Earnings Summary for Today

Earnings Calendar provided by

leading Stock Positions

Leading Stock Quotes powered by

Current Commodity Prices

Commodities are powered by

Current Currency Crosses

The Forex Quotes are powered by

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

Click here for Historical Releases Listing

Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.

Econintersect Live Market

Print this page or create a PDF file of this page
Print Friendly and PDF

The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.

Keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Middle East / Africa
USA Government

 navigate econintersect .com


Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2018 Econintersect LLC - all rights reserved