Wall Street closed higher, but down from its session high. The DOW gained 113 points, or 0.6%, to close at 17,919, while the NASDAQ gains 26 points, or 0.5%, to close at 4.969. U.S. prices settled at their highest level since July despite a brief pull back in the wake of Federal Reserve Chairwoman Janet Yellen's speech. Intermediate and short-term indicators remain moderately bearish.
PHILADELPHIA (Reuters) - Federal Reserve Chair Janet Yellen on Monday gave a largely upbeat assessment of the U.S. economic outlook and said interest rate hikes are coming but, in an omission that stood out to some investors, gave little sense of when.
(Reuters) - The S&P 500 hit a 7-month intraday high on Monday as investors digested comments from Federal Reserve Chair Janet Yellen, who painted a mostly upbeat picture of the economy but gave little sense of when a rate hike may be coming.
WASHINGTON (Reuters) - The U.S. Supreme Court on Monday rejected Google Inc's bid to throw out a class action lawsuit involving claims that the company deceived California advertisers about the placement of Internet ads through its Adwords service.
SAN FRANCISCO (Reuters) - Investors looking for stability and dividends have been pouring money into consumer staples stocks of late, ignoring warnings from Wall Street's analysts about pricey valuations for companies like Clorox and Campbell Soup .
NEW YORK (Reuters) - Morgan Stanley has asked securities regulators for the right to launch its first U.S.-listed exchange-traded funds, marking the latest example of a massive Wall Street investment manager courting investors' growing use of those funds.
(Reuters) - Best Buy Co Inc's shares fell as much as 5 percent on Monday after Chief Executive Hubert Joly cut his stake in the electronics retailer by about 44 percent, two weeks after the company gave a disappointing current-quarter profit forecast.
NEW YORK (Reuters) - Viacom's Chief Executive Philippe Dauman, who is suing over his removal from Sumner Redstone's trust, on Monday said in a court filing that a judge should expedite the matter because the 93-year-old media mogul is in ill health and may soon not be able to provide needed evidence.
WASHINGTON (Reuters) - The U.S. Supreme Court on Monday let stand a $96 million international arbitration award issued in 2011 in favor of energy company Chevron Corp in a dispute over the development of oil fields in Ecuador.
Having entered the trader vernacular, it was only a matter of time before a car with a "BTFD" license plate emerged. And inevitably enough, as a reader points out, the following license plate was photographed yesterday on Clark Street in the Lincoln Park area of Chicago.
Considering the plate was spotted on a 1 Series, we can only imagine the "D" wasn't all that big: perhaps someone needs to advise Ken Griffedn to use this all too appropriate name for his next yacht.
Car notwithstanding, at least the driver (and anyone stuck behind him) will never forget the only rule one needs to trade this market.
For those who have been forced to trade the market, or provide trading recommendations, the past few months have not been kind: we have seen several instances in recent weeks where a trader lost it, where a strategist - one as prominent as SocGen's Albert Edwards - blew up and admitted "I'm Not Really Sure How Much More Of This I Can Take", and even a central banker went off the rails saying he and his peers are "magic people."
Today it is the turn of one of the more prominent (and bearish) sellside high yield analysts, BofA's Michael Contopoulos, to join the bandwagon of those driven to near insanity by the Fed, something he himself admits in a note titled "cycle not acting its age as central banks create fantasy-land."
The HY analyst says that while his bearish stance has gotten less pronounced in the last week as "Q1 earnings data was better than it had been in 6 quarters," he adds that his "bearish stance most definitely still remains both on valuations and our disposition about the trajectory of corporate and economic data. Long term we continue to find it very difficult to see a path for high yield corporates to grow into their balance sheets."
That's the fundamentals and they scream sell. On the other hand, Contopoulos adds that fundamentals do not matter when faced with activist central banks who are intent on inflating the biggest debt bubble ever, one which even Goldman warned over the weekend would lead to as much as $2.4 trillion ...
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