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07Jun2016 Market Close: Markets Close Higher, DOW Up 18 Points, WTI Crude Remains Above $50 And Short-Term Indicators Mildly Bullish

Written by Gary

Wall Street closed higher with the Spooze rising to within 15 points of its record high, partially boosted by higher crude prices today helped by a big jump in energy shares. U.S. crude settling above $50 a barrel the first time in almost a year, on expectations of domestic stockpile draw and worries about global supply shortfalls from attacks on Nigeria's oil industry.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

S&P edges closer to record high; energy shares lead

(Reuters) - The S&P 500 rose to within 15 points of its record high on Tuesday, helped by a big jump in energy shares and enthusiasm following Federal Reserve Chair Janet Yellen's speech this week.

U.S. presses China to reduce barriers for foreign business

BEIJING (Reuters) - Senior U.S. officials pressed China again on Tuesday to reduce barriers for foreign businesses, saying concerns had grown as the regulatory environment became more complex, and they also bought up concerns over a new law on foreign non-governmental groups.

Oil hits 2016 high on U.S. draw forecasts, Nigeria worry

NEW YORK (Reuters) - Oil prices hit 2016 highs on Tuesday, with U.S. crude settling above $50 a barrel the first time in almost a year, on expectations of domestic stockpile draw and worries about global supply shortfalls from attacks on Nigeria's oil industry.

Airbus remains behind Boeing after 83 orders in May

PARIS (Reuters) - Airbus sold 83 aircraft in May, but remained behind rival Boeing in the race for orders after a slow start to the year, figures released on Tuesday showed.

U.S. warns banks on cyber threat after Bangladesh heist

BOSTON/NEW YORK (Reuters) - U.S. regulators on Tuesday told banks to review cyber-security protections against fraudulent money transfers in the wake of revelations that a hacking group used such messages to steal $81 million from the Bangladesh central bank.

Weak U.S. productivity likely to remain a drag on profits

WASHINGTON (Reuters) - U.S. nonfarm productivity fell less sharply than initially thought in the first quarter and labor-related costs surged for a second straight quarter as companies hired more workers to raise output, suggesting profits could remain under pressure.

Judge makes no ruling on timing of Sumner Redstone competence trial

CANTON, Mass. (Reuters) - The battle over control of Sumner Redstone's $40 billion media empire moved to a Massachusetts courtroom on Tuesday, where a state judge said he needs time to decide whether to move up the date of a trial questioning the 93-year-old's mental competence.

Akamai, Nortek forfeit profits to avoid charges for bribes in China: SEC

(Reuters) - Akamai Technologies Inc and Nortek Inc have agreed to pay U.S. regulators profits made as a result of bribes the U.S. companies' units paid to Chinese officials, in exchange for avoiding prosecution, the SEC said on Tuesday.

Target charges suppliers more to help offload unsold inventory

CHICAGO (Reuters) - U.S retailer Target Corp is asking many suppliers to take on an extra 3-5 percent of the cost of promotions and price cuts after slow sales so far this year.

Credit Suisse Asks "Who Will Be Proven Correct?"

The S&P has made this move up on weak volume while, as Credit Suisse notes, macro trends diverge significantly. Given the focus on the S&P 500 as we approach all-time highs, the chart they find most interesting is the S&P 500 vs the US Macro Surprises divergence...

The big question is which one will prove to be correct? For now, the S&P 500 continues to ignore the data...

Consumer Credit Growth Slows Sharply In April

There was much excitement last month when the Fed reported that in March consumer credit soared by the highest in years, rising by $28 billion, and smashing expectations, on the back of a near record $10.4 billion surge in revolving, aka credit card, credit. It appears that this may have been a "one-time" event, because according to the latest report, in April, consumer credit rose by less than half of its March total notional, increasing by only $13.4 billion, well below the $18 billion expected.

The biggest culprit was revolving credit, which following last month's surge, rose by just $1.6 billion, the second lowest monthly increase in two years.

When it comes to non-revolving credit, aka auto and student loans, there were no surprises here: the monthly increase of $11.8 billion was in line with recent trends.

Finally, both student and auto loans continued their increase in the quarter, and as of March 31, student loans hit $1.35 trillion, while auto loans were just over $1.05 trillion, both well above the total amount of credit card debt currently in circulation in the US.

The Best Buy in the Market Right Now is the August VIX Futures Contract (Video)

By EconMatters

There isn`t much to buy right now from a value standpoint when looking around at asset prices. We like the August VIX Futures contract. We think between now and August expiration this contract spikes above 25 as market complacency right now is mispriced in our opinion.

EconMatters All Rights Reserved | Facebook | Twitter | YouTube |

Valeant: Still the Sick Man of Pharmaceuticals

The clouds hanging over Valeant's prospects just won't go away. The drugmaker's quarterly results have dashed any immediate hopes that its business is turning around.

Yahoo's Core Exposes Hollow Value Case

Verizon's $3 billion bid for Yahoo's core business suggests the market is still being too optimistic about the value of the internet company's shares.

Lululemon's Impressive Rebound Looks Stretched

Lululemon's first-quarter earnings face a high bar, particularly as shares hover near a 52-week high.

April 2016 Consumer Credit Annual Rate of Growth At The Lowest Level Since March 2014.

Written by Steven Hansen

The headlines say consumer credit rate of annual growth declined from last month - and came in well below market expectations The annual rate of growth of unadjusted consumer credit is the lowest since March 2014, and remains well above income growth (and economic growth in general).

Currencies: Pound rebounds as 'Brexit' polls show support to remain in EU

A series of new polls showed narrow support for the U.K. to remain in the European Union, pushing the pound higher on Tuesday.

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