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17Jun2016 Market Close: Markets Down Over One Percent For The Week

Written by Gary

USA markets closed down today - and were down over 1% for the week. Some say it was Apple's fault. Yet oil closed up, and recently oil and the markets have been moving in the same direction. Gold rose over $1300.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Apple drags Wall St. lower; Brexit angst lingers

NEW YORK (Reuters) - Wall Street ended lower on Friday as Apple dragged down major indexes and investors girded for Britain's vote next week on its European Union membership.

U.S. housing starts hurt by weakness in multi-family units

WASHINGTON (Reuters) - U.S. housing starts slipped in May as the construction of multi-family housing units dropped, but further gains in building permits signaled a rebound that would support economic growth in the second quarter.

Viacom investors pay CEO's legal bills in Redstone spat

(Reuters) - Viacom Inc disclosed on Friday it would foot the bill for embattled CEO Philippe Dauman's legal fight against controlling shareholder Sumner Redstone, even as Wall Street cheers the executive's potential departure.

Apple says iPhones still available for sale in China

(Reuters) - Apple Inc said its iPhone 6 and 6 Plus were still available for sale in China after Beijing's intellectual property regulators barred their sales saying the designs had infringed a patent held by a Chinese company.

Unions ratify Verizon landline labor contract

NEW YORK (Reuters) - The unions representing nearly 40,000 wireline workers of Verizon Communications Inc ratified a new labor deal on Friday ending a months-long dispute that led to an employee strike that lasted nearly seven weeks, the company said.

GM seeks to dismiss claims for recalled vehicles' lost value

NEW YORK (Reuters) - A lawyer for General Motors on Friday asked a U.S. judge to bar "unprecedented" claims on behalf of millions of customers who say their vehicles lost value because the GM brand was damaged by dozens of recalls, including one for a faulty ignition switch.

Oil jumps 4 percent as Brexit fears ease, still down on week

NEW YORK (Reuters) - Oil prices jumped about 4 percent on Friday, as a weaker dollar and less anxiety about Britain's possible exit from the European Union encouraged investors to buy riskier assets.

Exclusive: Eldridge Industries hires banks to review media holdings

(Reuters) - Eldridge Industries, the U.S. owner of TV production company Dick Clark Productions and magazines Billboard and The Hollywood Reporter, told Reuters on Friday that it had hired investment banks to carry out a review of its media holdings.

Ex-Countrywide CEO Mozilo to not face U.S. fraud case: source

NEW YORK (Reuters) - Former Countrywide Financial Corp CEO Angelo Mozilo will not face a U.S. Justice Department lawsuit for defrauding investors in mortgage-backed securities issued before the 2008 financial crisis, a person familiar with the matter said on Friday.

Stocks Slump Most In 4 Months As Global Financial Stress Nears 5-Year Highs

With everyone worried about Brexit, we thought the folowing might help clarify (Please Note - Very Not Suitable For Work)...

ok it didn't help at all but we've been wanting an excuse to play that for a while.

Global Financial Stress Index spikes up most since Aug 2011...

As Brexit polls surge towards "Leave"...

As USDollar Scarcity (panic demand) rears its ugly head again...

And GDP-weighted European Sovereign risk surged to 2 year highs...

Artist's Impression Of Mainstream Media's Presidential Race Coverage

Presented with no comment...


Frustrated Illinois Taxpayers Pay Property Tax With $1 Bills

Jeff McGrath has been fed up about his property taxes going up for years in McHenry County, Illinois. However when McGrath was told that taxes would go up another 26% this year and nobody could provide any explanation for it, he had enough, and decided that a statement needed to be made.

That statement, as it turns out, was to pay the first installment of his commercial and residential property taxes in single dollar bills. McGrath said that by doing so, perhaps someone would relay that to the tax assessor that people are not happy about what's taking place.

"I built my house in 1999, here in Woodstock inside the city limits. The first hint I got was a $13,000 permit fee so that we could even start building. The taxes in the first year and the second year were like $2,500 a year and then seventeen years later, this year they jumped 26%, and I'm at $11,600 a year, and no one can explain why. Why 26% in one year, I didn't change anything, I didn't build anything, I didn't add anything, it's just out of control."

"Out of frustration, I said that because the tax bill jumped like that for no explanation then I'm going to pay it in single dollar bills. I would like to pay it in change but they don't accept that. I started gathering up singles, and a lot of them, the first installment for my commercial property and my residential was almost $16,000 in singles.

A Common Central Bank Tool: Fearmongering

Submitted by Tho Bishop via The Mises Institute,

This week the Bank of England announced that it would follow the lead of the Federal Reserve and maintain interest rates at .5%. The bank didn't stop there however, warning voters that next week's Brexit referendum posed "the largest immediate risk facing UK financial markets, and possibly also global financial markets. " Considering the growing public support for the UK's separation from the EU, the statement can be seen as a last ditch effort by the BoE to push back against the effort and the move has been strongly criticized by British politicians skeptical of the EU.

Of course central bankers using their position of influence to try to street the actions of both policy makers and voters is nothing unusual. (In fact, manipulation of public opinion has become an explicit policy tool of central bankers in recent years.)

In 2008, for example, it was an intense scare campaign lead personally Chairman Bernanke and Secretary Henry Paulson that helped finally push lawmakers to agree to the Wall Street bailout.

In his book An Act of Congress, Robert Kaiser detailed Bernanke's warnings to lawmakers.

Viacom Shareholders' Dreaming of CBS

Viacom investors are getting the leadership shake-up they want. Now attention is shifting to the idea of a merger with CBS.

Retailers Need to Close Some Doors to Survive ‹

Closing stores is one of the few things that mall retailers can do to stem the bleeding, but they aren't doing it quickly enough.

Why 'Brexit' Isn't Game Over for These European Banks

The U.K. referendum is spooking investors across financial services, but some southern European banks are insulated from the blow.

10 June 2016: ECRI's WLI Growth Index Again Marginally Improves

ECRI's WLI Growth Index which forecasts economic growth six months forward expanded again marginally and remains in positive territory for the twelfth week - after spending the previous 34 consecutive weeks in negative territory.

May 2016 Residential Building Situation Improved But Remains In Contraction

Written by Steven Hansen

The rate of year-over-year contraction in this sector moderated this month.

Currencies: Pound logs first weekly gain in 3 weeks on tempered Brexit fears

The British pound logs its first weekly gain in three weeks, as worries that the U.K. might leave the European Union in next week's referendum ease a bit after both sides temporarily suspend their campaigns following the murder of a British lawmaker on Thursday.

Bond Report: Treasury yields decline for third week in a row as Brexit vote looms

U.S. Treasurys and other safe-haven government bonds rose slightly Friday, having a brief respite from precipitous declines as investors anxiously await the outcome of the U.K. vote on whether to leave or stay in the European Union

The Wall Street Journal: Justice Department drops civil-fraud case against Countrywide's Angelo Mozilo

Lenders' former CEO and others had been pursued over their alleged role in the financial crisis.

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