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20Jun2016 Market Close: Major US Indexes Fall From Session Highs, Crude Prices Up 3 Percent, Gas Prices Up 5 Percent, Short-term Indicators Look Bearish

Written by Gary

Major US averages dropped suddenly during the last 15 minutes of the session under intense selling, then recovering fractionally and finally closing below the R2 (SPY 207.94, SP500 2086). The DOW closed up 130 points, but off its session highs as crude prices rose 3 percent for the second straight day, after polls showing a lower likelihood of Britain leaving the European Union.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Oil up 3 percent as Brexit chances dim; gasoline surges too

NEW YORK (Reuters) - Oil prices rose 3 percent on Monday, settling higher for a second straight day, after polls showing a lower likelihood of Britain leaving the European Union while U.S. gasoline surged 5 percent in anticipation of peak summer driving demand.

Wall St. rallies as Brexit seen less likely

NEW YORK (Reuters) - Wall Street rose on Monday in a relief rally after indications that British voters later this week will choose to remain in the European Union.

With oil price near $50, resilient U.S. shale producers eye new chapter

HOUSTON (Reuters) - Two years into the worst oil price rout in a generation, large and mid-sized U.S. independent producers are surviving and eyeing growth again as oil nears $50 a barrel, confounding OPEC and Saudi Arabia with their resiliency.

Shanghai emerging frontrunner for Tesla's China production: Bloomberg

(Reuters) - Tesla Motors Inc is eyeing Shanghai for its China production base in an investment that could be worth about $9 billion, Bloomberg reported.

Facebook investors OK new share class to keep Zuckerberg at helm

(Reuters) - Facebook Inc shareholders approved a proposal to create a new class of non-voting shares, a move aimed at letting Chief Executive Officer Mark Zuckerberg give away his wealth without relinquishing control of the social media company he founded.

Soros sees Russia emerging as global power as EU fades

LONDON (Reuters) - Billionaire investor George Soros said on Monday he saw Russia emerging as a global power as the European Union collapses, in much the same way as the EU flourished when the Soviet Union started falling.

Bank analysts to face real and imagined stress on Thursday

NEW YORK (Reuters) - Wall Street analysts who cover big banks will endure a long night on Thursday, when a barrage of data will show how well the largest U.S. financial institutions can stand up under stress.

Too-tough capital rules may stifle U.S. lending: Fed's Kashkari

WASHINGTON (Reuters) - Regulators may hurt the economy and push borrowers toward non-bank lenders if they set too-high capital standards for Wall Street, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said on Monday.

The Fed's Case For a Higher Inflation Target

The Federal Reserve's belief that interest rates can't go as high as they used to is an argument for it accepting more inflation.

Oil Rebound About to Hit the 'Brexit' Ramp

Oil prices slumped and then rebounded on Brexit, but the market's near-term fundamentals look poor once the dust settles.

No Memphis Blues for FedEx

FedEx's largest deal ever will be in focus as the company reports earnings.

Netflix could lose hundreds of thousands of subscribers with price hike

Netflix began its price hikes in May and will continue to ask for more money from current subscribers through the rest of 2016. This could mean losing hundreds of thousands of customers for the streaming service.

Market Extra: Will Brexit vote be a nonevent like Y2K?

There is nothing like a good scare to keep euphoria at bay. Right now, the anxiety over the U.K.'s potential "Brexit" from the European Union fills the bill, though skeptics doubt its power to wreak havoc.

The Tell: A storm is brewing in the real-estate market, Pimco warns

Pacific Investment Management Co. is pointing to gathering clouds in the roughly $3 trillion commercial real-estate market.

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

gary@econintersect.com

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