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28Jun2016 Market Close: DOW Climbs To Plus 269, WTI Crude Closes Higher, USD Sinks Lower, All Eyes On SP 500 2040 Level

Written by Gary

US markets closed higher, sea-sawing from an +1% opening up to where the DOW was up +1.6% and SPY was up +1.8%, recouping some recent losses, as investors sought cheap assets after a two-day equities Brexit rout. Short-term indicators are bullish, but may turn bearish if the Spooze fails to pierce 2040 with gusto.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street bounces back after two-day selloff

NEW YORK (Reuters) - Wall Street bounced back on Tuesday, recouping some recent losses, as investors sought cheap assets after a two-day equities rout sparked by Britain's decision to leave the European Union.

U.S. first-quarter GDP revised up, Brexit risk to outlook

WASHINGTON (Reuters) - U.S. economic growth slowed in the first quarter but not as sharply as previously estimated, and while there are signs of a pickup in the second quarter, analysts worry Britain's vote to leave the European Union could hurt activity later this year.

U.S. Attorney General Lynch says probe into VW scandal ongoing

WASHINGTON (Reuters) - U.S. Attorney General Loretta Lynch said on Tuesday that a Department of Justice investigation into the Volkswagen emissions scandal was continuing, and that it was important to look at the individuals involved.

Taiwanese chip supplier says Apple conservative on orders: Nikkei

(Reuters) - Taiwanese chip firm Advanced Semiconductor Engineering Inc said on Tuesday that its biggest customer, Apple Inc, was being more conservative in placing orders compared with last year, according to the Nikkei.

IKEA recalls 36 million chests, dressers after six deaths

WASHINGTON (Reuters) - Swedish furniture retailer IKEA Group is recalling almost 36 million chests and dressers in the United States and Canada that have been linked to the deaths of six children, the U.S. Consumer Product Safety Commission said on Tuesday.

Katzenberg sued over 'side deal' to Comcast-DreamWorks merger

WILMINGTON, Del. (Reuters) - Jeffrey Katzenberg, DreamWorks Animation SKG Inc's chief executive, has been hit with a proposed class action lawsuit over what a minority shareholder called an "extraordinarily valuable" side deal he struck as part of the $3.8 billion sale of the studio to Comcast Corp .

EU regulators readying third Google antitrust charge: sources

BRUSSELS - Alphabet's Google may face a third EU antitrust charge as soon as next month, this time focusing on its revenue mainstay AdWords ad placement service, three people familiar with the matter said on Tuesday.

Airbnb seeks funds valuing it at $30 billion: source

(Reuters) - Apartment-sharing startup Airbnb is in talks for a new round of funding that would value the company at $30 billion, a source close to the company said on Tuesday.

America Movil to pay $1.1 million to settle U.S. probe

WASHINGTON (Reuters) - Puerto Rico Telephone Company and its parent, America Movil SAB de CV of Mexico, will pay $1.1 million to resolve a U.S. investigation over foreign ownership levels, the Federal Communications Commission said on Tuesday.

European Parliament Plans To Remove English As An Official Language

There has been a lot of speculation surrounding what the changes will be in the relationship between the UK and the European Union as a result of the Brexit referendum. One thing we do know, is that according to a senior MEP, English will no longer be an official language of the European Union.

Danuta Hubner, the head of the European Parliament's Constitutional Afairs Committee (AFCO), warned Monday that English will not be one of the European Union's official languages after Britain leaves the EU. As Politico reports, English is one of the EU's 24 official languages because the UK identified it as its own official language, Hubner said. But as soon as Britain completes the process to leave the EU, English could lose its status.

"We have regulation, where every EU country has the right to notify one official language. The Irish have notified Gaelic, and the Maltese have notified Maltese, so you have only the UK notifying English. If we don't have the UK, we don't have English." said Hubner.

As we reported, during a Tuesday speech to EU lawmakers European Commission President Jean-Claude Juncker didn't speak any English, instead making the ...

Farage Slams The EU Parliament: "You're Not Laughing Now Are You?"

In his first appearance in European Parliament since the Brexit vote, UKIP leader Nigel Farage was greeted with raucous jeers and boos (presumably for enabling The Brits to exercise their democratic right to self-determination). Once EU President Martin Schulz had demanded (ironically) that they listen, Farage began his 'victory' speech by reminding his so-called peers of their laughter when he first suggested UK should leave The EU - "you're not laughing now... are you!"

"..and the reason you're so upset, the reason you're so angry, the reason you're not laughing is simple - you as a political project are in denial"

Other MEPs were vocal...

Jean-Claude Juncker, President of the European Commission

"Europe isn't exclusively a cerebral affair. Obviously we have to think but equally when you're sad, it's acceptable to be sad and I am sad after this vote in the UK and I make no secret of it. The British vote has cut off one of our wings, as it were, but we're still flying."

Guy Verhofstadt, leader of the EU Liberal group

"What makes it so hard for me...is the way it succeeded. The absolutely negative campaign. Mr Farage's posters showing refugees like in Nazi propaganda, which he copied at that moment. I never thought it was possible that somebody in this house should do a thing like that."

Marine Le Pen, leader of the far-right French National Front

"The British have chosen a route which it was thought was closed for all time and you were some of those who believed it was closed. Those who said 'It's all irrev ...

Are CEOs Dumb, Greedy, Or Corrrupt?

Submitted by Jim Quinn via The Burning Platform blog,

Everyone knows the key to investing success - Buy low, sell high. So why do the CEOs of the biggest companies in the world buy back their company's stock at all-time highs and when prices were at decades lows in 2009, they bought nothing?

These MBA geniuses aren't dumb in the traditional sense. But their decisions to squander hundreds of billion of shareholder money making horrible investment choices points to their greed and corruption.

Executive compensation is tied to earnings per share.

Since these dimwits are too narrow minded and myopic to figure out ways to increase revenues and profits through capital and intellectual investment, they turn to Wall Street stock buyback schemes to boost EPS artificially, while suppressing wages of their workers and shipping jobs overseas. Boosting their own wealth is all that matters to these greedy bastards.

It's baked in the cake that these CEO "investments" will result in hundreds of billions in losses.

And not one of these dumbass CEOs will lose their job for doing so. Because all the other dumbass CEOs were doing the same thing. Who coulda knowed?

At Least 10 Killed, 40 Injured After Explosions, Gunfire At Istanbul's Ataturk Airport - Live Feed

Two explosions following heavy gunfire took place moments ago at Ataturk International Aiport in Istanbul, the third busiest airport in Europe. The interior ministry adds that there have been at least 40 inuries and at least 10 people have been confirmed dead.

An eye witness told CNN Turk television that blasts took place shortly after gun fire between police officers and unknown persons near the airport's car park. The Turkish justice minister says an attacker opened fire with a Kalashnikov rifle.

Local media reports that both blasts occurred outside as the attackers attempted to enter the terminal. The attackers reportedly detonated the explosive after being fired on by police. Officials say the attackers had not yet gone through the x-ray security checkpoint.

Taxis are reportedly carrying injured people away from the airport. Turkish officials currently suspect that the incident was a suicide attack, and Turkish broadcaster Haberturk reports that roughly 40 people are injured.

More details from CBS:

Turkish officials say at least two explosions rock country's largest airport in Istanbul on Tuesday, leaving multiple people injured.

A witness told broadcaster CNN Turk that gunfire was heard from the car park at Ataturk airport. Turkish official said Tuesday it was unclear whether the explosions were caused by bombs or a suicide attack. The official spoke on condition of anonymity in line with government protocol. airport. Taxis were ferrying wounded people from the airport, the witness told CNN Turk.

Turkey has suffered several bombings in recent months linked to Kurdish or Islamic State of Iraq and Syria (ISIS) militants.

Quantifying the Brexit Shock

Investors are facing what may be the biggest policy shock of their lifetimes. But past events give some sense of how what sort of damage it will cause.

U.K. Downgraded: Why Reasons Matter More Than Impact

Post-Brexit, the U.K. has lost its triple-A rating from Standard & Poor's. That matters more politically than financially.

General Mills Isn't Appetizing at This Price

General Mills has thrived as a bond-like stock, but its valuation might be too rich even for yield-hungry investors.

Darrell Delamaide's Political Capital: The race for the White House enters an alternate universe

The candidates, the pundits and the media in general seem increasingly detached from the real world we live in as a campaign of taunts and insults replaces real debate on issues, says Darrell Delamaide.

Outside the Box: Investors must adjust their portfolios now for a changing climate

Even climate-change skeptics would be smart to look at their portfolios through the lens how companies are adapting to rising sea levels and regulatory changes.

Deep Dive: 10 hard-hit stocks to buy after the Brexit bomb

Jefferies analysts cite stocks that may have been overly punished last week.

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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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