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18Jul2016 Market Close: Wall Street Closes Up, But Below The Large Cap Historical Highs, Crude Prices In The High 45's And Investors Nowhere To Be Found As Volume Approaches Anemic Levels

Written by Gary

US markets traded mostly elevated and sideways, closing in the green. DOW closed flat, the Spooze up +0.2% and the Nasdaq up +0.2%. Crude prices trending up from earlier losses and the US dollar remains steady, trading sideways

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall St. on record track led by tech, bank stocks

(Reuters) - Wall Street rose on Monday as Bank of America's better-than-expected profit and a tech sector deal fed recent optimism about a stronger U.S. economy.

Bank of America sets new cost target under pressure from low rates

(Reuters) - Bank of America Corp reported a 19 percent drop in second-quarter profit on Monday and set a new expense target as growth in businesses from lending to trading failed to offset the impact of persistently low interest rates.

SoftBank to buy UK chip designer ARM in $32 billion cash deal

TOKYO/LONDON (Reuters) - Japan's SoftBank will buy Britain's most valuable technology company ARM for $32 billion in cash, an audacious attempt to lead the next wave of digital innovation with a chip designer that powers the global mobile phone industry.

Exclusive: Monsanto in talks with Bayer over confidentiality pact - source

(Reuters) - U.S. seeds company Monsanto Co is negotiating the terms of a confidentiality agreement with Bayer AG that would allow extensive due diligence, after the German drug and crop chemical group raised its acquisition bid to more than $64 billion, a source familiar with the matter said on Monday.

Murdochs decide to oust Fox News chief Ailes: report

(Reuters) - Rupert Murdoch, executive co-chairman of 21st Century Fox Inc , and his sons James and Lachlan agree that Fox News Channel boss Roger Ailes should leave the company but they have not settled on the timing, New York magazine reported on Monday, citing anonymous sources.

Fiat Chrysler says cooperating in U.S. probe of vehicle sales

(Reuters) - Fiat Chrysler Automobiles NV said on Monday it is cooperating with U.S. officials investigating whether the company inflated vehicle sales figures in the United States.

Uber reaches 2 billion rides six months after hitting its first billion

SAN FRANCISCO (Reuters) - Uber has completed more than 2 billion trips on its app, the company's chief executive said on Monday, a milestone that arrives just weeks after the ride service added another $4.7 billion to its warchest.

Big funds push back against activist investor settlements

(Reuters) - After years of support for companies that hand board seats to activists to avoid a bruising public fight, some of the world's largest institutional investors are pushing back.

Hasbro beats estimates on strong demand for Disney Princess dolls

(Reuters) - Hasbro Inc reported higher-than-expected quarterly profit and revenue, driven by strong demand for Disney Princess and Frozen dolls and action figures based on "Star Wars" movies.

Charm City: It's Not About Freddie Gray, but Baltimore's Economic Plunge

Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke.

After today's acquittal of Lt. Brian Rice in the ongoing Freddie Gray saga, lead prosecutor Marilyn Mosby is batting a perfect 0-4. The three previous defendants were similarly acquitted, with two (and perhaps three) more officers to take the stand in the future.

It appears that Marilyn Mosby's prosecutions have been politically motivated and without foundation. The big problem, however, is that Freddie Gray has taken the focus off of Baltimore's long and painful economic plunge - a plunge that can be laid squarely at the feet of Charm City's long embrace of anti-market economic policies.

My colleague, Prof. Stephen J.K. Walters, and I wrote about this in the Investor's Business Daily on April 22, 2016: "One Year After: Freddie Gray and 'Structural Statism'."

Here is some of what we wrote about how the path of structural statism has contributed to Baltimore's poverty and associated problems.

"When Freddie Gray was born in 1989, Baltimore hosted 787,000 residents and 445,000 jobs. By the time his fatal injuries in police custody provoked riots last April, the city's population had fallen by one fifth, to 623,000, and its job base had shrunk by one quarter, to 334,000.

Little wonder that throughout his life, Mr. Gray had never been legally employed. Nevertheless, friends and family considered him "a good provider," according to The Baltimore Sun.

This was because he worked in the drug trade, which filled his city's economic vacuum. An average day on the corner can yield take-home pay ten times that available in the low-skill warehousing or service jobs sometimes avail ...

Is SoftBank Finished With Sprint?

SoftBank's deal for ARM Holdings could reduce its firepower in any future attempt to combine Sprint and T-Mobile.

Bank of America Is a Low-Rate Loser

Bank of America's investments make it especially vulnerable to falling rates.

SoftBank-ARM: These Chips Don't Come Cheap

SoftBank's $32 billion bid for U.K. smartphone chip designer ARM is a high price, leaving the Japanese conglomerate swimming in debt.

The Wall Street Journal: The 'placebo effect' isn't all in your head

The scientific phenomenon may have real health benefits.

Capitol Report: HUD Secretary Castro violated rule on political activities, agency finds

Housing and Urban Development Secretary Julian Castro violated a rule limiting the political activities by federal employees, an independent agency ruled Monday, in a development that could negatively impact his chances to be selected as the running mate to Hillary Clinton.

Capitol Report: What could be in the taxes that Trump has vowed not to release

Republican front-runner Donald Trump says voters have nothing to learn from his tax returns. Experts say based on his business dealings there could be a wealth of information relevant to voters.

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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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