U.S. stocks rose today on falling daily volume, with the Dow and the S&P 500 unexpectedly hitting new historic records, as Microsoft's strong results boosted optimism regarding the health of quarterly earnings. U.S. crude oil inventories fell more-than-expected last month, pushing crude prices reaching $46.
Here is the current market situation from CNN Money
North and South American markets are mixed today. The IPC is up 0.54% while the S&P 500 gains 0.47%. The Bovespa is off 0.15%.
NEW YORK (Reuters) - A senior HSBC Holdings Plc manager has been arrested and charged alongside a former foreign exchange executive with engaging in a scheme to front-run a $3.5 billion transaction by one of the bank's clients, U.S. prosecutors said on Wednesday.
(Reuters) - The U.S. Department of Justice filed lawsuits on Wednesday seeking to seize dozens of properties tied to Malaysian state fund 1Malaysia Development Berhad (1MDB), saying that over $3.5 billion was misappropriated from the institution.
(Reuters) - Electronics and smart-phone retailers are seeing a jump in sales of mobile charging equipment since Pokemon GO was released in the United States two weeks ago and are now looking for more ways to drive potential customers into stores through the wildly popular game.
LONDON (Reuters) - SABMiller has not ruled out asking Anheuser-Busch InBev to revamp its proposed $100 billion-plus takeover offer before formally recommending the bid, a source close to the London-listed brewer told Reuters, amid rising shareholder disquiet about the terms.
PARIS (Reuters) - LVMH boss Bernard Arnault is considering a change of creative director at Louis Vuitton with the up-and-coming Jonathan Anderson, now at sister brand Loewe, viewed as the best candidate to replace Nicolas Ghesquiere, according to three sources with knowledge of the matter.
NEW YORK (Reuters) - Currency market fluctuations following Britain's vote to leave the European Union will hurt corporate results in the coming quarters, possibly resulting in a negative impact of as much as $35 billion to $40 billion, according to a report from FIREapps on Wednesday.
(Reuters) - Abbott Laboratories reported better-than-expected quarterly sales and profit as strong sales in its medical device business more than made up for the hit from an economic turmoil in Venezuela.
Submitted by Jeffrey Snider via Alhambra Investment Partners (h/t Contra Corner blog),
Most of what passes for modern monetary policy is nothing more than one assumption piled upon another (and then another, and so on). Taken for granted for so long, rarely are these unproven precepts ever challenged to justify themselves to the minimal standard of internal consistency, let alone prove discrete validity by parts. The latest is "helicopter money", another sham in a long line of them proffered by at least one central bank today because it knows, as the others, nothing they have done has worked.
The fact that the world is even discussing the helicopter option should instill great skepticism as a first impulse, not more rabid faith. The way this latest scheme is being described is exactly the same as quantitative easing was really not that long ago. Clearly the expectation for it is rising, as Bloomberg reported today that, "Nearly one-third of clients and colleagues surveyed by Citigroup Inc. think that so-called helicopter money could be on its way within a fortnight." Forty-three percent in the same survey believed that the "market" was expecting it.
To do what? That is the question that is never asked because it is just accepted by eco ...
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