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23Aug2016 Market Close: Materials Stocks Lead New York Markets Higher After Big Gains In Europe

Written by Gary

Hesitation that hindered trading Monday faded somewhat in markets awaiting Janet Yellen's Jackson Hole speech coming on Friday. The Dow was up nearly 100 points early but faded to up 20 by the close. Eurpean markets were much stronger with gains of more than 0.5% to well over 1% for major markets. The pan-European STOXX 600 closed up 0.93%.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street rises with tech stocks; one eye on Fed

(Reuters) - U.S. stock rose on Tuesday, with the Nasdaq hitting a record intraday high, led by technology companies and as robust housing market data strengthened the case for a firming economy.

Tesla unveils 100 kWh battery for Model S, Model X cars

(Reuters) - Electric car maker Tesla Motors Inc will launch a 100 kilowatt hour (kWh) battery for its Model S and Model X cars, Chief Executive Elon Musk said on Tuesday.

U.S. CBO says budget deficit to reach $590 billion for fiscal 2016

WASHINGTON (Reuters) - The U.S. budget deficit is expected to grow to $590 billion in fiscal year 2016 due to slower than expected growth in revenues and higher spending for programs including Social Security and Medicare, the Congressional Budget Office said on Tuesday.

State insurance regulators say U.S. government ignored them in MetLife case

WASHINGTON (Reuters) - State insurance regulators in a court brief on Monday said a powerful U.S. council made up of the heads of all the federal financial regulatory agencies disregarded their work when it designated of MetLife Inc. as "too big to fail."

Oil up over 1 percent as Iran signals support for OPEC freeze action

NEW YORK (Reuters) - Oil prices rose more than 1 percent on Tuesday after Reuters reported that Iran was sending positive signals that it may support joint OPEC action to prop up the market.

Eight Fed banks urge discount rate increase: minutes

WASHINGTON (Reuters) - The number of regional Federal Reserve banks calling on the central bank to raise the rate it charges commercial banks for emergency loans rose to eight in July, minutes from the Fed's discount rate meeting released on Tuesday showed.

Judge denies GM's mid-trial bid to toss ignition switch case

NEW YORK (Reuters) - General Motors Co said Tuesday a Texas judge had denied its bid to throw out a lawsuit over a fatal 2011 crash blamed on a faulty ignition switch, after the company accused a car driver and his lawyers of fabricating evidence about the vehicle's key.

U.S. new home sales race to near nine-year high

WASHINGTON (Reuters) - New U.S. single-family home sales unexpectedly surged in July, reaching their highest level in nearly nine years amid robust demand, brightening the housing market outlook and bolstering views that economic growth will pick up in the third quarter.

VW, suppliers settle dispute after marathon talks

BERLIN (Reuters) - Volkswagen and two of its parts suppliers on Tuesday resolved a contract dispute that had hit output at more than half of the carmaker's German plants and threatened to undermine its recovery from a diesel emissions scandal.

Stocks Spike To Record Highs, Close Not "Off The Lows"

US and European manufacturing PMIs disappointed (but don't tell the mainstream media), European consumer confidence tumbled, Richmond Fed business survey crashed... but New Home Sales managed a completely normal 6 standard deviation beat...

and so stocks rallied...

While not as obvious as yesterday's malarkey, today's market action had an odd pattern to it - the on-the-hour selling pressure... (note the overnight mini flahs crashes in VIX - which seemed to provide a day session marker)

As Realized Vol has collapsed to its lowest since 1994...

Stocks gapped higher at the open thanks to pre-market exuberance in futures, with S&P banging new record highs during the day... but - apart from Small Caps - stocks drifted lower from the gap open...

FBI Reports Linking Hillary To Vince Foster "Suicide" Disappear From National Archives

Vince Foster was a mentor to Hillary when they worked together at the Rose Law Firm in Little Rock, Arkansas. When Bill was confirmed as the 42nd President of the United States on January 20, 1993, Foster took a role as his Deputy White House Counsel. 6 months later, to the day, Foster was found dead in Fort Marcy Park, along the Potomac River, of a apparent "suicide" resulting from a gun shot from a .38 caliber revolver.

Foster

Like a lot of things surrounding the Clintons, Foster's "suicide" has always been shrouded in mystery. A few months ago, The Daily Mail interviewed former FBI agents Coy Copeland and Jim Clemente who claimed that Hillary "triggered" Foster's "suicide" by "humiliating" him in front of colleagues just a few days before his death.

'Hillary put him down really, really bad in a pretty good-size meeting,' Copeland says. 'She told him he didn't get the picture, and he would always be a little hick town lawyer who was obviously not ready for the big time.'

Indeed, Hillary went so far as to blame Foster for all the Clintons' problems and to accuse him of failing them, according to Clemente, who was also assigned by the FBI to the Starr investigation and who probed the circumstances surrounding Foster's suicide.

'Foster was profoundly depre ...

"In Preparation For Crisis" Germany Considers Bringing Back Military Service

If ordinary Germans were not traumatized enough by this weekend's shocking official announcement that they should prepare to stockpile several days of food and water "in case of an attack of catastrophe" as part of the country's revised "Civil Defense Concept", then the latest news from German press agency DPA, which cites a confidential document prepared by the government according to which the government is considering "bringing back nationwide conscription in times of crisis", such as situations in which the country needs to "defend NATO's external borders," will surely put them over the edge.

"An attack on German territory that would require conventional defence is unlikely," the document said. However, civil defence measures are necessary because a "major security threat in the future cannot be ruled out," it added.

The German government abolished compulsory military service in 2011, arguing that there was no longer a geopolitical need for it. Even before then, many young men had avoided military service by opting to perform non-military service, such as working in care homes or in hospitals.

However, it appears that the government is now quietly considering its reintroduction under the controversial Civil Defense Plan, which is due to be discussed by the German cabinet on Wednesday, and focuses on fulfilling Germany's obligations to defend NATO's external border. However, as DPA adds, the proposal to revive military service is not readily apparent and can only be found buried in a section entitled "Civil support for the ...

EU President: "Borders Are The Worst Invention Ever Made By Politicians"

If The British needed any more confirmation of their decision to leave The EU, Jean-Claude Juncker, president of the European Commission, just gave them a big one. The often incoherent "when it's important, you have to lie" politician spewed more United States Of Europe tripe this morning when he called for European nations to drop border controls, claiming that borders were "the worst invention ever." Britain's new PM, Theresa May, was not amused...

Speaking at the European Forum Alpbach in Austria's Tyrol, Mr Juncker said: "Borders are the worst invention ever made by politicians" and said solidarity must be given to refugees and their children... (Border bullshit starts at 10:15 - note the mindless applause from the audience when Juncker drops his line)

As The Express reports,

Mr Juncker's comments were taken as a sign that he intends to block attempts to tighten border checks to deal with the migrant crisis overwhelming Europe.

It is also a challenge to France and Belgium who have pushed for an end to the Schengen free-move ...

Retailers Could Fail the Back-to-School Test

Retailers with a significant back-to-school business face easy comparisons, but that may already be priced into their shares.

Why Europe's Steady Growth Does Little to Enthuse Investors

Investors are favoring further-flung, more exciting destinations than Europe for their cash. But steady growth remains a reassuring factor.

How to Free Big Banks From Weight of Dead Money

Big banks have long complained about the costs of holding large pools of inactive deposits, especially in countries where interest rates have turned negative. Increasingly, they are charging customers to look after their cash.

August 2016 Chemical Activity Barometer Continues to Signal Improving Economic Growth

from the American Chemistry Council

The Chemical Activity Barometer (CAB) expanded 0.4 percent in August following an upward revision for July. This marks the barometer's sixth consecutive monthly gain.

Richmond Fed Manufacturing Survey Returns To Contraction In August 2016.

Of the three regional Federal Reserve surveys released to date, one is in expansion and two are in contraction.

Social drinking may not be so healthy after all

For decades, beer, wine and liquor producers have been helped by a notion that a little alcohol can provide modest coronary and other health benefits. Now health-policy officials around the world scrutinize their previous advice in the light of research pointing to possible cancer risks.

Netflix's international operations could surpass U.S. business in revenue by 2020

London-based analytics firm IHS Markit expects Netflix to have 75 million international subscribers by 2020, pulling in $7 billion in international revenue.

The Fed: Fed going out to Jackson Hole to get divorce from markets

Like celebrities in the 1950s, the Fed is going out West to get a divorce - from financial markets

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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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