Wall Street closed with a lot of heavy volume red spikes (SPY +0.5%), but not enough to drive the indexes into negative territory. Crude prices and gold are down fractionally while the US dollar remained up +0.17%. Tomorrow will be interesting to say the least for investors.
DUBLIN (Reuters) - Ireland's government will this week formally submit its appeal against the European Commission's multi-billion-euro demand for back taxes from Apple, Finance Minister Michael Noonan said on Tuesday.
LONDON/WARSAW (Reuters) - At least six indicative offers have been submitted by industry players and buyout funds for a group of beer brands being sold by Anheuser-Busch InBev , sources familiar with the matter said on Tuesday.
LONDON (Reuters) - Major banks have formally told clients to expect volatile currency markets in the aftermath of Tuesday's U.S. presidential election, with the gap between buying and selling prices that determines the cost of trading expected to widen sharply if Donald Trump were to win.
(Reuters) - Wal-Mart Stores Inc was sued on Tuesday on behalf of consumers who said the world's largest retailer sold products falsely labeled "100 % Egyptian Cotton" from an Indian textile company for many years after it first became suspicious of their origin.
NEW YORK (Reuters) - The dollar rose against the safe-haven Japanese yen and Swiss franc on Tuesday while the Mexican peso and Canadian dollar gained as investors upped their bets on a win for Democrat Hillary Clinton in the U.S. presidential election.
(Reuters) - Hertz Global Holding Inc lost more than half its market value on Tuesday after the U.S. car rental company wrote down the value of some of its fleet, forcing it to slash its full-year profit forecast.
NEW YORK (Reuters) - Oil prices edged higher on Tuesday after trading either side of unchanged all morning, keeping crude in line with a small increase in U.S. stock markets as voters headed to the polls to elect the next president of the United States.
MOSCOW (Reuters) - Rosneftegaz [ROSNG.UL], the state holding company that controls Russian oil major Rosneft, is considering helping Rosneft finance the buyback of some of its shares in Rosneft, three sources with knowledge of the discussions said.
Volatility is high going into this election (because nobody knows what will happen, and there is a lot at stake). People think that after the election, the uncertainty will be out of the way, and volatility will subside.
Here are the ways this election could go wrong
Let's think about this a little bit.
There are a bunch of ways that this election can go wrong:
Gary Johnson wins New Mexico, neither Clinton nor Trump can get to 270 electoral votes, and the election is thrust into the House of Representatives
Evan McMullin wins Utah, neither Clinton nor Trump can get to 270 electoral votes, and the election is thrust into the House of Representatives
Clinton wins, and Trump refuses to concede
Trump wins, and Clinton refuses to concede
States like North Carolina and Florida are a tossup, and the outcome of the election isn't known for weeks
Reports of election fraud (on either side)
Reports of foreign interference in the election
And that doesn't include the things we haven't thought of (including the dreaded electoral college/popular vote split), and can't think of, because they're true black swans.
For those of you who were around during the prolonged recount of 2000—do you remember the effect the election had on the equity markets? It was not bullish.
I was in New York at the time, interviewing at Lehman Br ...
At first, the idea of central banks intervening in the equity markets was probably seen even by its fans as a temporary measure. But that's not how government power grabs work. Control once acquired is hard for politicians and their bureaucrats to give up. Which means recent events are completely predictable:
SNB's U.S. Stock Holdings Hit $62.4 Billion
(Bloomberg) - The value of the Swiss National Bank's portfolio of U.S. equities rose nearly 1 percent to a record in the three months through September on the back of rallying share prices.
The holdings increased to $62.4 billion from $61.8 billion at the end of June, according to calculations by Bloomberg based on the central bank's regulatory filing to the U.S. Securities and Exchange Commission and published on Monday.
The central bank had stakes in some 2,500 companies listed in the U.S., according to the SEC filing. Its biggest holdings were Apple Inc., Microsoft Corp. and Exxon Mobil Corp., according to data compiled by Bloomberg.
It has been a tumultuous ride for Wall Street investors during this record U.S. presidential election. The drama-filled race between Democratic candidate Hillary Clinton and Republican rival Donald Trump likely will come to a conclusion on Election Day 2016 on Tuesday.
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