Wall Street is enjoying bullishness (SPY +0.5%) as the SP 500 set new records earlier, but on waning volume. WTI crude has slipped sharply to the high $44 handle, the US dollar climbed to 101.01 before the close and gold is seriously threatening to fall further.
WASHINGTON (Reuters) - The election of Donald Trump as U.S. president has done nothing to change the Federal Reserve's plans for a rate increase "relatively soon," Fed Chair Janet Yellen said on Thursday in Congressional testimony that included a pledge to serve out her term.
NEW YORK (Reuters) - The benchmark S&P 500 index ended higher and edged closer to its record high on Thursday as bank stocks got a boost from the prospect of higher interest rates and consumer discretionary stocks were helped by economic data and earnings.
WASHINGTON (Reuters) - U.S. consumer prices recorded their biggest increase in six months in October on rising gasoline costs and rents, suggesting a pickup in inflation that potentially clears the way for the Federal Reserve to raise interest rates in December.
NEW YORK (Reuters) - U.S. prosecutors on Thursday filed charges against a former Valeant Pharmaceuticals International Inc executive and a former CEO of mail order pharmacy Philidor Rx Services, alleging they engaged in a multimillion-dollar fraud and kickback scheme.
NEW YORK/LOS ANGELES(Reuters) - McDonald's Corp will debut mobile ordering in the United States and 10 major markets in 2017, as part of the fast-food chain's effort to win back customers by becoming a "modern, progressive burger company," executives said on Thursday.
WASHINGTON (Reuters) - JPMorgan Chase & Co has agreed to pay U.S. authorities $264 million to resolve allegations it hired the relatives of Chinese officials in order to win banking deals, the U.S. Securities and Exchange Commission and the Justice Department said in statements Thursday.
LOS ANGELES (Reuters) - Electric cars are taking a back seat to more profitable trucks and sport utility vehicles at this year's Los Angeles Auto Show, a venue that recently has been a showcase for green cars.
BERLIN (Reuters) - Germany's Justice Minister says he believes Facebook Inc. should be treated like a media company rather than a technology platform, suggesting he favors moves to make social media groups criminally liable for failing to remove hate speech.
Trumponomics, a Hawkish Yellen, plunging jobless claims, and soaring housing starts sparked USD panic-bid, dumping US Treasuries, buying stocks and EM bonds, and dumping Yen and Yuan...
Russell 2000 (Small Caps) are up 10 straight days (since Comey 'saved' Clinton). The last time they saw a streak longer than this was June 2003 (after which it fell 6%) - Aug 2003 and Mar 2013 stalled at 10 days straight...
This is the best gain for Small Caps since the rip off the March 2009 lows...
Which is very odd given Small Caps' major sensitivity to credit markets...
The "great hope" that has lifted asset prices and inflation expectations over the past week, sent the Dow Jones and the Russell to all time highs, unleashed the highest US Dollar in 13 years and muted pundits who warned of a Trump-induced market crash is that the new president will soon unleash a "Reaganesque" fiscal stimulus, one which will unanchor inflation from recent stubbornly low levels, and succeed where the Fed and other central banks have failed since 2009. Adding to this speculation was Wednesday's report that the Trump administration is even considering creating an "infrastructure bank" despite nixing the idea previously.
However, as we noted yesterday, there is one major difference between the days of Reagan and modern America: citing the Bond Vigilantes blog we noted that "when Reagan came into power, debt to GDP was just 30%. It is nearly 100% now, as such Reagan had much more fiscal headroom than Trump does today." Echoing what we said one week earlier, the blog concluded that "if Donald Trump intends to flex the fiscal lever, bond market vigilantes could return with a vengeance, making it increasingly expensive for him to do so."
Today the question of where the funding will come to sponsor Trump's ambitious plan to "Make America Great" again and reform America's tax code so that both the economy and inflation areshaken higher, is starting to emerge loud and center, and in an unexpected twist, a bit hurdle may have emerged. As Goldman writes in a research report overnight, strategist Alec Phillips writes that while "there is substantial support in Congress for proposals to cut taxes and reform the tax code and that there is likely to be sufficient suppo ...
Last week we noted an article written by Lena Dunham for the feminist blog Lenny Letter, entitled "Don't Agonize, Organize," in which Dunham chronicled her complete devastation on election night after she realized that "something had gone horribly wrong".
The three hours I spent at the Javits Center Tuesday night, surrounded by campaign staffers and fellow surrogates for Hillary Clinton, are blurred and spotty. At a certain point it became clear something had gone horribly wrong. Celebrants' faces turned. The modeling had been incorrect. Watching the numbers in Florida, I touched my face and realized I was crying. "Can we please go home?" I said to my boyfriend. I could tell he was having trouble breathing, and I could feel my chin breaking into hives. Another woman showed me her matching hive, hidden by fresh concealer.
At home I got in the shower and began to cry even harder. My boyfriend, who had already wept, watched me as I mumbled incoherently, clutching myself. "It wasn't supposed to go this way. It was supposed to be her job. She worked her whole life for the job. It's her job."
Since election day we've been peppered by one outburst after another from the disaffected snowflake who can't seem to come to terms with the results of the democratic process. She recently went so far as to share her utter "terror" that a "predator will soon be residing in the White House."
Now, apparently the post-election stress has just overwhelmed the sensitive Dunham to the point that she has checked herself into a posh resort in Sedona, Arizona to recover from her misery. Per the Instagram post below, ...
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