U.S. stocks were mixed after the close on Wednesday, as gains in the Oil & Gas, Basic Materials, and Financials sectors led shares higher while losses in the Utilities, Telecoms and, Consumer Goods sectors led shares lower. Crude oil for delivery in January rose 8.51% or 3.85 to hit $49.08 a barrel, while the February Brent oil contract rose 8.85% or 4.19 to trade at $51.51 a barrel. Gold for February delivery was down 1.31% or 15.65 to $1175.15, while the dollar rose against the euro and the yen, the US Dollar Index was up 0.57% at 101.56.
NEW YORK (Reuters) - Oil soared more than 10 percent on Wednesday to over $50 a barrel and its highest in a month as some of the world's largest producers agreed to curb production for the first time since 2008 in a bid to support prices.
NEW YORK (Reuters) - U.S. stocks edged lower on Wednesday as declines in technology more than offset a rally in the energy sector, but major indexes posted solid gains for the month on the back of a rally following the U.S. presidential election.
WASHINGTON (Reuters) - U.S. private employers stepped up hiring in November and consumer spending increased last month, the latest signs of economic strength that could further cement the case for an interest rate hike from the Federal Reserve next month.
NEW YORK (Reuters) - Oil's blistering rally of up to 10 percent to $50 a barrel on Wednesday should continue into next week, analysts and fund managers said, after the world's top producers announced a historic deal to rein in output.
ZURICH (Reuters) - Shares in Swiss biotech company Actelion fell more than 6 percent after news outlet streetinsider.com reported on Wednesday the company had rejected a full takeover offer by U.S. healthcare group Johnson & Johnson and may sell a unit.
WASHINGTON (Reuters) - President-elect Donald Trump's pick to lead the U.S. Treasury, Steven Mnuchin, said on Wednesday the administration would make tax reform and trade pact overhauls top priorities as they seek a sustained pace of 3 percent to 4 percent economic growth.
LONDON (Reuters) - Philip Morris International , the world's largest international tobacco company, said it could eventually stub out cigarette sales as it launched an alternative product in Britain on Wednesday.
Submitted by Jeffrey Snider via Alhambra Investment Partners,
It's easy to set aside the nostalgia, so to speak, since this is likely the last Christmas holiday season to be talked about in the media in the positively glowing terms of the unemployment rate. Ever since the "recovery" began, each and every year the internet and TV channels are filled with stories about how strong the consumer is and therefore how great the economy must be. This tendency is greatly amplified as the holidays roll in, as it is the Christmas season where all of this is given its rightful importance.
This year is already no different; almost all of the content generated for the mainstream is downright giddy. Such as:
Shoppers lined up at stores and flocked to their computer screens in search of bargains on Black Friday, putting the retail industry on track for what it hopes will become a record sales weekend.
Shoppers appeared ready to open their wallets, buoyed by a generally strong economy and rising stock market. And major store chains did their part, offering dramatic discounts on their traffic-building "doorbuster" opening specials.
Those paragraphs were written under a headline of Retailers Aim To Smash Four-Day Weekend Sales Records as if the narrative of the past almost eight years weren't perfectly clear by now. Retailers have been "smashing" all sor ...
Police released footage on Tuesday of what may be the luckiest theft in recent history. In the clip, a man brazenly swipes an 86-pound bucket full of gold worth $1.6 million from the back of an unattended armored truck on West 48th Street in the Diamond District on Sept. 29, in broad daylight, as tourists and locals were walking in and out of the jewelry stores that line the block.
The footage, first obtained by NBC 4 New York showed the man capitalizing on a 20-second window left open by the guards, one of whom was making a pickup while the other was walking to the front seat. The suspect allegedly cased the open Loomis International truck as it parked outside 48 W. 48th St., near Sixth Avenue. Realizing no one was looking, he then grabbed a black 5-gallon bucket carrying 86 pounds of gold flakes bound for Ontario and ran away with it in his arms, police said.
The heist, which was captured on tape, showed the man making off with the 86-pound bucket. Throughout his hour-long escape, he appears to struggle with the gold flakes, stopping to set them down several times and even attempting to carry them on his shoulder at one point.
Surveillance cameras tracked him weaving around a crowded sidewalk and onto Sixth Avenue where he disappears from view.
The suspect, who hadn't been arrested as of Wednesday morning, is about 5
feet 6 inches tall, 150 pounds and in his 50s, police said. Cops suspect that the man is lying low in Orlando or Miami until things blow over in the Big Apple. He was last seen wearing a black vest, green shirt, blue jeans and carrying a black messenger bag, police said.
The nannycrats in Brussels face yet another attack on the anti-immigration front: Geert Wilders' Far-Right Party Tops Polls in the Netherlands.
Geert Wilders, chairman of the Party for Freedom (PVV), has been celebrating on Twitter today. The reason? His party is now the biggest party in the Dutch polls. With elections coming up in March 2017, the populist politician seems to be on track to become the Netherlands' next prime minister.
According to the latest poll of Maurice de Hond, the Netherlands' most famous pollster, the PVV would become the biggest party in parliament if elections were held today they'd get 33 seats in the 150-seat lower chamber.
Wilders is especially well-known for his criticism of Islam and Europe's open-borders policy, which he routinely — and accurately — describes as suicidal. His main goal is to end "the Islamization" of Europe generally and of the Netherlands specifically.
Additionally, Wilders and his party are the most Eurosceptic of all the parties currently in parliament. He is the Netherlands' very own Nigel Farage, which he once again proved earlier this year when he and his allies won the Dutch referendum on the EU's upcoming treaty with Ukraine. Wilders campaigned hard against the deal, arguing that it would eventually lead to the poor (and not entirely democratic) Eastern European country joining the European Union. Although proponents of the treaty said that would not be the case, the Dutch voter ...
BEA Estimates 3rd Quarter 2016 GDP Growth to be 3.15%:
In their second estimate of the US GDP for the third quarter of 2016, the Bureau of Economic Analysis (BEA) reported that the growth rate was +3.15%, up +0.24% from their previous estimate and up +1.73% from the prior quarter.
The consolidated economic report from the 12 Federal Reserve Districts (Beige Book) stated "that the economy continued to expand across most regions from early October through mid-November". The previous report stated the economy expanded at "outlooks were mostly positive, with growth expected to continue at a slight to moderate pace in several Districts.".
Steve Barrow, currency and fixed-income analyst at Standard Bank, said in a Wednesday research note "whatever fears might exist in some quarters about Trump's win, some sort of animal spirits might have been spurred."
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