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19Dec2016 Market Close: Ho Hum Session, Trump Rally A No-Show Today, DOW Closed Up 40 Points

Written by Gary

Wall Street and the Trump Rally seemed to have taken the first day of the week off. Although the US markets closed in the green, it is a far cry from last weeks action and off the mornings highs. The US dollar closed near the session high (103.09), but crude prices remained in the high $53 handle.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

IMF's Lagarde guilty, but not punished, in French negligence trial

PARIS (Reuters) - French judges convicted IMF chief Christine Lagarde on Monday of negligence for a state payout made while she served as France's finance minister in 2008, but imposed no punishment, citing her preoccupation at the time with the global financial crisis.

Wall Street trims gains after truck kills shoppers in Germany

(Reuters) - U.S. stocks reduced their gains on Monday after several people were killed by a truck driven into a Christmas market in Germany.

Exclusive: U.S. proposed $5-7 billion penalty for Credit Suisse on toxic debt - source

ZURICH/NEW YORK (Reuters) - The U.S. Department of Justice has asked Credit Suisse to pay between $5 billion and $7 billion to settle a probe over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, a source with knowledge of the matter said, but the bank has resisted settling for that amount.

Murdoch denies pressuring UK prime ministers ahead of Sky submission

LONDON (Reuters) - Rupert Murdoch said on Monday he had never asked a British prime minister for anything, seeking to play down his influence ahead of what is likely to be a politically charged approval process for his $14.6 billion bid for pay-TV group Sky .

Fed approves rule requiring banks to publicly disclose liquid assets

WASHINGTON (Reuters) - The Federal Reserve on Monday finalized a rule requiring big banks to disclose certain liquidity measures for the first time, as part of an effort to make sure they can cover large or rapid withdrawals.

U.S. charges Platinum Partners executives with $1 billion fraud

NEW YORK (Reuters) - Top executives of New York-based hedge fund manager Platinum Partners were arrested on Monday and charged with running an approximately $1 billion fraud that federal prosecutors said became "like a Ponzi scheme" as its largest investments lost much of their value.

Boeing's commercial jets unit to cut jobs in 2017

(Reuters) - Boeing Co's commercial airplanes unit said on Monday it would reduce its workforce in 2017, adding to the about 8 percent jobs the company has cut since the beginning of 2016.

Fed's Yellen trumpets education in changing economy

WASHINGTON (Reuters) - Changing technologies and globalization have put a premium on completing a college education in order to get and keep higher-paying jobs, Federal Reserve Chair Janet Yellen said on Monday.

Apple appeals against EU tax ruling, Brussels says no cause for low tax bill

BRUSSELS (Reuters) - Apple Inc. appealed on Monday against a $14-billion tax demand as the European Union issued details of its ruling that the iPhone maker won sweetheart tax deals from the Irish government which amounted to illegal subsidies.

Auto Companies: Better With Batteries Not Included

Tesla and others should leave battery making to the experts. Powertrain technology may not be such a big selling point in the car of the future.

Chinese House Speculators Curb Their Enthusiasm

Chinese upmarket housing is rapidly cooling as regulators turn to risk control.

German Economy Gets in Festive Mood

Germany's widely watched Ifo index posted a strong showing in December, painting a hopeful picture for early 2017.

Earnings Outlook: Nike earnings preview: What to watch for as competition intensifies

Nike's second-quarter earnings could be impacted by competition from brands like Under Armour and changing trends.

The Wall Street Journal: Obama administration cracks down on coal mining near streams

The Interior Department on Monday issued a rule putting tighter restrictions on coal mining near streams, one of several environmental rules President-elect Donald Trump has targeted to undo once he takes office in January.

The Tell: Steve Eisman of 'The Big Short' fame says the stock market is entering a 'golden age' for banks

A gilded era for banks is about to get under way, says one famed hedge-fund investor.

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gary@econintersect.com

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