Wall Street closed lower (SPY -0.3%) after a minor sell-off at the close. Crude settled in the mid $52 handle and the US dollar became stable at 103. Choppy volume saw trading mostly sideways until the end of the session. Short-term indicators have turned bearish.
WASHINGTON (Reuters) - U.S. home resales unexpectedly rose in November, reaching their highest level in nearly 10 years, likely as buyers rushed into the market to lock in mortgage rates in anticipation of further increases in borrowing costs.
SAN FRANCISCO/NEW YORK (Reuters) - Longtime Viacom Inc executive Doug Herzog, who oversees the networks Comedy Central and MTV, is leaving the company next month, according to a memo to employees sent Wednesday from chief executive Bob Bakish.
WASHINGTON (Reuters) - U.S. President-elect Donald Trump's transition team is considering the use of discretionary trusts to avoid conflicts of interest for Trump family members or administration officials, Politico reported on Wednesday.
(Reuters) - A U.S. jury in Ohio on Wednesday ordered DuPont to pay $2 million to a man who said he developed testicular cancer from exposure to a toxic chemical leaked from one of the company's plants, according to the plaintiff's lawyer Robert Bilott.
ZURICH/FRANKFURT (Reuters) - Swiss biotech company Actelion has turned back to prospective bidder Johnson & Johnson for exclusive talks about a "strategic transaction", in an about-turn that appears to sideline rival suitor Sanofi .
WASHINGTON (Reuters) - Hyundai Motor Co's top U.S. executive Dave Zuchowski has resigned effective immediately and has been replaced on an interim basis by the company's general counsel, a company spokesman said Wednesday.
NEW YORK (Reuters) - The Financial Industry Regulatory Authority said it fined several Wells Fargo & Co businesses, RBC Capital Markets, LPL Financial and others a combined $14.4 million on Wednesday for record-keeping problems that may have allowed company and customer documents to be altered.
And this is the stock that is most responsible for The Dow's post-Trump surge...
That's the market you're buying ladies and gentlemen!
So, despite a massive monkey-hammering of VIX to a 10 handle at the opening, Dow 20,000 remains elusive...NOTE: Very odd action in VIX and The Dow today - super noisy. Dow's narrowest trading day since 2013.
Future show that overnight was quiet - pumped i ...
"Trump wins US Election"? "UK Leaves EU"? "Cubs Win World Series"? How about this one: "The VIX Peaks in February"?
For the first time since the start of the modern VIX in 1990, the "Fear Gauge" peaked in that month. October (no surprise) is the most common month for a peak reading (5/26 years, or 19% of the time) followed by August (4/26 year, or 15%) and January (also 4/26 years). Troughs for the VIX come most often in December (7/26 past years) and July (6/26 years). And while it hasn't done so just yet, the VIX seems set to repeat the typical seasonal pattern and trough this month. The lowest close of 2016 thus far has been 11.34 (August 19); today's 11.7 close was the low tide mark for December. That tells us that the Santa Claus rally may still have some legs, and the VIX will decline as stocks rise. As for what sectors to play, we'd take a look at rate sensitive names (Utilities and Telecoms) for a trade into year end. They're unloved at the moment, but Santa's good cheer may change that.
It is almost time for all those "Year in review" shows on TV. Expect to see and hear a lot about how 2016 was a truly watershed year, with the June Br ...
With all eyes desperately urging The Dow to cross 20,000 and prove that everything in the world of Trumplandia is awesome, we thought some reflection on another major milestone in the omnipresent Stock Index would be worthwhile...
As The New York Times reported 44 years ago... The Dow Jones industrial average closed above the 1,000 mark yesterday for the first time in history.
It finished at 1,003.16 for a gain of 6.09 points in what many Wall Streeters consider the equivalent of the initial breaking of the four-minute mile.
"This thing has an obvious psychological effect," declared one brokerage-house partner. "It's a hell of a news item. As for the perminence of it -- well, I just don't know."
The Dow finally put it all together, the peace rally, the re-election of President Nixon, the surging economy, booming corporate profits and lessening fears about inflation and taxes and controls and other uncertainties of 1973.
With such kingpin issues leading the forward surge, the market fed on its own momentum. The Dow forged past 1,000 at 1:30 P.M. and it kept gaining almost consistently until the final bell.
At 3:29 P.M., red light bars flashed on above and below each of the time clocks surrounding the trading floor of the New York Stock Exchange. This was the traditional visual signal to show that one minute of training time remained. At the same moment, a bell began clanging on the speaker's rostrum - the auditory warning.
Traders, brokers and clerks on the floor - aware that history ...
Millennials finally get to claim a trophy for an achievement they actually earned (no participation medals here)...that's right, Millennials have officially set a 75-year record for highest percentage of young adults living at home with mom. At just under 40%, Millennials are barely shy of the all-time record of 40.9% set in 1940, after the end of the Great Depression. For once, we have every confidence that our young snowflakes will excel in crushing this longstanding record. Per the Wall Street Journal:
Almost 40% of young Americans were living with their parents, siblings or other relatives in 2015, the largest percentage since 1940, according to an analysis of census data by real estate tracker Trulia.
Despite a rebounding economy and recent job growth, the share of those between the ages of 18 and 34 doubling up with parents or other family members has been rising since 2005. Back then, before the start of the last recession, roughly one out of three were living with family.
The trend runs counter to that of previous economic cycles, when after a recession-related spike, the number of younger Americans living with relatives declined as the economy improved.
We must admit that we're somewhat confused by the following data, from the
The biggest winners of the postrecession car boom haven't been car companies but their suppliers. This is one feature of the automotive landscape the emergence of electric vehicles seems unlikely to disrupt. Suppliers with the right technology are worth their big stock-market premium.
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