Wall Street closed higher (SPY +0.4%) after the three major indexes set historical highs earlier in the session. The DOW came within $0.32 of 20K for the first time, boosted by a rise in Apple shares and extending a two-month rally fueled by optimism that U.S. President-elect Trump's policies will bolster the economy.
(Reuters) - The Dow came within one point of 20,000 for the first time ever on Friday, boosted by a rise in Apple shares and extending a two-month rally fueled by optimism that U.S. President-elect Donald Trump's policies will bolster the economy.
WASHINGTON (Reuters) - U.S. employment increased less than expected in December but a rebound in wages pointed to sustained labor market momentum that sets up the economy for stronger growth and further interest rate increases from the Federal Reserve this year.
CHICAGO (Reuters) - Chicago Federal Reserve President Charles Evans said on Friday the central bank could raise interest rates three times this year, faster than he had expected just a few months ago and in line with the majority of his colleagues.
WASHINGTON (Reuters) - Volkswagen AG and the U.S. Justice Department are nearing an agreement to resolve the government's civil and criminal investigations that would require the German automaker to pay a penalty of more than $3 billion, sources briefed on the talks said on Friday.
SAN LUIS POTOSI, Mexico (Reuters) - Ford Motor Co's abrupt move to scrap a planned $1.6 billion car plant in central Mexico has spooked a network of suppliers who bet on a growing customer base and dramatized the risk that Donald Trump's agenda poses to the country's broader economy.
WASHINGTON (Reuters) - AT&T Inc expects to be able to bypass a powerful telecommunications regulator in its planned $85.4 billion acquisition of Time Warner Inc , the companies said in regulatory filings on Friday.
TOKYO (Reuters) - U.S. President-elect Donald Trump has threatened Toyota Motor Corp over its Mexican-built cars, but the biggest risk from a punitive tariff would be for its compatriot Nissan Motor Co , the largest automaker operating in the country.
TORONTO (Reuters) - Canada's Competition Bureau on Friday said it had not found sufficient evidence that Apple Inc had engaged in anti-competitive conduct, closing a two-year investigation into the iPhone maker.
In the past we had given Tom Lee of Fundstrat, formerly of JPMorgan, a hard time for his relentless, unforgiving permabullishness, which cost investors massive losses during the 2008 financial crisis, when the S&P500 closed some 40% below his target price of 1,450, but in retrospect had been proven right during this relentless monetary- and debt-fuelled rally, which has taken the S&P to never before seen levels (such as the Dow 19,999.63) where valuations are now more absurd than at any time in history.
Furthermore, as Bloomberg writes, "it was Lee's bullishness that made him the least accurate strategist on Wall Street in 2015, when the S&P 500 slid 0.7 percent." He doubled down in 2016 as the benchmark climbed 9.5% when his his target overshot once again."
To be sure, reading his reports over the years, it seemed that nothing could ever dent his bullish ways: so convinced was he that there is nothing that could possibly dereail the market, that a negative outlook seemed inconceivable.
Which is why we were stunned to read in his latest Fundstart note released today - a time when everyone is convinced the market is going nowhere but higher - that the S&P 500 would will finish the year at 2,275, roughly 3% lower than the median forecast of a group of 18 strategists which form Bloomberg's consensus. His caution is driven by concerns about policy risk and a yield curve adjustment, which he see ...
President-elect Donald Trump talks tough on China and has appointed trade hawks Wilbur Ross and Peter Navarro to key positions in his administration. He has threatened to slap a blanket tariff on Chinese goods, and he has spoken directly to Taiwan's president, something previously regarded as a major diplomatic offense.
According to "Road to Ruin" author James Rickards, this is Trump's way of opening the negotiations with China to reach a mutually beneficial trade relationship.
"[Trump] is saying to China: 'Here is where we are going to start, what have you got for us? Are you willing to be more flexible on foreign direct investment, are you willing to treat U.S. companies in China more fairly, are you willing to stop the theft of intellectual property?'" Rickards told the BBC.
"If China makes concessions on these points, he can say, 'Fine, now my tariff is [lower].' It's the art of the deal; people don't understand that about Trump,"
However, in any deal, the other party also has some negotiating chips on the table, and China, for example, can hurt American companies exporting to China or operating in China.
So who has the upper hand in the negotiations? According to a report by research firm Geopolitical Futures (GPF), the United States would suffer some damage in a trade war, but w ...
"When robbery is done in open daylight
by sanction of the law,
as it is done today,
then any act of honor or restitution
has to be hidden underground."
The internet and ZeroHedge are filled with articles discussing why it is a good idea to buy gold. If I only had an extra ounce of gold for every time I typed or read the phrase Gold, Bitchezzz!!! here on ZeroHedge. Which brings me to the topic of today's article, hedgeless_horseman's E-Z Internet Guide On How To Actually Buy Gold, and Not Just Talk About It, Bitchezzz!!!!
Several years ago, I posted a brief parody on the topic of gold, The Twelve Steps, and have made dozens, if not hundreds, of comments on other ZH articles over the years.
The Twelve Steps
We came to understand that our government is powerless over its spending - that our nation's debt had become unmanageable.
We came to believe that a power greater than our fiat currency could restore us to sanity.
We made a decision to turn our savings and our investments over to the care of gold, as we understand gold to be a physical asset - not a paper promise.
We made a searching and fearless inventory of our wealth.
We converted to gold, to Krugerrands, and to Maple Leafs, the fiat paper assets of our wealth, thus eliminating our counterparties.
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