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16Feb2017 Market Close: Wall Street Breaks A Five Session Winning Streak, Crude Prices Move Up And The US Dollar Sinks

Written by Gary

US major indexes closed down and flat (SPY -0.1%) weighed down by the energy sector and financials, which snapped a five-session winning streak. Crude prices pared losses and settling nearly at previous highs. The US dollar is trending down.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

S&P 500 dips as energy, financials weigh

NEW YORK (Reuters) - The S&P 500 dipped on Thursday, weighed down by the energy sector and financials, which snapped a five-session winning streak.

Snap lowers valuation expectations in highly awaited IPO

(Reuters) - Snap Inc , owner of the popular messaging app Snapchat, set a lower-than-expected valuation range on Thursday, amid mounting investor concerns over its unproven business model, slowing growth and tight founder control.

U.S. weekly jobless claims rise less than expected

WASHINGTON - The number of Americans filing for unemployment benefits increased less than expected last week, a sign that the labor market was continuing to tighten.

U.S. court to rehear challenge to SEC judges

WASHINGTON (Reuters) - A U.S. appeals court on Thursday said it would rehear a challenge to the Securities and Exchange Commission's use of in-house judges.

Auto union courts Tesla workers, amplifies 'buy American' message

DETROIT (Reuters) - United Auto Workers President Dennis Williams said on Thursday the union is contacting workers at Silicon Valley electric car maker Tesla Inc , and plans to boost efforts to convince U.S. consumers not to buy vehicles built in other countries, including those sold by the Detroit automakers.

U.S. housing starts fall; building permits hit one-year high

WASHINGTON (Reuters) - U.S. homebuilding fell in January as the construction of multi-family housing projects dropped, but upward revisions to the prior month's data and a jump in permits to a one-year high suggested the housing recovery remained on track.

Exclusive: Big U.S. banks to push for easing of money laundering rules

WASHINGTON/NEW YORK (Reuters) - America's largest banks are to propose a complete overhaul of how financial institutions investigate and report potential criminal activity, arguing that rules imposed in the years after the Sept. 11, 2001 attacks and strengthened during the Obama administration are onerous and ineffective, sources said.

German minister backs Peugeot-Opel deal after GM assurances

LONDON/FRANKFURT (Reuters) - Germany expects PSA Group's proposed acquisition of General Motors' Opel business to go ahead, a minister said on Thursday, after the U.S. carmaker sought to allay fears of large-scale plant closures.

Newspapers aim to ride 'Trump Bump' to reach readers, advertisers

NEW YORK (Reuters) - The Trump administration's combative view of traditional news media as the "opposition party" and "fake news" is turning out to be the best hope in 2017 for newspapers struggling to attract more digital readers and advertisers.

Judge Finds "Probable Cause" To Charge Chris Christie In Bridgegate Scandal

Earlier this morning Bergen County municipal judge Roy F. McGeady ruled that there is probable cause to believe that New Jersey Governor Chris Christie was aware that the so-called Bridgegate scandal from 2013, resulting from unnecessary lane closures on the George Washington Bridge, was "purposely created, it was contrived, it was orchestrated for political retribution."

As such, Governor Christie has been ordered to appear before the court on March 10th at 1:30 p.m. to face prosecutors, who, according to local press, could still bring charges, but are not expected to. Per

"The court is satisfied that [Christie] had knowledge of the traffic problems in Fort Lee," said municipal Judge Roy F. McGeady, referring to in the now-infamous politically motivated lane closures at the George Washington Bridge that resulted in the federal convictions of two of the governor's top aides last fall.

"The court is satisfied that he had reason to believe that this traffic was purposely created, it was contrived, it was orchestrated" for political retribution, the judge added.

"It was the governor who tied this to some type of political event when he twice referred to Mr. Wildstein, by a pseudonym, as not being involved in 'political' actions." said McGeady. "The court found that very persuasive."

Judge McGeady initially issued a criminal summons to Christie back in October 2016 to face a charge of official misconduct but it was appealed on the grounds that Christie was denied adequate participation from his defense counsel. After the Bergen County prosecutor's office announced it would decline to pursue any misco ...

Trump's Rookie Mistake

Submitted by Kevin Muir via The Macro Tourist blog,

The last couple of weeks have been wild. Egged on by Trump's talk of "yuuugeeee" tax cuts, the stock market has propelled upwards in an unrelenting march to record highs.

Zerohedge did a great job highlighting Trump's "talking up" of the upcoming tax cuts:

Trump did it again: one week after he promised to unveil "phenomenal" tax cuts, moments ago in his meeting with retail CEOs, who are meeting with the president to get him to kill the border adjustment tax idea, he pulled another OPEC, using the precise word the algos were looking for, and this time said that "tax reform is one of the best opportunities to really impact our economy," Trump said. "So we're doing a massive tax plan that's coming along really well."

He also said that ther ...

Everyone Wants Something For Nothing (Video)

By EconMatters

We discuss Politics, Markets (namely the financials) the Economy and Debt in this video. More signs everyone is loaded to the gills in debt right now, this is a reliable warning sign for the health of the economy going forward.

EconMatters All Rights Reserved | Facebook | Twitter | YouTube |

Wikileaks Exposes CIA Involvement In French 2012 Presidential Election

In a move that is sure to unleash a fresh firestorm of accusations that Russia is interfering in the upcoming French elections, Wikileaks has has released three classified CIA "tasking orders" revealing details of a seven-month long spying campaign and involvement by the agency ahead of the 2012 French presidential election.

The 7 pages of documents reveal that all major French political parties "were targeted for infiltration by the CIA's human ("HUMINT") and electronic ("SIGINT") spies in the seven months leading up to France's 2012 presidential election."

RELEASE: CIA espionage orders for the last French presidential election #CIAFrance

— WikiLeaks (@wikileaks) February 16, 2017

The latest set of revelations are contained within three CIA tasking orders published as context for its forthcoming - and cryptic - CIA Vault 7 series.

Named as targets are the French Socialist Party (PS), the National Front (FN) and Union for a Popular Movement (UMP) together with current President Francois Hollande, then President Nicolas Sarkozy, current round ...

Who Are Snap's Real Friends?

Snap is asking a lot of its investors in its coming IPO, and that may lead them to push back.

How Saudis Cut Oil Output Without Really Cutting

Saudi Arabia has led the way among major energy exporters in cutting oil production. At the same time, the kingdom is adding to global supply in a surprising way.

Why Online Lenders Keep Disappointing

Shares of two online lenders are down sharply after another rough quarter.

Market Extra: Can Apple's big bull run be stopped by this little bearish 'doji' pattern?

A textbook bearish "doji" candlestick pattern appeared in Apple's stock chart, warning that the record bull run may have ended.

Key Words: Sen. Durbin says guns are as easy to get as cellphones for kids in Chicago

As to his prescription for returning Chicago's murder rate to the downtrend in which it had been for decades, until a headline-making jump in 2016, the Democratic minority whip says the city needs all the federal, state and local resources that can be mustered.

Trump Today: Trump Today: President spars with media and dismisses Russia furor at news conference

The president on Thursday held his first solo press conference and it was a doozy. He attacked the media again for what he calls "fake news. He ridiculed the idea that he's cozy with Russia. He vowed to find and prosecute "criminal" leakers. He insisted his administration is running like a well-oiled machine. He even threw a little humor and some odd jokes into the unusual proceeding.

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