FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.

27Apr2017 Market Close: Wall Street Closes In The Green With Nasdaq Grabbing The 'Golden Ring' Crossing 6,000, WTI Crude Climbs Back Into The 49 Handle, US Dollar Slips Off Session Highs

Written by Gary

US stock market large caps closed up, but flat (SPY +0.08%), the Nasdaq closed up +0.4% powered by a string of strong earnings from technology companies. The DOW and SP 500 traded mostly sideways, but trending down from session highs.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Tech earnings lift Nasdaq to record high; S&P, Dow flat

(Reuters) - The Nasdaq hit a record intraday high on Thursday, powered by a spate of strong earnings from technology companies, while the S&P 500 and the Dow were little changed.

Jobless claims rise, but four-week average at two-month low

WASHINGTON, April 27 (Reuters) - The number of Americans filing for unemployment benefits rose more than expected last week, but the four-week average of claims fell to a two-month low, indicating that labor market conditions continue to tighten.

MetLife to invest $1 billion in tech to reach cost-savings goals

NEW YORK (Reuters) - MetLife Inc plans to invest $1 billion in an efficiency program through 2019 that will eventually reduce annual operating costs by around $800 million, the insurer said on Thursday.

Trump says U.S. will renegotiate trade pact with Canada, Mexico

WASHINGTON (Reuters) - President Donald Trump said on Thursday he was ready to kill the 23-year-old trade agreement with Canada and Mexico but agreed to renegotiate it after pleas from their leaders, expressing optimism about extracting better terms for the United States.

United Airlines reaches settlement with passenger dragged from plane

(Reuters) - United Airlines has a reached a settlement for an undisclosed sum with the passenger who was dragged from a Chicago flight earlier this month in an incident that sparked international outrage, an attorney for the passenger said on Thursday.

U.S. business spending likely gained momentum in first quarter

WASHINGTON (Reuters) - New orders for U.S.-made capital goods rose less than expected in March, but a second straight monthly increase in shipments suggested business investment accelerated in the first quarter amid a recovering energy sector.

Iran says potential deal for early jet delivery falls through

ANKARA (Reuters) - IranAir has abandoned plans to take early delivery of a Boeing 777-300ER jetliner because the passenger plane is no longer available, the head of the Islamic Republic's national flag carrier was quoted as saying by Iranian media.

JPMorgan Chase & Co leaves blockchain consortium R3

NEW YORK (Reuters) - JPMorgan Chase & Co has left the mammoth bank blockchain consortium led by New York-based startup R3 CEV, the latest member to depart over the course of the company's fundraising process, R3 confirmed on Thursday.

Apple in talks to launch money-transfer service: Recode

(Reuters) - Apple Inc has held talks with payments industry partners about launching a money-transfer service, technology news website Recode reported on Thursday.

Elemetal Gold Tries to Cover its Tracks, and Why Isn't Gold higher - Update 1

What Does Elemetal Imply for Precious Metals?

Gold smuggling accounts for up to 75% of all LATAM Gold imported in the US

Disruption of this augmented Gold supply is Bullish for Gold

Elemetal is running for corporate cover

No-one cares

UPDATE 1 - DGSE a publicly traded retailer, just signed an LOI to buy Elemetal, LLC. It gets better. DGSE is #2 on the S&P list of likely retailers to default. Wait, there's more. Elemetal is actually majority shareholder in DGSE. Essentially, Elemetal, which controls DGSE would rather default, then have the real depths of its activities revealed. Details and Elemetal structure at bottom.

Gold Supply Augmented with illegal Supply

via the Soren K.Group and Marketslant

In the past decade and a half, global gold consumption has risen by almost 1,000 tons a year, to about 4,300 tons, according to the World Gold Council, a London-based industry group. Legal mining operations haven't kept up with demand, so illegal mines controlled by criminal gangs, from the Amazon to

United Passenger Who Was Dragged Off Plane Settles With Airline

The saga of Dr. David Dao is over.

The 69-year-old Vietnamese-American doctor was infamously hospitalized after Chicago aviation police dragged him from the plane to make space for four crew members on the flight from the city's O'Hare International Airport to Louisville, Kentucky, sparking international outrage.

While some may have been expecting a lawsuit to emerge from the affair, United Airlines announced that it has reached a settlement for an undisclosed sum with Dao.

Dao's attorney, Thomas Demetrio, praised the airline in a news release for taking full responsibility in its handling of the incident.

"Mr. Munoz said he was going to do the right thing, and he has," Demetrio said in a news release, referring to the United CEO.

"In addition, United has taken full responsibility for what happened on Flight 3411, without attempting to blame others, including the City of Chicago. For this acceptance of corporate accountability, United is to be applauded."

We are pleased to report that United and Dr. Dao have reached an amicable resolution of the unfortunate incident that occurred aboard flight 3411. We look forward to implementing the improvements we have announced, which will put our customers at the center of everything we do.

United passenger Dr. Dao reaches a settlement with United Airlines... released 2:00 p.m. central time, 3:00 p.m. eastern time, on the nose.

— Marcus DiPaola (@marcusdipaola) April 27, 2017

While the actual amount was undisclosed, we are confident that Dao is now several million dollars richer.

BofA Capitulates: "The Trump Put Is Over", It's Time To Sell Small Caps

Despite the rough start to the year, Bank of America had maintained its tactically bullish stance on US small cap equities on the idea that small caps are the best-positioned to benefit from increasing optimism around stimulus and tax reform. And it has been right: as we showed earlier, Russell hit a fresh all time high...

... facilitated by the recent influx of bears who brought net specs positioning to the shortest on record, and have been once again squeezed.

Yet even BofA's optimism ended overnight when the bank officially capitulated on its bullish call.

In a note released overnight by BofA's Dan Suzuki tited "Back to bearish on small caps", the bank's equity strategist writes that with the failure to repeal Obamacare and the intensifying opposition to some of the key revenue raising policies of the Blueprint tax reform proposal (i.e. border adjustment taxes), there have been growing doubts on the probability of getting tax reform done this year.

As a result, while the bank still shares many of those same doubts, "we recently highlighted Policy as one of the three catalysts (along with Profits and Positioning) that could drive near-term small cap outperformance. On the back of the news around tax reform, the Russell 2000 closed at an all-time high yesterday, and small caps have retu ...

No Roads Needed: Google-Backed Flying Cars For Sale By End Of 2017


Ever wanted to ride a flying drone? Well, if you've got the money, you might get the chance to by the end of the year.

ABC News reported Monday that a Google-backed Silicon Valley startup has just completed testing on an "octocopter" that's all-electric, can seat one person, and fly up to 15 feet in the air.

The company, Kitty Hawk, says all the necessary legal steps have been taken, and the Kitty Hawk Flyer — designed only for use over water — is just about ready for production. The company says it will begin selling the Flyer this year.

"You don't need a pilot's license, and you'll learn to fly in minutes," the company said in a statement, adding that the machine is "safe, tested and legal to operate in the United States in uncongested areas."

On its website, Kitty Hawk says life for human beings will fundamentally change when people have the ability to freely travel at will:

"We believe when everyone has access to personal flight, a new, limitless world of o ...

What Can Stop the World's Best Selling Drug?

AbbVie rides its blockbuster anti-inflammatory drug, Humira, to another strong quarter, but the question remains: How long can this juggernaut can last?

First 100 Days: The Trump Trade's 'Ridiculous Standard'

Donald Trump's first 100 days in office have produced a strong stock market but weak economic growth; he should get an incomplete for both

Samsung Needs to End Its Old-Fashioned Ways

Samsung Electronics' decision against converting to a holding-company structure is disappointing.

American health care is so messed up that a whole industry has been created to help navigate it

Medical bill advocates and other such third-party businesses have sprung up in the gaps and blind spots of America's complicated, fragmented health care system. These services make sense of health bills for consumers and even fix errors in them. But many people don't even know they have access to this.

Adding calorie counts on menus might make Americans eat better — but not in the way you'd think

The idea is simple enough: if consumers see calorie information, they'll eat better, advocates say. But the research suggests otherwise.

This expensive risk lurks in nearly every medical experience you have

Most people don't even know this is possible — until they get a surprise bill.

Summary of Economic Releases this Week

Real Time Economic Calendar provided by

Earnings Summary for Today

Earnings Calendar provided by

leading Stock Positions

Leading Stock Quotes powered by

Current Commodity Prices

Commodities are powered by

Current Currency Crosses

The Forex Quotes are powered by

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

Click here for Historical Releases Listing

Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.

Econintersect Live Market

Print this page or create a PDF file of this page
Print Friendly and PDF

The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.

Keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Middle East / Africa
USA Government



Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved