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01Jun2017 Market Close: Wall Street Closed Higher, DOW Up 136 Points, Investors Happy With Positive Round Of Economic Data

Written by Gary

US stock markets closed higher today (SPY +0.8%), with the SP 500 and Nasdaq making record highs, after a round of economic data suggested the economy was picking up speed.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street rises as data signals economy accelerating

NEW YORK (Reuters) - U.S. stocks were higher on Thursday, with the S&P 500 and Nasdaq touching record highs, after a round of economic data suggested the economy was picking up speed.

U.S. factory activity edges up; private payrolls surge

WASHINGTON (Reuters) - U.S. factory activity ticked up in May after slowing for two straight months and private employers stepped up hiring, suggesting the economy is regaining speed after struggling at the start of the year.

'Axis of love': Saudi-Russia detente heralds new oil order

MOSCOW (Reuters) - A meeting between the two men who run Russia and Saudi Arabia's oil empires spoke volumes about the new relationship between the energy superpowers.

Exclusive: Google faces hefty EU fine in shopping case by August - sources

BRUSSELS (Reuters) - EU antitrust regulators aim to slap a hefty fine on Alphabet unit Google over its shopping service before the summer break in August, two people familiar with the matter said, setting the stage for two other cases involving the U.S. company.

Canada seeks tough line on Boeing jets but sends mixed message

OTTAWA (Reuters) - Canada, embroiled in a dispute with Boeing Corp, tried to hit out at the U.S. firm for the second day in a row on Thursday but stumbled over whether talks over a proposed jet purchase had been suspended or not.

Wal-Mart tests delivery of online packages by store workers

FAYETTEVILLE, Ark. (Reuters) - Wal-Mart Stores Inc is testing a program that allows store workers to deliver packages ordered on the store's website after they finish their shifts, as the retailer looks for ways to close the gap with rival Amazon.com Inc .

Audi emissions scandal erupts after Germany says it detects new cheating

BERLIN (Reuters) - Audi's emissions scandal flared up again on Thursday after the German government accused the carmaker of cheating emissions tests with its top-end models, the first time Audi has been accused of such wrongdoing in its home country.

Linde, Praxair agree $73 billion merger to create global gases leader

FRANKFURT/MUNICH (Reuters) - The boards of Linde and Praxair voted on Thursday to merge, creating a $73 billion global industrial gases leader in what is likely to be the last in a wave of combinations that has resulted in a highly consolidated market.

Most of 46 million recalled Takata inflators in U.S. not fixed: U.S. senator

WASHINGTON (Reuters) - More than 65 percent of 46.2 million recalled Takata Corp airbag inflators in the United States have not been repaired, a U.S. senator said on Thursday, urging automakers to speed up the pace of repairs.

Obama Responds To Trump's Withdrawal From Paris Climate Agreement

With former president Barack Obama's climate legacy in tatters, moments ago the ex-president issued a scathing statement, slammed the Trump administration for "rejecting the future", and that "in the absence of American leadership", unlike the "steady, principled American leadership " under Obama, the former president urged "states, cities, and businesses" to "step up and do even more to lead the way, and help protect for future generations the one planet we've got."

"The nations that remain in the Paris Agreement will be the nations that reap the benefits in jobs and industries created," Obama said. "I believe the United States of America should be at the front of the pack."

Trump announced on Thursday that the U.S would leave the 195-nation agreement, his firmest rebuke yet of Obama-era environmental policies and the fulfillment of a key campaign promise.

Statement from President Barack Obama on the Paris Climate Agreement:

A year and a half ago, the world came together in Paris around the first-ever global agreement to set the world on a low-carbon course and protect the world we leave to our children.

It was steady, principled American leadership on the world stage that made that achievement possible. It was bold American ambition that encouraged dozens of other nations to set their sights higher as well. And what made that leadership and ambition possible was America's private innovation and public investment in growing industries like wind and solar — industries that created some of the fastest new streams of good-paying jobs in recent years, and contributed to the longest streak of job creation in our history.

Simply put, the private sector already chose a low-carbon future. And for the nations that committed themselves to that fu ...

Uber Burned Through Almost As Much Money As NASA Last Quarter

Authored by Simon Black via SovereignMan.com,

Uber reported yesterday that its NET LOSS totaled more than $700 million last quarter, despite pulling in a whopping $3.4 billion in revenue.

(This means they spent at least $4.1 billion!)

That's the latest in a string of massive, 9-figure quarterly losses for the company.

The only question I have is- how much cocaine are these people buying?

Seriously, it's REALLY HARD to spend so many billions of dollars.

You could have over 100,000 employees ('real' employees, not Uber drivers) and pay them $150,000 EACH and still not blow through that much money in a single quarter.

Even if you think about Research & Development, Uber still managed to burn through almost as much cash as NASA's $4.8 billion budget last quarter.

The real irony is that this company is worth $70 BILLION.

And Uber is far from alone.

Netflix is also worth $70 billion; and like Uber, they can't make money.

Over the last twelve months Netflix burned through over $1.7 billion in cash, and they made up for it by going deeper into debt.

The list goes on and on- Snapchat debuted with a $30 billion valuation after its IPO, only to subsequently report that they had lost $2.2 billion in the previous quarter.

Telecom company

"Facetime Is Bulls***": Jefferies CEO Explains 20 Things We Wish We Knew When We Were Summer Interns

Leucadia National CEO Richard Handler and Executive Chairman Brian Friedman sent a letter to this year's crop of Jefferies summer interns advising them that they shouldn't linger in the office for even a second longer than is necessary. The letter, which was published by Yahoo Finance, reflects Silicon Valley's impact on the Wall Street recruitment process - a cultural shift that has led some of the biggest investment banks, including Goldman Sachs, to bar interns from the office after midnight while encouraging them to take at least one day off over the weekend.

Novice bankers should spend more time out enjoying New York City, the letter says, and less time competing to be the last person to leave, because securing a full-time offer at the investment bank "isn't a zero-sum game. "If you have free time, get out of the office. Facetime is bulls***. We don't want people who are proud that they have no life outside of the office."

Interns should prioritize their health by finding time to exercise, eat well, get enough sleep - anything that helps them to keep from burning out. And while nobody should shy away from asking questions, interns should also be considerate enough to recognize when full-time staff are too busy to accommodate them.

Regardless of whether they intend to pursue a career on Wall Street, Jefferies interns hoping to get the most out of their experience should treat their internship like it's a full-time job, not j ...

"Now The Pain Begins": S&P, Moodys Cut Illinois To Near Junk, Lowest Ever Rating For A U.S. State

The monetary problems plaguing the state of Illinois (not to mention its public pensions) have been widely documented here over the past few years, and today the rating agencies finally noticed, when in the span of a few hours, first S&P, then Moody's downgraded Illinois to BB+/Baa3, respectively, both just one notch above junk, the lowest rating ever given to a U.S. state, as both agencies cited a long-running political stalemate over a budget shows no signs of ending.

In the first downgrade, S&P warned that Illinois is at risk of soon losing its investment-grade status, an unprecedented step for a state that would only deeper the government's strain. Bypassing its traditional 90-day review, S&P said Illinois will likely be downgraded around July 1, when the new fiscal year begins, if leaders haven't agreed on a budget that starts addressing the state's chronic deficits.

In a statement, S&P analyst Gabriel Petek said that "The unrelenting political brinkmanship now poses a threat to the timely payment of the state's core priority payments."

Petek's ire was prompted by Illinois' inability to pass a budget for the past two years amid a clash between the Democrat-run legislature and Republican Governor Bruce Rauner. The ongoing confrontation has left the fifth most-populous US state with a record $14.5 billion of unpaid bills, ravaged entities like universities and social service providers that rely on state aid and undermined Illinois's standing in the bond market, where investors have demanded higher premiums for the risk of owning its debt, Bloomberg reported.

The S&P analyst added that "the rating actions largely reflect the severe deterior ...

Yuan Rally Doesn't Have Far to Run

Chinese capital outflows have quietly gained steam again in recent weeks and a more hawkish-than-expected Fed could add fuel to the fire. China's central bank is taking pre-emptive action.

Hewlett-Packard Darkened by Microsoft's Cloud

For the second consecutive quarter, the enterprise technology half of Hewlett-Packard's former empire has reported a sharp drop in server revenue. The main culprit, according to the company, is a "single Tier 1 customer" sharply reducing its spending. Several analysts believe that customer as Microsoft.

Buy the Bank Trading Dip

J.P. Morgan Chase and Bank of America may see a slight decline in second-quarter trading revenue, but investors shouldn't panic.

Key Words: GOP congressman on climate change: Don't worry, God's got it all under control

Ahead of Donald Trump's announcement on Thursday afternoon that the U.S. is backing out of the Paris climate agreement, one GOP congressman offered up his optimistic outlook on global warming to his constituents.

: Everyone will survive Trump's climate mistake — except Big Coal

Economics favor cleaner energy, regardless of politics over the Paris climate agreement, says Tim Mullaney.

Netflix cancels fan favorite 'Sense8' and the internet is not happy

Netflix announced on Thursday it was canceling the global original series "Sense8," created by "The Matrix" creators the Lana and Lilly Wachowski along with and J. Mickael Straczynski, and fans on the were devastated.

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

gary@econintersect.com

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