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22Aug2017 Market Close: Wall Street Closes Higher, DOW Up 196 Points, Best Day In Four Months, Crude And The US Dollar Settled Right Where They Began

Written by Gary

US stock markets closed higher today (SPY +1.1%), with each of the three major indexes posting over +1% gains. Lawmakers' comments on tax reform and the debt ceiling boosted investor optimism.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street rises on hopes for tax reform

NEW YORK (Reuters) - U.S. stocks ended up on Tuesday, with each of the three major indexes posting their best one-day percentage gains in over a week, as lawmakers' comments on tax reform and the debt ceiling boosted investor optimism.

U.S. targets Chinese, Russia entities for helping North Korea

WASHINGTON (Reuters) - The United States on Tuesday imposed new North Korea-related sanctions, targeting Chinese and Russian firms and individuals for supporting Pyongyang's weapons programs, but stopped short of an anticipated focus on Chinese banks.

Hyundai will launch pickup, more SUVs to reverse U.S. sales slide

DETROIT/SEOUL (Reuters) - Hyundai Motor plans to launch a pickup truck in the United States as part of a broader plan to catch up with a shift away from sedans in one of the Korean automaker's most important markets, a senior company executive told Reuters.

Chevron CEO Watson to step down by next month: source

HOUSTON (Reuters) - Chevron Corp Chief Executive John Watson will step down by next month and likely be replaced by Vice Chairman Mike Wirth, a source familiar with the matter told Reuters on Tuesday.

Berkshire Hathaway no longer faces risk of S&P downgrade

(Reuters) - Warren Buffett's failure to clinch a $9 billion takeover of the Texas utility Oncor prompted S&P Global Ratings on Tuesday to say the billionaire's Berkshire Hathaway Inc is no longer at risk of a credit rating downgrade.

Blackstone explores IPO of Gates Global: sources

(Reuters) - Private equity firm Blackstone Group LP is exploring an initial public offering (IPO) of Gates Global LLC, three years after it acquired the U.S. auto parts and building products maker for $5.4 billion, people familiar with the matter said on Tuesday.

Fed banks unanimous in keeping discount rate unchanged in July: minutes

WASHINGTON (Reuters) - All of the Federal Reserve's 12 regional banks wanted to hold steady the rate commercial banks are charged for emergency loans ahead of the U.S central bank's last policy meeting, minutes from a discussion of the discount rate showed on Tuesday.

Great Wall says watching Fiat Chrysler; no talks yet

HONG KONG/SHANGHAI (Reuters) - Chinese automaker Great Wall Motor Co Ltd reiterated its interest in Fiat Chrysler Automobiles NV on Tuesday, but said it had not held talks or signed a deal with executives at the Italian-American automaker.

Threat of price war clouds horizon for Maersk shipping business

COPENHAGEN (Reuters) - A.P. Moller-Maersk has been fortified by the $7.5 billion sale of its oil and gas business to France's Total, but the company's main sea freight business faces the threat of a new price war in a consolidating industry.

Stocks Surge To Best Day In 4 Months As Warmongery & Tax Talk Trump Debt-Ceiling Doubts

Seriously...

Thanks to The White House saying something de minimus about Tax Reform progress (and a little help from Boeing after Trump's warmongery), Nasdaq was the day's best-performer as The Dow had its best day in 4 months...

Futures show the driver of the actions...

Bonds & Bullion were sold post-tax-headline as stocks surged...

Most-Shorted stocks surged/squeezed to their best day in a month (after 5 straight down days)...

VIX was smashed down below 12 at the open amid Trump Tax chatter...

One Trader's Antidote To 'Billionaire Bear' Dalio's Fearmongering

Authored by Kevin Muir via The Macro Tourist blog,

Yesterday, yet another Billionaire Bear issued a stark warning. This time it was Bridgewater Chief Investment Officer Ray Dalio who penned a piece comparing the current environment to 1937.

This was after an earlier in the month letter where Bridgewater warned that risks were rising, and that clients should have 5% to 10% of their portfolio in gold:

"Most immediately, during the calm of the August vacation season, we are seeing 1) two confrontational, nationalistic and militaristic leaders playing chicken with each other, while the world is watching to see which one will be caught bluffing, or if there will be a hellacious war, and 2) the odds of Congress failing to raise the debt ceiling (leading to a technical default, a temporary government shutdown, and increased loss of faith in the effectiveness of our political system) rising. It's hard to bet on such things one way or another, so the best that one can do is be neutral to such possibilities.

"When it comes to assessing political matters (especially global geopolitics like the North Korea matter), we are very humble. We know that we don't have a unique insight that we'd choose to bet on ... We can also say that if the above things go badly, it would seem that gold (more than other safe haven assets like the dollar, yen, and treasuries) would benefit, so if you don't have 5-10% of your assets in gold as a hedge, we ...

In Latest North Korea Propaganda Clip, "Crazy" Trump Is Overlooking A Sprawling Cemetary

In the latest propaganda video warning from North Korea, released just as the US and South Korea begin their massive 10-day military drill, President Trump is shown overlooking a sprawling Guam graveyard cluttered with crosses in a crudely photoshopped image. As Fox News reports, the North Korea regime followed the video with a statement posted through the state-owned KCNA news agency according to which Trump "spouted rubbish" and frequently tweeted about "weird articles of his ego-driven thoughts" while attacking South Korea's "puppy-like" Defense Minister Song Young-moo for "pinning hope on that crazy man."

"Trump spouted rubbish that if a war breaks out, it would be on the Korean Peninsula, and if thousands of people die, they would be only Koreans and Americans may sleep a sound sleep," the KCNA statement said.

But the picture of a graveyard believed to be in Guam may be the most rattling in the video, given dictator Kim Jong Un's repeated threats to strike the U.S. territory with a missile. The video also features Vice President Pence engulfed in flames.

Meanwhile, KCNA went on, saying on North Korea it would be ready to stage "ruthless" retaliation against South Korea and the U.S.

"The U.S. will be wholly held accountable for the catastrophic consequences to be entailed by such reckless aggressive war maneuvers, as it chose a military confrontation [with North Korea]," a North Korean military ...

The Price Isn't Right for Home Builders

Shares of home builders look pricey and vulnerable to a correction as costs rise and affordability is strained.

Chip Gear Makers Perfect the Earnings Machine

Makers of semiconductor manufacturing equipment are more profitable than ever, which poses an interesting dilemma for investors accustomed to buying low and selling high.

Why the ECB Can't Catch a Break on the Euro

At the start of July, both German bond yields and the euro were moving higher. But in August they have diverged, with bond yields off the boil but the euro maintaining its poise. The answer to the conundrum may lie outside the eurozone.

The Margin: FA Cup stardust sprinkled on lower-division sub as he nearly enters match while tweeting

England is home to soccer's — and, indeed, the whole professional sporting world's — richest league. But that's the Premier League, populated by such famed clubs as Manchester United, Chelsea and Liverpool. Many rungs lower, you'll find a club like Baldock Town. It plays in Division 1 of the South Midlands League.

Not all FAANG stocks are created equal — here's a ranking of best to worst

Nigam Arora also provides money flows for the popular tech stocks.

The stock market is now in 'correction mode'

Technical charts say the key test for the S&P 500 is support at 2,400, writes Lawrence McMillan.

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Earnings Summary for Today

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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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