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11Sep2017 Market Close: Dow Gains 259 Points, Dollar Rebounds, Oil Higher And Gold Lower As Irma And Korean Concerns Ease

Written by Gary

U.S. stocks closed sharply higher as the fallout from Hurricane Irma didn't appear to as bad as feared after Irma was downgraded to a tropical storm on Monday while easing geopolitical uncertainty on the Korean peninsula lifted sentiment. Oil prices settled higher on Monday amid an uptick in sentiment after Saudi Arabia said its oil minister held talks with counterparts over the possibility of extending the supply-cut agreement beyond March 2018. Gold prices fell on Monday, pressured by a rebound in the dollar from its steepest weekly drop in two months amid a fall in safe-haven demand after concerns over both geopolitical tensions on the Korean peninsula and Hurricane Irma eased.

Todays S&P 500 Chart

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The Market in Perspective

Here are the headlines moving the markets.

S&P 500 chalks up record high as fear gives way

(Reuters) - The S&P 500 surged over 1 percent to a record high close on Monday as tropical storm Irma caused less damage than expected in Florida, and after North Korea did not test-fire missiles over the weekend, which some had feared.

Insurers ache for qualified inspectors after U.S. hurricanes

(Reuters) - Insurers are scrambling to find inspectors in Texas and Florida after fierce hurricanes battered the states one after the other, causing tens of billions of dollars' worth of property damage in less than two weeks.

Lucky 8? $1,000 price tag dampens iPhone enthusiasm in China

BEIJING (Reuters) - Apple Inc will launch an expected "iPhone 8" on Tuesday, hoping the number's auspicious connotations in China will help turn around fortunes in the world's biggest smartphone market.

Exclusive: EU regulators have concerns over Luxottica-Essilor merger - source

BRUSSELS (Reuters) - EU anti-trust regulators will meet Luxottica and Essilor this week to express concerns about their plan to merge into a 46 billion-euro ($55.12 billion) global eyewear powerhouse, a person familiar with the matter said on Monday.

Volkswagen spends billions more on electric cars in search for mass market

FRANKFURT (Reuters) - Volkswagen is stepping up its shift to electric cars and plans to invest more than 20 billion euros ($24 billion) in zero-emission vehicles by 2030 to challenge pioneer Tesla in creating a mass market.

Google challenges record EU antitrust fine in court

BRUSSELS (Reuters) - Google appealed on Monday against a record 2.4-billion-euro ($2.9 billion) EU antitrust fine, with its chances of success boosted by Intel's partial victory last week against another EU sanction.

Facebook fined 1.2 million euros by Spanish data watchdog

MADRID (Reuters) - Facebook has been fined 1.2 million euros ($1.4 million) for allegedly collecting personal information from users in Spain that could then be used for advertising, the national data protection watchdog said on Monday.

Citigroup sees third-quarter markets revenue down 15 percent vs year-earlier

NEW YORK (Reuters) - Citigroup Inc third-quarter total markets revenue is running about 15 percent less than a year earlier when volatility was boosted by reactions to the Brexit vote and U.S. elections, Chief Financial Officer John Gerspach said on Monday at an investor conference.

BP files for IPO of U.S. Midwest, Gulf Coast pipeline assets

(Reuters) - British energy company BP on Monday filed for an initial public offering of its U.S. Midwest and Gulf Coast pipeline assets.

"Could've Been Worse"-Weekend Sparks Buying-Panic Sending Stocks To Record Highs

The last month has seen "Fire & Fury" threats, Gary Cohn resignation concerns, North Korean missiles over Japan, Hurricane Harvey, North Korean Hydrogen Bomb tests, and now Hurricane Irma... and stocks are higher...

All the worries are gone for stocks...

But bullion and bonds remain the biggest gainers since Trump's "Fire & Fury" threat... (note that the S&P just scrambled green)

As stocks soared today - because no missiles were fired and, hey, only 6 million people in Florida are without power...

Huge opening gap then stocks pretty much went nowhere... almost like some all-knowing hand wanted to prove that everything was awesome before the market particpants had a chance to decide... "Standard 1% Rally on everything"

Investor Apathy: Crashes (& Valuations) Matter After All

Authored by Lance Roberts via,

Recently, Ryan Vlastelica penned a column suggesting investors should simply be "apathetic" when it comes to their money.

"Apathy doesn't sound like a sensible investment philosophy, but it may be one of the most successful approaches a person can employ to grow wealth."

Listen. I get it.

You can't beat the market, so just "buy and hold."

Over a long enough period, I agree, you will make money.

But, simply making money is not the point of investing.

We invest to ensure our current "hard earned savings" adjust over time to provide the same purchasing power parity in the future. If we "lose" capital along the way, we extend the time horizon required to reach our goals.

Crashes Matter A Lot

Ryan makes his case for "apathy" by quoting Barry Ritholtz who stated:

"If you don't want to invest in equities because you fear a market crash, then you should never be in equities, because equities always crash."

While Barry is absolutely correct in his statement, investing is never an "all or none" proposition. Being an investor is abou ...

Fake Bank Agenda | Bob F in DC

Had to share these precious pearls of wisdom from a good friend and Phyllies fan named Bob, who has covered the world of banking regulation in Washington for decades. Unvarnished, pure Bob. -- Chris

The financial industry's agenda is almost totally fake, including Volcker, Fiduciary, and so-called Market Structure issues.

This is quite an achievement.

What is amazing, though not surprising, was the enthusiasm with which Republicans joined the team.

In the insurance space they actually call it Team USA as the industry goes to war against US and international regulators.

There was a lucid interval last fall when one of the leading members of Team USA made his case to HFSC, and he flopped.

BTW there was another magic moment last week when Rep. Maloney came back from a WH mtg on infrastructure and admonished the pathetic head of FINRA to help make sure to prevent funding by N. Korea of its weapons program so it can't attack Manhattan.

She doesn't know the difference bet FINRA and FINCEN. But she's not the biggest crackpot on the HFSC panel. That distinction goes to Wagner of MO slash Raymond James. The first time I heard

Downtown Charleston Under Water: Irma Flash Flood Emergency Declared

While Hurricane Irma, which was reclassified as a tropical storm early Monday, spared Miami from a "worst case" scenario, the former hurricane saved some of its worst storm surge impacts for northeast Florida, coastal Georgia, and South Carolina.

A record water surge flooded downtown Jacksonville, leading the National Weather Service to issue a flash flood emergency as the water level rose sharply. Hours of strong winds blowing the ocean inland, and preventing water from the St. Johns River from escaping back into the ocean worsened the flood situation. The flooding, while predicted, is reportedly some of the worst the city has seen. Despite being weaker than Hurricane Matthew was when it passed by the city in 2016, Tropical Storm Irma helped push a greater amount of water onshore, and it struck right at the time of high tide. This caused the city to see its highest storm surge flooding on record.

Another look at flooded Downtown Jacksonville. ???? This is at the corner of Market and Confederate St.

— Erica Bennett (@EricaANjax) September 11, 2017

Meanwhile, a flash flood emergency was issued for Charleston County in South Carolina, which includes the city of Charleston, as as widespread ...

Irma Misses Insurers' Danger Zone

Hurricane Irma has left a trail of destruction across Florida. But loss estimates have fallen, benefiting insurers now but leaving a tough pricing trend in place.

Prada Is Expensive Even After Price Cut

Prada's handbags aren't the ones to buy this year. Neither are its shares, which look expensive even after Monday's 12% plunge.

Now Comes the Hard Part at Teva

Investors love Teva's new CEO, but falling generic drug prices and high debt will weigh on shares.

Tracking Irma - 11Sep2017- to Points North and West while Watching Jose

Written by Sig Silber

4:00 PM Sept 11: Focus has changed to Georgia, South Carolina, and Eastern Alabama but may expand to other hilly or mountainous terrain subject to flash flooding. Jose remains a concern. Our graphics update automatically. If the article is in your email, the graphics will still update. You can access the NHC Watches and Warnings Here. Other NHC information can be found at this link or Latest Public Advisory. Latest Discussion.

Special Landing Graphic for Hurricane IRMA

August 2017 CBO Monthly Budget Review: Total Receipts Up by 2 Percent in the First Eleven Months of Fiscal Year 2017

from the Congressional Budget Office

The federal budget deficit was $675 billion for the first 11 months of fiscal year 2017, CBO estimates - $56 billion more than the shortfall recorded during the same span last year.

The Moneyologist: My brother is addicted to opiates and has suddenly taken interest in our mother's estate

This concerned sister wants to find a way to protect her family's assets.

How your iPhone could save your life

These apps provide a timely reminder to look after yourself and others.

Market Snapshot: S&P 500 ends at record; Dow books biggest gain in six months

U.S. stock-market indexes book their biggest one-day gains in months, while benchmark S&P 500 ends the session at an all-time high on Monday, in a broad rally led by financials and technology shares.

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