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13Sep2017 Market Close: US Stocks Close At Record Highs, Dollar And Oil Advance, While Gold Pulls Back

Written by Gary

U.S. stocks raced to a record close for the second day in a row, shrugging off a weak wholesale inflation data while renewed hopes of tax reform lifted sentiment. TheDJIA closed higher at 22158.18. The S&P 500 closed 0.08% higher while the Nasdaq Composite closed at 6460.19, up 0.09%. U.S. Treasuries continued a sharp decline for the fourth day, with the 10-year rate up to 2.20%. Oil prices settled higher on Wednesday, as bearish data showing U.S. supplies of crude oil rose more than expected was overshadowed by a report from the International Energy Agency estimating global oil demand this year will climb by the most since 2015. The dollar gained and gold retreated.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street hits record high - without help from Apple

NEW YORK (Reuters) - Wall Street edged up to a record high on Wednesday as gains in consumer discretionary and energy stocks offset losses in technology heavyweight Apple Inc.

Trump administration orders purge of Kaspersky products from U.S. government

WASHINGTON (Reuters) - The Trump administration on Wednesday told U.S. government agencies to remove Kaspersky Lab products from their networks, saying it was concerned the Moscow-based cyber security firm was vulnerable to Kremlin influence and that using its anti-virus software could jeopardize national security.

Exclusive: Amazon plans mega-warehouse for Mexico growth spurt

MEXICO CITY (Reuters) - Amazon.com Inc is preparing to open a 1 million square-foot warehouse near Mexico City, sources familiar with the project said, part of an effort to boost its presence in Mexico's nascent e-commerce industry.

Target to hire 100,000 for holiday season rush

(Reuters) - Target Corp said on Wednesday it would hire 100,000 workers for the holiday season, up 43 percent from last year, as the retailer pulls out all the stops to build on its recent uptick in sales.

Bitcoin slides on 'fraud' warning from JPMorgan's Dimon

LONDON (Reuters) - Bitcoin slid by more than 10 percent on Wednesday, as investors sold the cryptocurrency after a warning by JPMorgan Chief Executive Jamie Dimon that it "is a fraud" and will eventually "blow up".

Iphone X shipping delay may dampen Apple's holiday quarter

(Reuters) - Apple Inc's highly anticipated iPhone X features a slew of innovations but delayed availability could hurt holiday-quarter sales.

Build batteries or lose jobs, auto bosses tell Europe

FRANKFURT (Reuters) - Europe shouldn't rush to abandon the combustion engine and must build up its own production of electric car batteries to compete with China, auto suppliers and manufacturers said at the Frankfurt motor show.

Uber's bid to move Waymo court fight to arbitration denied by appeals court

(Reuters) - Uber Technology Inc's attempt to move its high-profile trade secrets dispute with Alphabet Inc's self-driving car unit Waymo to private arbitration was denied again by a U.S. federal appeals court on Wednesday.

Tesla's head of business development leaves after 11 years

SAN FRANCISCO (Reuters) - Tesla Inc said on Wednesday that long-time executive Diarmuid O'Connell, vice president of business development, had left after more than a decade at the electric car company.

US Military Officials Reportedly Observe North Korean Missile Launchers Being Prepared

On the heels of the release of satellite imagery showing notable instability around the site of North Korea's nuclear bomb testing facility, NBC reports that three US military officials have observed North korea moving mobile missile launchers and preapreing hard sites in the last 48 hours.

JUST IN: North Korea observed moving mobile missile launchers & preparing hard sites in last 48 hours, per 3 U.S. senior military officials

— NBC Politics (@NBCPolitics) September 13, 2017

This comes just hours after 38North.org exposes details new commercial satellite imagery confirms earlier 38 North analysis identifying numerous landslides throughout the Punggye-ri Nuclear Test Site on the slopes of Mt. Mantap (and beyond) resulting from North Korea's sixth nuclear test. These disturbances are more numerous and widespread than seen after any of the North's previous five tests, and include additional slippage in pre-existing landslide scars and a possible subsidence crater. However, it is unclear from the imagery whether this subsidence is due to what has been reported as "a cave-in that was externally observable," associated with the 4.6 magnitude event that occurred eight minutes after the test.

Yes, This Time It Is Different: But Not In Good Ways

Authored by Charles Hugh Smith via OfTwoMinds blog,

Yes, this time it's different: all the foundations of a healthy economy are crumbling into quicksand.

The rallying cry of Permanent Bulls is this time it's different. That's absolutely true, but it isn't bullish--it's terrifically, terribly bearish. Why is this time it's different bearish going forward? The basic answer is that nothing that is structurally broken has actually been fixed, and the policy "fixes" have fatally weakened the global financial system.

Let's go over a handful of the many ways that this time it's different, starting with the unprecedented level of central bank support of asset prices via the purchase of financial assets such as stocks and bonds.

Central Banks Have Purchased $2 Trillion In Assets In 2017

A trillion here, a trillion there, and pretty soon you're talking real "money":

As virtually everyone who follows finance knows, these monumental purchases have pushed bond yields / interest rates lower and stocks higher, while super-low mortgage rates have inflated a new global housing bubble that's now bigger than the previous bubble that burst with such devastating consequences.

The net consequence of this 8-year long orgy of inflating global assets has backed the central banks into a corner, as the asset bubbles demand two incompatible policies:

1. "normalize" rates and central bank balance sheets by reducing ...

Bombshell Report Catches Pentagon Falsifying Paperwork For Weapons Transfers To Syrian Rebels

A new bombshell joint report issued by two international weapons monitoring groups Tuesday confirms that the Pentagon continues to ship record breaking amounts of weaponry into Syria and that the Department of Defense is scrubbing its own paper trail. On Tuesday the Organized Crime and Corruption Reporting Project (OCCRP) and the Balkan Investigative Reporting Network (BIRN) produced conclusive evidence that not only is the Pentagon currently involved in shipping up to $2.2 billion worth of weapons from a shady network of private dealers to allied partners in Syria - mostly old Soviet weaponry - but is actually manipulating paperwork such as end-user certificates, presumably in order to hide US involvement.

The OCCRP and BIRN published internal US defense procurement files after an extensive investigation which found that the Pentagon is running a massive weapons trafficking pipeline which originates in the Balkans and Caucuses, and ends in Syria and Iraq. The program is ostensibly part of the US train, equip, and assist campaign for the Syrian Democratic Forces (SDF, a coalition of YPG/J and Arab FSA groups operating primarily in Syria's east). The arms transfers are massive and the program looks to continue for years. According to Foreign Policy's (FP) coverage of the report:

The Department of Defense has budgeted $584 million specifically for this Syrian operation for the financial years 2017 and 2018, and has ea ...

Massachusetts Kicks Off State Lawsuits Against Equifax Over Massive Data Breach

Content originally published at

Goldman Faces Fight in Finding New Trading Clients

Goldman Sachs' plan to turn around its trading operations depends on its ability to take market share from other banks.

Western Digital's Flashing Pain

Western Digital is learning that there is a price for friendship or, in the case of Toshiba, a lack of it.

Heard on the Street Summer Stock Picks

This summer, Heard on the Street's scribes pulled a seat up to the pundits' table, slapping a "buy" or "sell" on 22 investments ranging from blue chip U.S. and European stocks to entire currencies or national stock markets.

August 2017 Producer Price Final Demand Year-over-Year Inflation Significantly Grew

Written by Steven Hansen

The Producer Price Index year-over-year inflation significantly grew from 1.9 % to 2.4 %.

13Sep2017 Pre-Market Commentary: Global Markets Mixed, USA Markets Look To Open Up

Written by Gary

The USA markets are set to open up with global markets mixed. Gold and oil up marginally overnight. There are concerns that third quarter GDP will be weak.

Market Extra: Bitcoin at crossroads after shedding nearly $20 billion in value

Fears of a bitcoin bubble and a focus on the rise of digital currencies overall may signify that cyberunits are at an important crossroads.

Bond Report: 2-year Treasury yield highest in five weeks on tax reform hopes

U.S. Treasurys picked up where they had left off, pushing yields lower, on Wednesday as investors continued to rotate out of government paper and other assets perceived as less risky, while traders looked ahead to consumer price data.

NewsWatch: Bitcoin at crossroads after shedding nearly $20 billion in value

Fears of a bitcoin bubble and a focus on the rise of digital currencies overall may signify that cyberunits are at an important crossroads.

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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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