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14Sep2017 Market Close: Wall Street Closes Mostly Flat To Moderately Down, Dow Hits Record High As Broader Market Treads Water, WTI Crude Slides Off The 50 Handle To The High 49 Level

Written by Gary

US stock markets closed mostly in the red (SPY -0.03%) with prominent reversal indicators fractionally in the red. Boeing pushed the DOW higher closing up 45 points.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Dow hits record high as broader market treads water

(Reuters) - Rising shares of Boeing pulled the Dow Jones Industrial Average up to a record high on Thursday, while the S&P 500 declined marginally as investors saw higher-than-expected inflation increasing the chances of an interest rate hike.

Lawsuit accuses Google of bias against women in pay, promotions

(Reuters) - Three female former employees of Alphabet Inc's Google filed a lawsuit on Thursday accusing the tech company of discriminating against women in pay and promotions.

FTC probes Equifax; top Democrat likens it to Enron

WASHINGTON (Reuters) - The U.S. Federal Trade Commission said on Thursday it was investigating Equifax Inc's massive data breach, a rare public confirmation, as a top Democrat suggested the credit-monitoring company's corporate leaders might need to resign.

Gasoline, rents boost U.S. consumer inflation; weekly jobless claims fall

WASHINGTON (Reuters) - U.S. consumer prices accelerated in August amid a jump in the cost of gasoline and rental accommodation, signs of firming inflation that boosted the probability of an interest rate increase from the Federal Reserve in December.

'Trump Trade' returns? Small-cap stocks rally on hopes of tax deal

NEW YORK (Reuters) - With time running out before Congress turns its attention to the 2018 mid-term elections, small-cap stocks are increasingly acting as a bellwether for the market's expectations that the Trump Administration will reach a deal to significantly cut U.S. corporate tax rates by the end of the year.

Verizon has moved on from plans to acquire cable companies: CEO

(Reuters) - Verizon Communications Inc said on Thursday that it has moved on from plans to acquire cable companies and instead will focus on building out its own fiber infrastructure.

Ex-AIG chief Greenberg can pursue Spitzer defamation lawsuit

NEW YORK (Reuters) - Maurice "Hank" Greenberg, former chief executive of American International Group Inc , may pursue large parts of his defamation lawsuit against former New York Attorney General Eliot Spitzer, a New York state appeals court ruled.

Judge Fox bid for Sky on merits not politics: James Murdoch

CAMBRIDGE, England (Reuters) - Britain should judge Rupert Murdoch's bid for broadcaster Sky on facts and not politics or risk stifling inward investment after Brexit, his son and fellow executive James Murdoch said on Thursday.

Aramco says IPO on track after report it is preparing for possible delay

(Reuters) - Saudi Aramco's planned initial public offering remains on track, the company said on Thursday, after Bloomberg reported that the oil company is preparing contingency plans for a possible delay by a few months into 2019.

Forget The Hype: Public Infrastructure Generates Waste, Fraud And Abuse

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.

Economic policy is subject to fads and fashions. The most recent economic-policy fad is public infrastructure. Its advocates include progressives on the "left" and populists on the "right." It is an undefined hallmark of President Trump's economic program. They all tell us to take the chains off fiscal austerity and spend — spend a lot — on public works. They allege that this elixir will cure many, if not all, of our economic ills. Let's take a look at their arguments and evidence.

Although its picked up recently, economic growth remains muted throughout the world. The U.S. provides an important example. It has been over eight years since Lehman Brothers collapsed and the Great Recession commenced. But, the U.S. has failed to bounce back. The economy is still struggling to escape from a growth recession — a recession in which the economy is growing, but growing below its trend rate of growth. The U.S. aggregate demand, which is best represented by final sales to domestic purchasers (FSDP), is now only close to reaching its trend rate, with growth in nominal terms at a 4.43% percent rate (see the accompanying chart).

Many argue that fiscal "austerity" is the culprit that has kept growth tamped down. They advocate fiscal stimulus (read: spending on public works).

Another line of argument ...

Electricity YAY!

By Chris at www.CapitalistExploits.at

Britain to ban sale of all diesel and petrol cars and vans from 2040

So says the Guardian.

Which follows on from:

France to ban sales of petrol and diesel cars by 2040

This follows Norway, The Netherlands, Germany and now - the big Daddy...

China plans to ban sales of fossil fuel cars entirely

China is the world's largest auto market, with 28.03 million vehicles sold last year, a boost in demand of 13.7 percent vs. 2015 sales numbers. The nation has already done a lot to incentivize manufacturers to develop and sell new EVs, including allowing foreign automakers to create a third joint venture with local automakers (a standard requirement for doing business in the country for auto OEMs) so long as it's dedicated to the creation of EVs exclusively.

CO2 emissions from EVs are substantially lower than their fossil-fuel-guzzling cousins. And since most of us prefer swallowing our air without having to chew it first, the appeal is as easy to understand as Cameron Diaz in a bikini.

Here's an excellent chart which you can go and play around with which shows vehicle ...

Trump "Insists On Wall" As Part Of Immigration Deal, Will "Veto Single Payer" Healthcare

On his return trip from Florida, President Trump spoke to reporters aboard Air Force 1 and the result was a burst of headlines, among which Trump's comments on Yellen, whom he "respects", the stock market which is "doing very well", the border wall, which contrary to overnight speculation, Trump will insist on being part of the immigration deal, on Iran, "we are not going to stand for what they are doing", about DACA, the recent hurricanes, which haven't changed his mind on climate change, and finally on "white supremacists, saying "we have some pretty bad dudes on the other side as well."

Here are select headlines, on the wall, Mexico and hurricans:



TRUMP TELLS REPORTERS HE WILL INSIST ON WALL AT SOUTHERN BORDER AS PART OF IMMIGRATION DEAL: "THEY CAN'T OBSTRUCT THE WALL"

TRUMP SAYS SPOKE WITH MEXICO'S PRESIDENT ABOUT EARTHQUAKE, HURRICANES

TRUMP: IRMA, HARVEY HAVEN'T CHANGED HIS MIND ON CLIMATE CHANGE

On Iran:



TRUMP SAYS IRAN IS VIOLATING "THE SPIRIT" OF IRAN NUCLEAR DEAL AND "WE ARE NOT GOING TO STAND FOR WHAT THEY ARE DOING"

On upcoming trips;



TRUMP SAYS WILL VISIT CHINA, JAPAN AND SOUTH KOREA IN NOVEMBER, BUT IS UNDECIDED ABOUT ATTENDING SUMMITS IN VIETNAM AND THE PHILIPPINES

TRUMP SAYS WILL VISIT U.S. VIRGIN ISLANDS, PUERTO RICO SOMETIME NEXT WEEK OR THE FOLLOWING WEEK TO SEE DAMAGE FROM HURRICANE IRMA

On Yellen and the stock market:



TRUMP SAYS HE RESPECTS YELLEN, SAYS "THE STOCK MARKET IS DOING VERY WELL"

On DACA



TRUMP SAYS HE'S NOT WORRIED ABOUT REPUBLICAN REACTION ON DACA

MANY REPUBLICANS LIKE IT,' TRUMP TELLS REPORTERS OF DACA

On taxes:



TRUMP SAYS TAX REFORM WILL BE REVENUE NEUTRAL IF ECONOMIC GROWTH IS TAKEN INTO ACCOUNT

Trump decided to double down and told reporters he and Tim Scott discussed white supremacists and "we hav ...

Antifa Leader is Professor Who Jokes About Dead Cops and Executing Students

Content originally published at farleftwatch.com

In a Thursday, September 14th article from The Hill titled "Antifa activists say vi ...

Banks Have the Low Mortgage Rate Blues, Again

The third quarter was already looking pretty tepid for banks, and falling mortgage rates have made the outlook more glum for some.

Toshiba Is Running Out of Options for Its Chip Business

Toshiba's sale of its memory-chip business is turning into a saga, and it doesn't have time for that: A deal with Western Digital may be the best choice left.

Attention Investors: The Stretch of Very Weak Inflation Is Over

Investors have been enjoying what might best be called the Bizarro Goldilocks economy. The latest inflation report serves as a warning the fairy tale may be drawing to its close.

Market Extra: Bitcoin at crossroads after shedding more than $27 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.

The Fed: Fed to take historic leap into the unknown

The Federal Reserve is widely expected next week to announce it will begin to sell assets from its balance sheet, and where it will end up is uncertain.

Futures Movers: Oil extends win streak to 4 days, finishes at 6-week high

Oil ends higher Thursday for a fourth-consecutive session, with the U.S. benchmark settling at a more-than-six-week high after briefly pushing above $50-a-barrel level.

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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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