FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.

17Oct2017 Market Update: Wall Street DOW Makes Epic Move Above 23 K, Strong Earnings From UnitedHealth And Johnson And Johnson, WTI Crude Prices Fall And The US Dollar Continues To Rise

Written by Gary

The Dow soared past 23,000 this morning for the first time on strong earnings (SPY -0.05%), SP 500 is poised to make uncanny stock-market history this week for doing almost nothing.

Here is the current market situation from CNN Money

North and South American markets are mixed. The IPC is higher by 0.43%, while the Bovespa is leading the S&P 500 lower. They are down 0.85% and 0.06% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Exclusive: Microsoft responded quietly after detecting secret database hack in 2013

(Reuters) - Microsoft Corp's secret internal database for tracking bugs in its own software was broken into by a highly sophisticated hacking group more than four years ago, according to five former employees, in only the second known breach of such a corporate database.

Dow tops 23,000-mark for the first time on strong earnings

(Reuters) - The Dow Jones Industrial Average breached the 23,000-mark for the first time on Tuesday, powered by strong earnings from UnitedHealth and Johnson & Johnson.

Powell likely next Fed chief, though Yellen best suited: economists

LONDON (Reuters) - Jerome Powell likely will be the next Federal Reserve chairman, according to a slim majority of economists in a Reuters poll - but most of them said current Fed Chair Janet Yellen would be the best option.

Wall Street banks look beyond trading to drive profits

NEW YORK (Reuters) - Wall Street rivals Goldman Sachs Group Inc and Morgan Stanley topped analyst expectations on Tuesday, reporting third-quarter earnings gains from a range of products and services despite an industry-wide decline in bond trading.

New cancer drugs help J&J top profit estimates

(Reuters) - Johnson & Johnson posted better-than-expected third-quarter earnings, raising its full-year forecast due to growth from new cancer drugs and high-margin treatments picked up in its $30 billion acquisition of Actelion earlier this year.

Airbus takes control of Bombardier CSeries in rebuff to U.S. threat

MONTREAL/TOULOUSE, France (Reuters) - Airbus has agreed to take a majority stake in Bombardier's troubled CSeries jetliner program, securing the plane's future and giving the Canadian firm a possible way out of a damaging trade dispute with Boeing.

Mexico, Canada poised to push back over U.S. NAFTA demands

WASHINGTON (Reuters) - Trade ministers from the United States, Canada and Mexico on Tuesday wrap up a contentious round of NAFTA negotiations dominated by aggressive U.S. demands including a sunset clause that Canadian and Mexican officials say will be rejected.

Patently tough: Long road ahead for Qualcomm in China case against Apple

SHANGHAI/BEIJING (Reuters) - Qualcomm Inc wants to hit Apple Inc where it hurts most: iPhone sales in China - one of its biggest global markets where most of its flagship smartphones are made.

Obituary: Jim Saft, Reuters columnist, a man of humor and insight

This headline by Jim Saft, who died on Monday after suffering a stroke last month, was typical of the writing of one of Reuters smartest and most engaging columnists on investment and markets. [SAFT/]

Assange Blasts Clinton's "Constant Lying" Over Claim Wikileaks Is "Subsidiary Of Russian Intelligence"

Julian Assange accused Hillary Clinton of "constant lying" and displaying a "cold creepiness" after the former US presidential candidate accused Wikileaks of being a front for Russian intelligence during interviews with British and Australian media last week, Russia Today reported.

Clinton, who has sat for interviews with media outlets in several different countries over the past week as the global leg of her book tour for "What Happened" began, described the organization that Assange founded as part of a "concerted operation" between Russia, Wikileaks and "people in the United States" - likely an oblique reference to the Trump campaign.

"It is not just her constant lying," Assange tweeted on Monday. "It is not just that she throws off menacing glares and seethes thwarted entitlement."

"Something much darker rides along with it. A cold creepiness rarely seen."

WikiLeaks has a pristine record for accuracy. HRC is not a credible person. The primary cause of her downfall was her own Machiavellian scheme to elevate Mr. Trump ("Pied Piper").

Our last Russian expose was three weeks ago.


The theme for the Second ZeroHedge Symposium and Live Fight Club is...The Insider.

So, what you're saying is it wasn't enough to fire me for no good reason. Now you question my integrity? On top of the humiliation of being fired, you threaten me? You threaten my family? It never crossed my mind not to honor my agreement. And I will tell you, Mr. Sandefur... and Brown & Williamson too - fuck me? Well, fuck you!

-From the the film, The Insider.

In case you missed it, this past spring, more than 100 of us came together in the high desert and had an absolutely fantastic time at the First ZeroHedge Symposium and Live Fight Club in Marfa, Texas.

All indications are that next year is going to be even bigger! This prediction is made despite the series of three (weak not weekly) hit pieces by London's Financial Times.

In both the book and the film, Fight Club, the narrator tells another airline passenger about his job in the automobile manufacturing industry, assessing fatal accidents, and calculating the costs of settlements vs. recalls.

Narrator: A new car built by my company leaves somewhere traveling at 60 mph. The rear differential locks up. The car crashes and burns with everyone trapped inside. Now, should we initiate a recall? Take the number of vehicles in the field, A, multiply by the probable r ...

Russia's Crypto-Ruble Just Changed the Game

Submitted by Tom Luongo

For weeks now we've been getting very mixed signals out of the Russian Government about cryptocurrencies. On the one hand we see it embracing the new technology while at the same time going on the warpath against them. Because of that there is a lot of confusion in people's minds as to what the endgame for cryptos in Russia looks like. I'll try to clear this confusion up given what we know.

But, suffice it to say, this is very good news for both Bitcoin and the Russian economy. Give me a few minutes and I'll explain why.

Putin's Law

Vladimir Putin is very much a law and order kinda guy. If you watch Putin operate in the public arena he always does so with an eye towards the law. He believes strongly in the law. And cryptocurrencies, despite their obvious benefits to a Russian economy that needs the type of disintermediation cryptos offer, operate in a legal gray area that makes Putin uncomfortable.

So, the goal with Russian official crypto-policy is to stamp out the illegal activities - the money laundering, terrorism-financing, human-trafficking, etc. - while simultaneously using the technology to modernize Russia's internal capital handling capabilities.

This is what the crypto-ruble is all about. It is a way for Russia and Russians to provide a gateway between the crypto-world and the so-called real one. It ensures that this new form of ruble properly tracks capital flow through the Russian economy.

By taxing crypto-rubles at the capital gains rate for those that cannot provide a paper-trail of ownership, Russia and Putin are incentivizing the development of low-cost crypto-payment systems to exchange rubles for goods only in cryptocurrencies that also track ownership, like Ethereum and other ...

Trump Expected To Announce His Pick For Fed Chair In Next Two Weeks

In the latest update on Trump's search for the next Fed Chair, Reuters reported that the search has narrowed down to 5 finalists - Yellen, Warsh, Taylor, Powell and Cohn (condolences to Jeff Gundlach: his dark horse candidate, Neel Kashkari did not make the cut) - and that after meeting Yellen on Thursday, Trump will have discussed the Fed job with all five candidates. More importantly was the news that Trump is expected to announce his decision for next Fed Chair in the next 2 weeks, before he leaves for his Asian trip on November 3.





Yesterday, the USD and bond yields turmoiled briefly following news that Trump had warmed to the candidacy of San Fran professor John Taylor, father of the Taylor Rule and advocate of rules-based monetary policy, and who is widely perceived as a mega hawk. The news sent the USD surging and hit bonds.

That said, Taylor's hawkishness appears to have worked against him, and after surging to 2nd spot on Predictit yesterday, Taylor was tumbled to 4th spot this morning.

That said, Taylor's hawkish reputation may be unwarranted. As SocGen's Kit Juckes wrote this morning, what rate the Taylor Rule indicates is dependent on a variety of assumptions. To wit:

Why It's Time to Get Back into Goldman

Wall Street's big two investment banks, Morgan Stanley and Goldman Sachs, have shown that they can perform reasonably well even when the environment is tough. What happens if things get better?

Chinese Cash Will Help Aramco Prove Its Relevancy

With Saudi Arabia bleeding market share in both of the world's top oil consumers, pitching a public offering to investors may prove difficult. A big private placement with brawny Chinese bidders—reportedly in the works—might do the trick.

Should Credit Suisse Break Up? The Answer Isn't Obvious

There are things about Credit Suisse that don't make sense, but RBR Capital Advisors's plan to split it in three seems unlikely to help.

September 2017 Headline Industrial Production Improved

Written by Steven Hansen

The headlines say seasonally adjusted Industrial Production (IP) was up. The manufacturing segment of industrial production also improved.

The $72,000 question you should be asking your real estate agent

It's National Cyber Security Awareness Month. Be very careful where you wire the deposit on your new home.

Market Extra: S&P 500 is poised to make uncanny stock-market history this week—for doing almost nothing

How quiet is this stock market? By at least one measure, the S&P 500 is on pace to register is lengthiest period of quiescence in more than two decades.

Coding bootcamp's $375,000 settlement highlights challenges for new industry

The Flatiron School reached a deal with the Attorney General of New York over its job placement claims.

Earnings Summary for Today

Earnings Calendar provided by

leading Stock Positions

Leading Stock Quotes powered by

Current Commodity Prices

Commodities are powered by

Current Currency Crosses

The Forex Quotes are powered by

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

Click here for Historical Releases Listing

Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.

Econintersect Live Market

Print this page or create a PDF file of this page
Print Friendly and PDF

The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.

Keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Middle East / Africa
USA Government



Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2018 Econintersect LLC - all rights reserved