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27Oct2017 Market Close: Wall Street Closed Higher With The SP 500 And Nasdaq Setting New Highs, Nasdaq Having Its Best Day In Nearly A Year, WTI Crude Touches The 54 Handle

Written by Gary

US equities market closed higher, DOW remains way behind (+0.1%) the Nasdaq closing of +3.0 percent thanks to Amazon, tech surge.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Amazon, tech surge drive big Nasdaq gains

NEW YORK (Reuters) - Wall Street climbed on Friday, as a surge in the tech sector and a rally in Amazon shares helped push the Nasdaq to its best day in nearly a year.

Inventories, trade shield U.S. economy from hurricane headwinds

WASHINGTON (Reuters) - The U.S. economy unexpectedly maintained a brisk pace of growth in the third quarter as an increase in inventory investment and a smaller trade deficit offset a hurricane-related slowdown in consumer spending and a decline in construction.

CVS-Aetna deal gets Wall Street thumbs up amid Amazon entry fears

(Reuters) - U.S. pharmacy operator CVS Health Corp's move to buy health insurer Aetna Inc will broaden their reach in the industry and could spark another round of dealmaking in a sector dreading Amazon's arrival, analysts said.

Exxon, Chevron results linked to oil price, not cost cuts

HOUSTON (Reuters) - Rising oil and natural gas prices boosted third-quarter profits at Exxon Mobil Corp and Chevron Corp by about 50 percent, underscoring how reliant they remain on commodity markets for their financial futures than better technology or cost cuts.

After CSeries deal, Bombardier aero unit faces uncertain future

MONTREAL (Reuters) - Bombardier Inc secured the future of its struggling CSeries jet but still needs to find ways to spur growth in other units that have aging products or face larger rivals, industry players and analysts said.

UBS cautions gains from wealthy client activity may not last

ZURICH (Reuters) - A pick-up at UBS's core wealth management business is likely to weaken in the final months of 2017 as clients withdraw money to take part in tax amnesty programs, the world's biggest private bank said.

Exxon, investors huddle on climate data as proxy deadline looms

BOSTON (Reuters) - Activist Exxon Mobil Corp investors, five months after winning a landmark shareholder vote, are still pressing the company for an analysis on how its business could be affected by regulations aimed at limiting climate change.

McDonald's sets new welfare standards for chicken suppliers

CHICAGO (Reuters) - McDonald's Corp will require suppliers to improve the living conditions and slaughter process for chickens raised to be served in its restaurants, the company said on Friday, the latest changes affecting popular menu items like McNuggets.

Wall Street loves electric cars, America loves trucks

DETROIT (Reuters) - Wall Street may love the shares of Silicon Valley electric carmaker Tesla Inc , but Americans love big, fuel-thirsty trucks like Ford Motor Co's bestselling F-Series pickups and are paying ever higher prices to buy them.

False Flag Bombings, Murder Plots, Bizarre Phone Calls: The Stunning Revelations In The JFK Assassination Files

Following last night's release of the latest set of JFK Assassination Files, the public has been busy combing through the several thousand documents. Among the more notable discoveries so far are the following: the CIA contemplated mafia hits on Cuban President Fidel Castro, involving the "false flag" staging of bombings in Miami; Someone calling the FBI threatening to kill Lee Harvey Oswald a day before Oswald's murder; the US examined sabotaging airplane parts heading to Cuba. As a reminder, following a deadline 25 years in the making, last night the National Archives released an abridged dump of JFK Assassination files. While president Trump blocked the release of some, arguably the most controversial, documents citing national security concerns, the release still left researchers and conspiracy theorists with 52 previously unreleased full documents and thousands in part to sift through.

Here are the key highlights from the trove so far, courtesy of CBS and AP:



Sabotaging plane parts

A national security council document from 1962, one year before Kennedy's murder, referenced "Operation Mongoose," a covert attempt to topple communism in Cuba. In the minutes of a secret meeting on Operation Mongoose from September 14,1962, "General (Marshall) Carter said that the CIA would examine the possibilities of sabotaging airplane parts which are scheduled to be shipped from Canada to Cuba."



CIA-mafia plot on Castro

A 1975 d ...

The Informant Cometh

Authored by James Howard Kunstler via Kunstler.com,

When you consider all the shadowy creatures scuttling around the backstage interstices of the Deep State, it's a little wondrous that someone like this hasn't stepped into the light before. Apparently now, a person whose name will soon be plastered across the pixel-verse, has been given clearance by the Justice Department to come forth and sing to the various house and senate committees about a fishy deal involving Russia and the Clinton dynasty.

The broad outlines of Uranium-Gate are already loaded like a platter of nachos grandes with piquant tidbits of suspicious detail. The informant worked for a DC Swamp lobbying firm that was hired by Tenex, a subsidiary of the Russian government-owned company Rosatom, to grease the skids for a deal to buy a Canadian company, Uranium One, which had substantial mining operations in the USA. According to The Hill website, the deal put about 20 percent of US uranium into the hands of the Russian company.

The informant recognized evidence of criminal behavior in the dealings he witnessed and voluntarily went to the FBI with it. The Hill report goes on:

His work helped the Justice Department secure convictions against Russia's top commercial nuclear executive in the United States, a Russian financier in New Jersey, and the head of a U.S. uranium trucking company in what prosecutors said was a long-running racketeering scheme involving bribery, kickbacks, extortion and money laundering.

Those charges, based on evidence gathered in 2009, were not taken to court until 2014. And that was supposed to be the end of it. ...

China's Congress Is Over, And So Is The Period Of "Coordinated Global Growth"

It is hardly a secret that thanks to nearly $4 trillion (at least) in credit creation in 2017 - more than the rest of the developed world combined - China has been the proverbial (and debt-funded) "growth" dynamo behind the recent period of "coordinated global growth." Unfortunately, much if not all of this was window dressing for the just concluded 19th Communist Party Congress, which in not so many words, made Xi Jinping into a de facto emperor with no apparent or otherwise heirs.

The problem is that with the Congress now over, so is the period of coordinated global growth. Here's why.

As Citi writes, "China's Party Congress has concluded and Xi Jinping's position as President has been consolidated. Given there are no standing committee members in their 50s, it suggests there are no apparent heirs for Mr. Xi, opening the door for him to stay on beyond 2022. One of the key questions in the run up to the congress was that once power was consolidated, would China accelerate its economic reforms. We think this is unlikely but do expect a moderation of growth, with data momentum perhaps set to continue to slow at its current pace. Note how China's MCI tends to lead Citi's macro data index for China and our MCI is still tightening."

It gets worse.

As Capital Economics writes in its China Activity Monitor note this week, the firm's China Activity Proxy (CAP) suggests that growth in China slowed last month to the weakest pace in a year and with property sales cooling and officials continuing their efforts to rein in financial risks, Cap Econ thinks that looking ahead "the economy will slow further over the coming quarters." ...

The Coming Russia Bombshells

Authored op-ed by Kimberley Strassel via The Wall Street Journal,

The confirmation this week that Hillary Clinton's campaign and the Democratic National Committee paid an opposition-research firm for a "dossier" on Donald Trump is bombshell news. More bombshells are to come.

The Fusion GPS saga isn't over. The Clinton-DNC funding is but a first glimpse into the shady election doings concealed within that oppo-research firm's walls. We now know where Fusion got some of its cash, but the next question is how the firm used it. With whom did it work beyond former British spy Christopher Steele ? Whom did it pay? Who else was paying it?

The answers are in Fusion's bank records. Fusion has doggedly refused to divulge the names of its clients for months now, despite extraordinary pressure. So why did the firm suddenly insist that middleman law firm Perkins Coie release Fusion from confidentiality agreements, and spill the beans on who hired it?

Because there's something Fusion cares about keeping secret even more than the Clinton-DNC news - and that something is in those bank records. The release of the client names was a last-ditch effort to appease the House Intelligence Committee, which issued subpoenas to Fusion's bank and was close to obtaining records until Fusion filed suit last week. The release was also likely aimed at currying favor with the court, given Fusion's otherwis ...

The Bond Selloff's Missing Ingredient: Inflation

Better growth and tighter central bank policy are lifting bond yields, but the market lacks a critical factor for lift-off.

At Clariant, Breaking Up Was the Easy Part

Activists prevailed in keeping Clariant independent, but now they need to come up with ideas for creating value.

Asia's Rich Are Helping Swiss Bankers Recover Their Poise

Asian investors, particularly from China, are helping UBS revive from a summer stumble and its shares have further to run.

How much the opioid epidemic costs the U.S.

Opioids are killing tens of thousands of Americans every year.

Trump Today: Trump Today: President meets with interior secretary as Whitefish controversy swirls

President Donald Trump questioned Interior Secretary Ryan Zinke on Friday about Puerto Rico's decision to award a contract to a company based in his hometown, bashed activist Tom Steyer over the former hedge-fund manager's impeachment campaign, and said he wanted to get "just about" all files related to the assassination of President John F. Kennedy released.

Saudi Arabia grants robot 'Sophia' citizenship yet still denies many rights to real women

A female robot was given Saudi Arabian citizenship this week, a gesture whose irony triggered a social media backlash that challenged "Sophia's" elevated status while millions of human female Saudis live without basic civil rights.

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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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