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28Nov2017 Market Close: Dow Closes At Record High Led By Financials

Written by Gary

U.S. stocks were higher after the close on Tuesday, as gains in the Telecoms, Financials and Industrials sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average added 1.09% to hit a new all time high, while the S&P 500 index added 0.98%, and the NASDAQ Composite index added 0.49%. Technology stocks were laggards, especially Apple Inc (NASDAQ:AAPL), which fell 0.59% or 1.02 points to close at 173.07.

Todays S&P 500 Chart


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The Market in Perspective

Here are the headlines moving the markets.

Surging banks lead Wall Street to highs as tax plan advances

(Reuters) - Wall Street surged to record highs on Tuesday led by sharp gains in bank stocks, and boosted by progress for a tax cut bill, strong consumer confidence data and encouraging comments from President Donald Trump's nominee to lead the Federal Reserve.

Washington state attorney general sues Uber after data breach

WASHINGTON (Reuters) - Washington state's attorney general sued the ride-sharing company Uber on Tuesday, alleging it had violated the state's data breach notification law.

More U.S. shoppers than expected kick off holiday spending season

CHICAGO (Reuters) - More than 174 million U.S. shoppers made purchases over Thanksgiving weekend and Cyber Monday, the National Retail Federation said on Tuesday, beating the industry group's expectations and signaling a strong start to the holiday quarter.

Bitcoin tops $10,000 in some exchanges

NEW YORK (Reuters) - Bitcoin soared to an all-time high above $10,000 on Tuesday in some smaller exchanges and digital currency indexes, but remained just below that milestone in major trading platforms such as Luxembourg-based BitStamp and U.S.-based GDAX.

Supreme Court wary about widening whistleblower protections

WASHINGTON (Reuters) - Conservative and liberal U.S. Supreme Court justices on Tuesday appeared reluctant to broaden protections for corporate insiders who blow the whistle on securities law violations or fraud by their companies.

Kaspersky CEO says he would leave if Russia asked him to spy

LONDON (Reuters) - The founder of Moscow-based anti-virus software company Kaspersky Lab said on Tuesday he would quit Russia if its intelligence agencies ever asked his company to spy for it.

Uber-Waymo trial delayed as U.S. judge raises prospect of 'cover-up'

SAN FRANCISCO (Reuters) - Uber Technologies Inc withheld evidence in a lawsuit filed by Alphabet Inc's Waymo, a U.S. judge said on Tuesday, delaying a trial to give Waymo time to review a letter alleging Uber trained employees to steal trade secrets and hide their tracks.

Arby's owner Roark gobbles up Buffalo Wild Wings for $2.4 billion

(Reuters) - Arby's owner Roark Capital Group said on Tuesday it would buy Buffalo Wild Wings Inc for $2.4 billion, adding to its growing portfolio of U.S. restaurants after a bruising proxy fight over the direction of the chicken wing chain.

Wells Fargo to exit personal insurance business

(Reuters) - Wells Fargo & Co said on Tuesday it would exit the personal insurance business and immediately begin winding down marketing and product promotion activity.

Is It Tuesday? Time For Another Banking Scandal...

Authored by Simon Black via SovereignMan.com,

Another day, another major banking scandal.

It's getting to the point where you can practically set your watch to these things.

The latest involves our old friend Wells Fargo.

The Wall Street Journal reported last night that Wells has been screwing its customers on foreign currency exchange rates.

According to the Journal, Wells Fargo conducted an internal review of its fee arrangements and found that they had massively overcharged 88% of the sampled customers.

For example, the bank might have signed a contract with a customer to charge 0.15% on foreign currency transactions, but instead charged as much as 4%... about 26x higher than agreed.

It's absurd to begin with that a bank would charge even a small percentage-based commission on foreign currency transactions (much less 4%), especially given that most of the transactions were to exchange euros and US dollars.

Sure, commissions are common in many industries.

When you list your house for sale, for example, your real estate agent receives a commission when s/he finds a buyer and closes the deal.

Real estate commissions often range between 2% to 6%. But agents earn this money because houses are big, illiquid assets. And it often takes a lot of time and work to close a sale.

But Wells Fargo has been charging huge commissions on buying and selling MONEY.

< ...

WTI Sinks After Surprise Crude Build

Despite UAE oil minister jawboning, WTI/RBOB was sold today heading into the API data and extended losses after crude showed a surprise build (+1.82mm vs -2.95mm exp). Cushing saw a massive destocking and RBOB was steady after gasoline showed a surprise draw.

API



Crude +1.82mm (-2.95mm exp)

Cushing -3.178mm - most since Sept 2009

Gasoline -1.529mm (+1.2mm exp)

Distillates +2.696mm (+200k exp) - biggest since July

Following last week's small crude draw and gasoline build, hope was high but API showed a surprise crude build (and surprise gasopline draw)...

The kneejerk reaction to the API was WTI lower and RBOB higher

John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said in a telephone interview:

"Everyone's focus is on OPEC. The takeway is, it's not going to be a clean nine-month extension and that's why you are seeing downward pressure here. We know that the Russian oil companies are pushing back on extending this thing through all of next year."

"It Can Reach Washington, DC": Latest North Korean ICBM Can Hit Anywhere In The Continental US

There was something different about today's ballistic missile test: according to a preliminary analysis from the Pentagon, the rocket was an Intercontinental Ballistic Missile, which was reported to have flown for 50 minutes, on a very high trajectory reaching 4,500 km above the earth (more than ten times higher than the orbit of Nasa's International Space Station) before coming down nearly 1,000 km from the launch site off the west coast of Japan.

That's quite the trajectory pic.twitter.com/vQWWATN8Wc

— Scott LaFoy (@wslafoy) November 28, 2017

This would make it the most powerful of the three ICBM's North Korea has tested so far. Furthermore, the mobile night launch appeared aimed at testing new capabilities and demonstrating that Pyongyang would be able to strike back to any attempt at a preventative strike against the regime.

"The missile was launched from Sain Ni, North Korea, and traveled about 1,000 km before splashing down in the Sea of Japan, within Japan's economic exclusion zone. We are working with our interagency partners on a more detailed assessment of the launch," Pentagon spokesman, Col Robert Manning said.

This is concerning for one big reason: according to General Mattis, the North Korean ICBM "went higher, frankly, than any previous" and "North Korea can basically threaten everywhere in the world." This was confirmed by North Korea missile analyst, Shea Cotton, who cited Allthingsnuclear author David Wright, and who told the BBC that the initial estimates of the ICBM test mean that North Korea can now reach New York and Washington DC.

BREAKING: North Korea missile analys ...

Stocks Hit Record Highs As Tax Hype Trumps Nuclear Doomsday Fears

Wholesale inventories plunge and Kim shoots off some missiles... but Powell panders to TBTF banks and GOP pushes tax bill = so buy mortimer buy...

Overnight saw The National Team step in and save China...

But today's market action was dominated by the usual opening idiocy, tax-reform headlines, Jerome Powell comments, and North Korea - of course, all of that meant record high stocks.

Well that de-escalated quickly. After snapping higher on a North Korean ICBM launch, gold was pummeled lower (and stocks higher) and stocks soared after the GOP tax bill was advanced to the senate floor...

Nasdaq briefly went red on NK Nukes headlines but then the panic-buying kicked in and Trannies and Small Caps ended best...

On the day, Retailers and Banks screamed higher...

Batteries Are Taking Over the World

The battery industry is mustering for exponential growth as car makers electrify their fleets. But for investors the path to profitability is far from clear, and technological breakthroughs could upset the competitive order.

UnitedHealth Reaches an Unhealthy Altitude

UnitedHealth's stock has more than quadrupled over the past five years. But its high valuation means that the health insurer has a lot to live up to.

Barclays at the Back of the Class in U.K. Stress Tests

Even though all seven banks passed, some will still face higher capital demands to counter a consumer credit boom in which they are systematically underestimating the risk of losses.

November 2017 Conference Board Consumer Confidence Remains at 17 Year High

Written by Jill Mislinski

The latest Conference Board Consumer Confidence Index was released this morning based on data collected through November 14. The headline number of 129.5 was an increase from the final reading of 126.2 for October, an upward revision from 125.9, and remains at a 17 year high. Today's number was above the Investing.com consensus of 124.0.

Richmond Fed Manufacturing Survey Significantly Improves In November 2017.

Of the five regional Federal Reserve surveys released to date, all are in expansion.

Gifts That Pay Off: These holiday gifts will help your friends and family earn a promotion

From networking to professional gear, these presents could get you where you want to go.

The Ratings Game: Nvidia, AMD close lower as cryptocurrency miners' thirst for graphics chips doubted

Shares of chip makers Nvidia Corp. and Advanced Micro Devices Inc. pulled back Tuesday after an analyst reiterated what the companies had already been telegraphing: The cryptocurrency-mining market for graphics chipsets, while legitimate, may not be as huge as some had anticipated.

NewsWatch: Complacent investors run risk of reliving 'parable of the boiling frog'

Investors are ignoring gathering threats, running the risk of getting cooked when the global equity rally runs out of steam, say analysts at Societe Generale.

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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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