Written by Gary
U.S. stocks rose in late afternoon trading today as more mixed economic data bolstered the view the Federal Reserve may raise rates later rather than sooner.
After 3 pm trading took a fractional hit as the averages slipped off their session highs closing modestly down but remaining in the green.
Todays S&P 500 Chart
The Market in Perspective
|Here are the headlines moving the markets.|
Uber targeted by Canada’s largest city amid cabbie protest
TORONTO (Reuters) – Taxi drivers packed a courtroom in Canada’s largest city on Monday as Toronto stated its case that the Uber ride-sharing service should be regulated, as are the traditional cabs with which Uber competes.
Merrill Lynch pays $11 million to settle short sale violations
WASHINGTON (Reuters) – Two units of Bank of America’s brokerage arm Merrill Lynch agreed to pay $11 million and admitted they violated certain federal rules by using inaccurate data for short sale orders, U.S. regulators said on Monday.
Etihad Airways rebuts subsidy claims, attacks U.S. airline ‘oligopoly’
(Reuters) – Etihad Airways on Monday issued it strongest rebuttal yet of claims that it received market-distorting subsidies, saying it is required to repay loans and that its U.S. competitors have a “condescending” view of non-U.S. law.
Chart Of The Day: It’s Worse Than 2000!
All too often investors are bombarded with bullshit presented as facts by talking heads in constant denial and forever protecting their commissions – as opposed to protecting their client’s interests. One notable case in point is the “it’s different this time” meme surrounding IPOs and their apparent ‘realness’ in the current new normal vs the 199/2000 dotcom boom/bust. As the following chart shows: yes, this time is different – there has never, ever, been a greater perecentage of unprofitable companies IPOing…
So, talking head bullshit or fact-based data? You decide…
Wall Street edges up as data supports Fed rate view
(Reuters) – U.S. stocks rose in late afternoon trading on Monday as more mixed economic data bolstered the view the Federal Reserve may raise rates later rather than sooner.
Inside Q1’s Punk GDP Numbers – Why Bubble Vision Doesn’t Get It
Submitted by David Stockman via Contra Corner blog,
Promptly upon release of today’s GDP update, Steve Liesman and his Wall Street economist pals spent 10 minutes bloviating about why the negative print should be completely ignored. Herein is an essay on why it is they who should be given the heave-ho.
According to Liesman & Co the GDP shrinkage reported by the BEA for Q1 was all a mistake due to winter, strikes and unseasonal seasonals. So don’t sweat the small stuff, they brayed to what remains of the CNBC audience, the US economy actually continues bounding along at a 2.5% growth rate, as it has for the entire recovery.
Well, hold it right there. I am all for ignoring the quarterly jerks and flops embedded in the GDP data, too. But if you want to talk trend and context—-let’s do exactly that. And first and foremost there is no such trend as 2.5% growth.
After all, Liesman and his Wall Street cronies have been cheerleaders for the Fed’s insane 80 months of ZIRP and massive QE on the grounds that extraordinary measures were needed to combat the deep economic plunge known as the Great Recession. In fact, measured from peak to trough, the latter was the worst downturn since 1950. Real GDP shrank by 4.2% compared to an average of 1.7% during the previous nine recessions, and handily topped the 2.6% decline in 1981-1982 and the 3.0% decline in 1973-1975.
So you would think that after a recessionary plunge that was in a league all by itself that some account of that would be taken in assessing the recovery. Indeed, that’s particularly pertinent in t …
HSBC set to cut thousands of jobs globally: Sky News
(Reuters) – HSBC Holdings Plc is planning to cut thousands of jobs globally and is set to make an announcement next week, Sky News reported on Monday, citing unidentified sources.
Intel to buy Altera for $16.7 billion in its biggest deal ever
(Reuters) – Intel Corp agreed to buy Altera Corp for $16.7 billion as the world’s biggest chipmaker seeks to make up for slowing demand from the PC industry by expanding its line-up of higher-margin chips used in data centers.
Dollar Strengthens After ISM Data
The dollar pushed to a 12-year high against the yen after manufacturing data provided evidence that the U.S. economy is emerging from its slump.
U.S. hotel business poised for good years, leaders say
NEW YORK (Reuters) – Steadily expanding demand, in line with a moderately growing U.S. economy and a still low rate of new room construction, bodes well for the U.S. hotel industry in the near term, leading executives in the business said on Monday.
Protecting Perks, Power, & Profits Has Perverted The Entire System
Submitted by Bill Bonner via Bonner & Partners,
We’ve been trying to find something good to say about our generation â€” the baby boomers, who have dominated life back in the U.S. for at least the last 30 years.
But we keep running into the same problem: We have been so eager to protect our perks, power, and profits we have perverted the entire system.
Capitalism takes you into the future… with innovation, failure, and surprise. You invest, you lose your money, you try something different, and you stumble forward. Capitalism is constantly burying its mistakes and discovering tomorrow.
Cronyism, on the other hand, keeps you in the past. It is today and yesterday trying to stop tomorrow from happening.
And guess what? Cronyism depends on the credit bubble. The future is where new wealth is created. When you try to stop or twist the future into the shape want, you prevent this wealth from ever happening.
So, you …
Auto Sales Are No Lemon
U.S. auto sales in May could be even stronger than they appear as pricier vehicles fly off dealer lots.
The CME Cracks Down On Another Gold Spoofing Mastermind
One month ago, days after explicit Zero Hedge step-by-step guide of precisely how gold manipulation takes place, the CME cracked down on the evil Indian market manipulating mastermind Nasil Salim (and his ostensibly less evil sidekick) Heet Khara, for spoofing and otherwise rigging the gold market for months on end. His punishment: a 60 day denial of access to the CME. A week late, a seven person crack CFTC team finally figured out how to read the charts posted on ZH 10 days earlier, and charged the two with illegal market spoofing.
Well, it is time for another sacrificial gold market manipulation crackdown (the same gold market, mind you, which CFTC commissioner and HFT lobby sellout extraordinaire Bart Chilton said was completely unrigged). Only it’s not Barcalys, JPM, Virtu, Citadel, the NY Fed, the Bank of England, or even the PBOC – i.e., the real market manipulators – who is the receiving end of the CME’s special breed of “justice.” It is another “trade from his parents’ home” Indian.
Summary of Economic Releases this Week
Earnings Summary for Today
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