09Sep2015 Market Close: U.S. Equities Closed Deep Into The Red, Oil Settles In The Low 44's

Written by Gary

A rally in global stocks, driven by signs that China would do more to stimulate its slowing economy, faded in the U.S. today as the Dow dumps 400 points from morning highs led by a decline in Apple shares and as energy companies dropped with oil prices.

Todays S&P 500 Chart

Agreement on September Rate Increase Eludes Fed as officials aren’t near an agreement to begin raising short-term interest rates heading into a crucial week of private discussions before their Sept. 16-17 policy meeting, according to their recent comments.

The Market in Perspective

Here are the headlines moving the markets.
	Exclusive: Credit Agricole may pay about $900 million in U.S. sanctions probes – source NEW YORK (Reuters) – France’s Credit Agricole SA is nearing an agreement to pay about $900 million to resolve investigations into whether it illegally moved funds through the United States for blacklisted individuals and countries such as Sudan and Iran, according to a person familiar with the matter.
	Apple TV comes with ‘apps’; big iPad aimed at business SAN FRANCISCO (Reuters) – Apple Inc Chief Executive Tim Cook unveiled a new version of its Apple TV product with an app store and a voice-controlled remote control, part of a trio of announcements aimed at revamping its product line.
	United Continental CEO sets new tone, shares rise on improved outlook (Reuters) – United Continental Holdings Inc’s new chief executive, in his first communication to employees, promised to meet with as many workers as possible and “hear about operations directly from you,” a sharp contrast with ousted predecessor Jeff Smisek that drew cheers from investors and unions on Wednesday.
	U.S. auto regulators set Oct. 22 public meeting on Takata recall WASHINGTON (Reuters) – The U.S. auto safety watchdog said on Wednesday that it will hold an Oct. 22 public hearing on Takata Corp’s massive air-bag inflator recall, an event that could prompt regulators to take a stronger hand in efforts to eliminate the deadly defect from nearly 20 million vehicles.
	McDonald’s to serve only cage-free eggs in U.S., Canada in 10 years (Reuters) – McDonald’s Corp’s 16,000 U.S. and Canadian restaurants will serve only eggs laid by cage-free chickens within the coming decade, the company said on Wednesday.
	Wall St. falls with Apple, energy sector (Reuters) – U.S. stocks fell in late afternoon trading on Wednesday, led by a decline in Apple shares and as energy companies dropped with oil prices.
	Dow Dumps 300 Points From Morning Highs – US Equities Tumble Into Red If only Apple had released an iCar… Blame Gartman!! As goes AAPL so goes the US equity market economy… We’re gonna need another email!!
	Microsoft urges U.S. court to block warrant for emails held abroad NEW YORK (Reuters) – Microsoft Corp asked a federal appeals court on Wednesday to block the U.S. government from forcing the company to hand over a customer’s emails stored on an Irish server, warning that the precedent would create a “global free-for-all” that eviscerates personal privacy.
	Have We Reached Peak Apple? Submitted by Omid Malekan via OmidMalekan.com, Technological change often comes faster than what the people in it’s thrall can predict. It wasn’t that long ago when you and everyone else you knew were probably using AOL Instant Messenger, around the same time that dude, you were getting a Dell. Then one day you weren’t. Blackberrys used to be so popular that “to bbm” someone made it into the dictionary, but then the devices all but disappeared. These inflection points are seldom based on the companies failing their customers, but rather because consumers simply moved on. Apple’s success in the past year with the iPhone 6 has been so spectacular that it’s hard not to assume it will go on. Unfortunately that’s usually when the turn starts, without anyone noticing. To question whether the iPhone’s cultural and economic dominance is peaking is not to say that one of its competitors will overtake it, as It wasn’t MSN Messenger or Hewlett Packard that took down the major players of their day, but rather their customers’ apathy. Apple now stands at the same precipice. The first threat to the iPhone’s ongoing success is the iPhone&rsqu …
	Toys R Us lowers free shipping limit for online orders CHICAGO (Reuters) – U.S. retailer Toys R Us said on Wednesday it has lowered its free shipping minimum for online orders, as retailers continue to outdo each other with delivery deals before the holiday shopping season.
	Why The Greeks Should Repudiate Their Government’s Debt Submitted by Simon Wilson via The Mises Institute, In apportioning blame for the Greek government debt crisis, it would be difficult not to lay the major share on Greece itself. With government jobs paying three times the private sector average, a national rail service with a wage bill four times its annual revenue, a public pension system that would pay out generous benefits at fifty for anyone classified as working in “arduous” professions like hairdressing, there is no shortage of taxpayer-funded largesse running rampant through Greek society. At this point however, dissecting the Greek’s failure to live within their means is not only nugatory – beyond proving the time-tested observation that people like something for nothing – but also obfuscates the true moral contours of the crisis. Moreover, it blurs our understanding of a fundamental truth crucial not just to the future of Greeks but all peoples: Government debt is not like private debt. In fact, government debt is fundamentally illegitimate and one might even be justified in claiming that anyone seeking to profit from it is aiding and abetting criminal activity. Private Debt vs. Government Debt As Murray Rothbard argued in his seminal essay, “Repudiating the National Debt,” public debt is a wholly different beast than private debt contracted between ordinary individuals. In the latter case, a creditor lends to a debtor a specified amount of their own funds in exchange for a specified payment from the debtor in the future. By making this contractual exchange from which both parties benefit (otherwise they w …