16Sep2015 Market Close: Markets Closed Higher On Rumors The Federal Reserve Will Stand Pat And NOT Raise Rates, WTI Oil Closed Almost 6% Higher

Written by Gary

U.S. Markets closed higher with the DOW topping out at +140 and WTI oil in the low $47’s. Oil prices surged to a two-week high after data showed an unexpectedly large decline in U.S. crude stockpiles, raising expectations that a lingering supply glut is about to ease.

As far as the Fed announcement goes, ‘buy the ‘Fed Rumor’ and sell the fact. Tomorrow we will see what the Fed has in store for us.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.
	Microsoft discriminated against women in pay, promotions: U.S. lawsuit (Reuters) – Microsoft Corp on Wednesday was hit with a proposed class action lawsuit in U.S. court claiming its policy of ranking employees to determine pay and promotions led to discrimination against women.
	China’s Changing Tastes Offer Upside for Coffee Chinese appetite for coffee and other small luxuries is rising, driven by changing tastes and an expanding middle class.
	HP shares rise as investors take positive view of cash return plans (Reuters) – Shares of Hewlett-Packard Co rose as much as 5 percent on Wednesday as investors cheered plans for the company’s soon-to-be separated but struggling PC and printer business to return more capital to shareholders than many had expected.
	Energy stocks lead Wall St. higher; investors await Fed news (Reuters) – Energy stocks lifted Wall Street on Wednesday following an almost 6-percent jump in oil prices, while investors braced for the Federal Reserve’s decision on interest rates.
	U.S. senators ask automakers for details on cyber security BOSTON (Reuters) – Two U.S. senators have asked the world’s biggest automakers for information on steps they have taken to protect cars from being hacked, as attention on vehicle security has surged following the first car recall over a cyber bug.
	The Truly Stupid Case For More ZIRP Submitted by David Stockman via Contra Corner blog, I know its not fair to pick on an old guy who should have been put out to pasture long ago. But the chief economist for Dow Jones/MarketWatch, Irving Kellner, posted something this morning so truly stupid that he deserves a smackdown——especially after 40 years on Wall Street as top economist at Chase, Chemical and Manufacturers Hanover etc. Making the case for yet another Fed rate delay, Kellner offered up this gem right out of the gate: Every day brings another reason why the Federal Reserve should hold off before raising interest rates………First and foremost there was the recent plunge in stock prices. Huh? Apparently dips are now “plunges” and no longer permitted. I was actually thinking this was the obligatory hat tip to the casino, and that some&nbs …
	Buy the Fed Rumor, Sell the Fact Go with the Fed’s flow Thursday as Janet Yellen and her company do or don’t surprise markets.
	Exasperated U.S. appeals court tosses bigger Argentina bond class NEW YORK (Reuters) – A U.S. appeals court on Wednesday rebuked the federal judge overseeing litigation stemming from Argentina’s sovereign debt default nearly 14 years ago, and threw out his expansion of one class action of bondholders suing the country.
	Agony for Wall St. economists, investors as Fed meets WASHINGTON/NEW YORK (Reuters) – Wall Street’s top economists are on unfamiliar ground: as the Federal Reserve decides whether to raise interest rates, for the first time in years they are deeply divided on what will happen.
	Is This America’s Biggest Problem… And Why It Wasn’t Always Like This The inflation-adjusted household income for half the US population is back at 1989 levels. Meanwhile the S&P500, which impacts the net worth, confidence and spending habits of about 10% of the US population is six times higher than where it was in 1989. America has a problem. * * * Of course, it doesn’t have to be like this, and in fact: it wasn’t. … and then Nixon took the US off the gold standard.
	Most Railroads Won’t Meet Safety Technology Deadline, Report Finds The Government Accountability Office found that the vast majority of railroads will not install the technology, known as positive train control, by Dec. 31.