14Jun2018 Market Close: Wall Street Closed Mixed, Mostly Higher, WTI Crude Settles In The Low 67 Handle, Tomorrow Points To Another Up Session

Written by Gary

The US stock markets closed mixed, DOW down26 points, (SPY +0.3%) while the Nasdaq closed up +0.7%. Nasdaq posts record close as media and tech stocks jump on dealmaking.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.
	S&P, Nasdaq rise after ECB decision, U.S. data (Reuters) – The S&P 500 and Nasdaq closed higher on Thursday after the European Central Bank said it would avoid raising interest rates until mid-2019 and data showed U.S. economic strength.
	Exclusive: Amazon to tap Brazil beauty obsession with cosmetics partners SAO PAULO (Reuters) – Amazon.com Inc is recruiting major Brazilian cosmetics firms Grupo Boticario and Natura Cosmeticos SA to sell via the logistics platform it is developing in Brazil, three people familiar with talks told Reuters, making an early play for the world’s fourth-largest beauty market.
	EU nations back retaliating against U.S. steel tariffs BRUSSELS (Reuters) – European Union countries on Thursday unanimously backed a plan to impose import duties on 2.8 billion euros ($3.3 billion) worth of U.S. products after Washington hit EU steel and aluminum with tariffs at the start of June, EU sources said.
	Canada says agreed with U.S. to keep NAFTA alive, no talks set (Reuters) – Canada agreed with the United States on Thursday that slow-moving talks to update NAFTA should continue although they did not set a date for the next round, a senior official said in remarks casting further doubt on the chances of a deal this year.
	U.S. consumer spending accelerating; labor market robust WASHINGTON (Reuters) – U.S. retail sales increased more than expected in May as consumers bought motor vehicles and a range of other goods even as they paid more for gasoline, the latest indication of an acceleration in economic growth in the second quarter.
	Hong Kong market could open cash flood gates for U.S. biotechs (Reuters) – When U.S. biotech startup Sorrento Therapeutics named ex-Lehman Brothers executive Jiong Shao as its new finance chief about two months ago, it was widely seen as a move driven by his background in raising capital for Alibaba and Tencent.
	Malaysia to seek return of 1MDB money from banks, political parties KUALA LUMPUR (Reuters) – Malaysia intends to recover all funds illicitly taken from 1Malaysia Development Berhad (1MDB), and determine whether there are grounds for claims against companies, including Goldman Sachs , that profited from dealing with the beleaguered state fund.
	Facebook’s chief of communications, policy to step down SAN FRANCISCO (Reuters) – Facebook Inc said on Thursday that Elliot Schrage, who as head of communications and public policy has led the social network’s response to scandals about privacy and election meddling, would step down from the company after a decade.
	Elon Musk’s Boring Co to build high-speed commuter system in Chicago CHICAGO (Reuters) – Chicago has selected billionaire entrepreneur Elon Musk’s Boring Co to build a high-speed underground commuter system from the downtown Loop district to O’Hare International Airport, one of the world’s busiest, the company and the mayor’s office said.
	Emerging Markets Massacred As Dovish Draghi Sends Dollar Soaring EM Bloodbath, bond yields tumble, yield curve collapsing…but Nasdaq surging – “tread lightly” my friend The big headline maker of the day was not stocks but the FX markets as the dollar index exploded to 8-month highs (second biggest daily gain of the year) after a dovish Draghi sent EURUSD tumbling… This is actually the highest close for the dollar since July 2017… And despite numerous interventions, promises of intervention, an …
	Debt Servitude: IRS’ Private Debt Collectors Are Crushing Poor American Taxpayers Since the IRS implemented the private debt collection (PDC) initiative in 2017, National Taxpayer Advocate Nina Olson warned that low-income taxpayers whose debts are assigned to private collection agencies (PCAs) are being locked into debt servicing installment plans they cannot afford, as many are unable to cover basic living expenses. That was the conclusion reached by Olson in a June 06 report, who documented that 43 percent of taxpayers assigned to PCAs via the IRS had an income lower than their allowable living expenses. “I have been concerned that taxpayers whose debts are assigned to private collection agencies will make payments even when they are likely in economic hardship – that is, they are unable to pay their basic living expenses,” she wrote in a blog. “This is exactly what has been happening.” According to the Government Executive, the …
	“This Changes Nothing” – How One Trader Learned To Listen To Chair Powell Yesterday’s FOMC statement prompted a market response that was highly unusual – stocks sold off and closed on the lows of the day – and the narrative was clearly set: Powell was hawkish. Source: Bespoke In fact, as former fund manager Richard Breslow notes, “everything I read about the FOMC’s latest decision is some version of hawkish. Variations on the theme run from, it was a surprise to, we told you so. From renewed discussion of just how high the neutral rate really is to impending policy mistake. From gratification that the economic outlook was upgraded to allow them to pull potential rate hikes sooner to outrage for the callous disregard for emerging markets.” That’s an awful lot of emotion for a decision that you would be hard-pressed to find on anything but the shortest charts.
	Great News: The Fewest Americans In 8 Years Are Dependent On Government For Food Food Stamp usage in America has fallen 7.8% since President Trump’s election – the fastest such drop in Americans’ dependence on the state for sustenance ever. Even better news, at 40.08 million people, this is the fewest Americans to rely on government food handouts since February 2010. Great News America!! Right? Of course, we are sure this will be viewed as terrible news by the left – most especially Nancy Pelosi. And not every state is doi …
	AT&T-Time Warner Judge Fires Starting Gun in the Battle Against Tech Approval of the deal pushes government to the sidelines and encourages media, tech and telecom companies to find partners to compete against Silicon Valley.
	Why Investors Should Hold Out for a Sky-High Price A bidding war for Fox doesn’t rule out one for European pay TV leader Sky
	Size Becomes a Handicap for Global Food Giants Investors like Nestlé, Unilever and Danone for their sales in emerging markets, but size and complexity will make it hard for them to adapt to the food industry’s new trends.
	The Federal Reserve has a glorious history of hurting investors The U.S. central bank tends to raise interest rates too high, causing recessions and stock market declines.
	Etsy’s stock soars to record close, to complete a 3-year reversal It took more than three years, but Etsy shares finally surpassed levels reached during their public debut, after the company raised its revenue outlook and its fee structure.
	Trump Today: President attacks Comey as report finds he mishandled Clinton email probe President Donald Trump renewed an attack against former FBI Director James Comey on Thursday, as he also blasted a suit brought against him and his foundation.