Written by Gary
US stocks rose today (SPY +0.7%) after JP Morgan’s results kicked off earnings season in style, signs of stabilization in China’s economy also helped.
U.S. rig count slips by 3 in latest Baker Hughes survey
The Market in Perspective
Here are the headlines moving the markets. | |
Chevron to buy Anadarko for $33 billion in shale, LNG pushChevron Corp on Friday said it will buy oil and gas producer Anadarko Petroleum Corp for $33 billion in cash and stock in a deal that doubles down on its bet on U.S. shale and LNG as U.S. energy production shatters records. | |
Chevron CEO proves dealmaker with $33 billion offer for AnadarkoChevron Corp’s proposed $33-billion deal for Anadarko Petroleum vaults the company into top ranks of the world’s biggest oil companies and cements its chief executive, Mike Wirth, as a dealmaker. | |
China data, JPMorgan results boost stocks, riskier assetsGlobal stocks rose on Friday after JP Morgan’s results kicked off the U.S. corporate earnings season in style, while signs of stabilization in China’s economy also helped riskier assets amid talk that the growth outlook worldwide is better than thought. | |
California governor makes new proposals to fight wildfires, PG&E shares riseCalifornia Governor Gavin Newsom released a report on Friday calling for the creation of funds to fight wildfires and proposed that state law should be reformed to reduce liability of utilities, sending PG&E Corp up nearly 12 percent. | |
S&P 500 climbs to near record high as earnings season shifts to high gearU.S. stocks climbed back to near record highs on Friday after the largest U.S. bank, JPMorgan Chase & Co, soothed worries that the first-quarter earnings season would pour cold water on Wall Street’s big rally back from last year’s slump. | |
Campbell to sell Bolthouse Farms for $510 millionCampbell Soup Co said on Friday it would sell its Bolthouse Farms business to an affiliate of private equity firm Butterfly Equity for $510 million, in the U.S. food company’s first major sale as part of its plan to reduce debt. | |
Oil up 1 percent on tightening crude supply, upbeat economic dataOil prices rose 1 percent on Friday as involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market, while upbeat Chinese economic data eased concerns about waning crude demand. | |
GE to pay $1.5 billion U.S. fine over crisis-era subprime mortgagesGeneral Electric Co will pay a $1.5 billion civil fine to resolve a long-running U.S. probe into defective subprime mortgages from its former WMC Mortgage unit prior to the 2008 global financial crisis. | |
Industrials’ gains put to test as earnings ramp upInvestors betting on industrial stocks this year have been rewarded, with the group among the best-performing sectors so far, but that strength will be tested in the coming weeks as companies report results. | |
Disney, Dimon, & A China Debt Surge Lift Stocks As Economic Data CollapsesJust keep repeating: “the market is not the economy”… | |
Elizabeth Warren Wants To End “Beyond A Resonable Doubt” For Criminal ConvictionsAuthored by Simon Black via SovereignMan.com, Each Friday we highlight a number of important, and often bizarre stories from around the world that my team and I are closely following: Elizabeth Warren wants to destroy centuries of legal standards To take your freedom requires more evidence than to take your money. For now. Criminal convictions depend on the accused being guilty beyond all reasonable doubt. Civil convictions depend only on a preponderance of evidence pointing to guilt. | |
Man Lights Himself On Fire Outside The White HouseWhile most people see Friday as a day of celebration, with the weekend about to being, others are using it to light themselves on fire in front of the White House That’s what happened on Friday afternoon at the White House, where according to press reports, someone reportedly set himself on fire outside the White House gates resulting in an immediate White House lockdown. | |
Ecuador’s Deal With Washington: Hand Over Assange, And We’ll Hand You A Trade DealFor those who haven’t been closely following Ecuadorian politics over the last few years, former President Rafael Correa’s tweet lambasting his successor, Lenin Moreno, as “the greatest traitor in Ecuadorian and Latin American history” may have sounded excessive or unfair. But understanding what caused the the relationship between the two leaders to deteriorate to such a degree is helpful for understanding why, after seven years, Ecuador decided to surrender Julian Assange and cancel his citizenship, and what role the US played in this decision.
While much of the coverage of Assange’s arrest has focused on trivialities like Assange’s hygiene habits or who is going to take care of Assange’s cat, the Wall Street Journal has delved into the geopolitical considerations that informed Moreno’s decision. Bottom line: Under Moreno, Ecuador has abandoned its wariness of the US and has instead pursued closer economic ties. | |
The Ratings Game: Victoria’s Secret showing signs of progress with swim relaunch, fewer promotionsUBS analysts think March signaled progress for a return to growth at Victoria’s Secret. | |
Trump Today: President says sending migrants to sanctuary cities under strong considerationPresident Donald Trump said Friday he was giving strong consideration to transporting detained immigrants to so-called sanctuary cities, just hours after a report appeared that said the plan had been rejected. | |
Currencies: Dollar falls to 2-week low, surrenders weekly win streakThe U.S. dollar on Friday falls to its lowest level since late March, and is set to snap a string of consecutive winning weeks. |
Summary of Economic Releases this Week
Earnings Summary for Today
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