Written by Gary
SP 500, Dow clinch fresh highs as new coronavirus cases drop (SPY +0.5%), lifted by optimism that the coronavirus epidemic will be contained.
Here is the current market situation from CNN Money | |
 | North and South American markets are broadly higher today with shares in Mexico leading the region. The IPC is up 1.17% while Brazil’s Bovespa is up 0.64% and U.S.’s S&P 500 is up 0.53%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Fed Chair Powell: ‘no reason’ rising wages, job gains can’t continueFederal Reserve Chair Jerome Powell on Wednesday reiterated his confidence in the sustainability of the record-long U.S. economic expansion, now in its 11th year. |
| Fed’s Powell reinforces regulation and defends repo support in letter to CongressU.S. central bank officials are considering options that would make it easier for banks to treat Treasury holdings similar to reserves when meeting liquidity requirements, Federal Reserve Chair Jerome Powell said this week in a letter to a top Senate Democrat. |
| S&P 500, Dow clinch fresh highs as new coronavirus cases dropThe S&P 500 and Dow Jones Industrials hit all-time highs on Wednesday, lifted by optimism that the coronavirus epidemic will be contained. |
| Wells Fargo ends forced arbitration for sexual harassment claimsWells Fargo & Co said on Wednesday that it will no longer require arbitration for employees in connection with any future sexual harassment claims effective immediately. |
| Bed Bath & Beyond’s gloomy sales indicate tough turnaround aheadShares of Bed Bath & Beyond Inc were on pace for their worst day ever on Wednesday, as disappointing sales numbers raised concerns on Wall Street that the retailer’s turnaround would take longer and be much tougher than anticipated. |
| SoftBank profit wiped out by Vision Fund losses, second fund scaled backQuarterly profit at SoftBank Group Corp was almost wiped out as the Japanese technology giant was hit for a second straight quarter by losses at its $100 billion Vision Fund. |
| Softbank’s Vision Fund 2 stalls as key backers opt outBig investors who are critical to SoftBank Group’s plans for a second massive technology investment fund are refusing to take part unless the first $100 billion Vision Fund can turn around its performance, sources familiar with the talks told Reuters. |
| Organizers agonize over whether to scrap Mobile World CongressOrganizers of the Mobile World Congress (MWC) agonized on Wednesday over whether to cancel or press ahead with a smaller version of the event after major European telecom companies pulled out over the coronavirus outbreak. |
| Stocks gain as data shows lower new coronavirus casesStock markets around the world scaled fresh records after China reported the lowest number of new coronavirus cases since late January, boosting investor hopes the epidemic will be contained and driving up the price of crude oil and other commodities. |
| Chinese Propaganda Video Shows Coronavirus Victims Dancing In Detainment FacilityChinese Propaganda Video Shows Coronavirus Victims Dancing In Detainment Facility Authored by Paul Joseph Watson via Summit News, Apparently keen to offset video footage of screaming Chinese people being abducted from their homes and taken to detention camps, the ruling Communist Party put out a video showing œmild coronavirus victims housed in a œtemporary hospital being directed to dance by workers in hazmat suits. |
| Erdogan Ready To Hit Assad Forces “Anywhere” As US Vows Full Support To “Our NATO Ally”ÂErdogan Ready To Hit Assad Forces “Anywhere” As US Vows Full Support To “Our NATO Ally” This week has already witnessed significant direct fighting between the Syrian and Turkish armies “ after on Monday and Tuesday over a dozen more Turkish troops were killed following a bloody weekend of possibly scores killed on each side and now both are vowing to annihilate the other’s forces if under attack. Turkey’s President Erdogan had announced a successful retaliatory strike against “enemy” Syrian soldiers which he claimed left over 100 dead.  The Syrian Army vowed that it would continue to respond against œTurkish occupation forces attacks, while Erdogan threatened the Syrian government will pay a œvery heavy price amid attacks against Turkish soldiers in Idlib. |
| Why “Not-QE” Is QE: Deciphering GibberishWhy “Not-QE” Is QE: Deciphering Gibberish Authored by Michael Lebowitz and Jack Scott via RealInvestmentAdvice.com,
Imagine if Federal Reserve (Fed) Chairman Jerome Powell told the American people they must pay more for the goods and services they consume. How long would it take for mobs with pitchforks to surround the Mariner Eccles building? However, Jerome Powell and every other member of the Fed routinely and consistently convey pro-inflationary ideals, and there is nary a protest, which seems odd. The reason for the American public’s complacency is that the Fed is not that direct and relies on carefully crafted language and euphemisms to describe the desire for higher inflation. To wit, the following statements from past and present Fed officials make it all but clear they want more inflation:  œThat is why it is essential that we at the Fed use our tools to make sure that we do not permit an unhealthy downward drift in inflation expectations and inflation, ” Jerome Powell November 2019 œIn order to move rates up, I would want to see inflation that’s persistent and that’s significant, -Jerome Powell December 2019 œBeen very challenging to get inflation back to 2% target -Jerome Powell December 2019 œMs. Yellen also said that continuing … |
| Boeing Abandons Guidance, Says 737 Max Production Will Take 2 Years To Reach Pre-Grounding LevelsBoeing Abandons Guidance, Says 737 Max Production Will Take 2 Years To Reach Pre-Grounding Levels Update (Feb. 12):Â One day after Boeing announced zero plane orders in January, the Chicago-based airplane manufacturer had more bad news: it would abandon forward guidance, along with the new understanding that 737 Max production line could take upwards of two years to get the volume back to pre-grounding levels. CFO Greg Smith addressed shareholders at an investor conference on Wednesday, responding to questions about Max production and ungrounding timelines.Â
Smith said the underlying fundamentals of Boeing “haven’t changed much,” despite Max production being halted, and no clear visibility on when it can restart; nevertheless, there are no concrete details on when the plane can return to the skies. He said the production rate could take upwards of two years to restore back to the pre-grounding level of 57, but there are a lot of moving variables in the supply chain, he added. It all depends on supplier inventory, he noted. Smith sai … |
| The mother of all IPOs in India may not happen this yearThe mother of all IPOs in India may not happen this yearThe chances of LIC IPO hitting the market in financial year 2021 is very low, given a slew of challenges. |
| Indian cos emerge from NBFCs’ shadowsIndian cos emerge from NBFCs’ shadowsCare Ratings Debt Quality Index inched up 0.04 points to 88.02 in January, after eight straight months of decline. |
| Virus cut offs China, infecting global economyVirus cut offs China, infecting global economyThe outbreak has generated economic waves, rocking global commodities markets & disrupting supply networks. |
| The Moneyist: ‘My father has lived a life of crime and drugs. He threw away every opportunity we gave him.’ Now that he’s on disability, doesn’t he owe his kids something?‘My siblings and I got him a used car. He drove it off the lot, went for a joyride, and wasn’t heard from for three days.’ |
| Tesla’s biggest bull stampedes to a $7,000 price targetAn investor famed for her call that Tesla shares could be worth as much as $4,000 in the next five years has just upped that target, significantly. |
| Fannie Mae, Freddie Mac shareholders could benefit from the Trump administration’s proposed budgetThe Trump administration has suggested eliminating two affordable housing programs funded by Freddie Mac and Fannie Mae. |
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