24Feb2021 Midday Update: Wall Street Reverses Negative Opening, DOW Records New Historic High At 12:30 ET Up 300 Points, Nasdaq Up 0.6%, US Dollar Steady At 90.22, Bitcoin At 49850

Here is the current market situation from CNN Money

North and South American markets are higher today with shares in U.S. leading the region. The S&P 500 is up 0.79% while Brazil’s Bovespa is up 0.36% and Mexico’s IPC is up 0.17%.

Oil Prices Rally On U.S. Outages And A Weak Dollar

After slipping late on Tuesday after a surprise U.S. inventory build reported by the API, oil prices rose on Wednesday morning, supported by the slow restart of the U.S. oil production lost during the Texas Freeze and a weaker U.S. dollar. Before the EIA inventory report, WTI Crude and Brent Crude benchmarks were both trading up by 2 percent at 10:28 a.m. ET, with Brent at over $66 and the U.S. benchmark trading at $62.80. Earlier on Wednesday, oil prices were struggling for direction, but firmed up in the morning Eastern Time after the U.S. dollar

Suriname Looks To Ramp Up Oil Production In A Big Way

Saudi Arabias surprise January 2021 one million barrel per day production cut has sparked a sense of bullishness over the outlook for crude oil. The international Brent benchmark price has soared 25% since the start of 2021, sparking considerable bullishness over the outlook for crude oil and energy companies. Substantially higher oil prices, coupled with a renewed sense of optimism in the wake of the devastating fallout from the COVID-19 pandemic, have seen oil companies across the globe bolster investment for 2021. One jurisdiction attracting

Musk: SpaceX Will Transform Disused Oil Rigs Into Launch Pads

SpaceX will transform disused oil rigs into floating launch sites for its Starship craft expected to transport crew and cargo on missions to the Moon, Mars, and beyond, Elon Musk confirmed on Wednesday. Replying to a question on Twitter, the chief executive of SpaceX and Tesla wrote, I hope we dont go bankrupt building them! when asked to provide details on the rigs the space craft developer was rumored to have bought. Earlier this year, reports emerged that SpaceX had bought last year two deepwater oil rigs from Valaris, just

Oil Prices Climb Despite Crude Build

Oil prices rose on Wednesday morning, despite a somewhat surprising EIA inventory report, which reflected a build in crude stocks and virtually unchanged gasoline inventories Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory build of 1.3 million barrels for the week to February 19. The build was much lower than the one the API had estimated a day earlier. The report came a day after the American Petroleum Institute estimated an oil stock build of over 1 million barrels. It also compared with

Canadian Oil-by-Rail Exports To U.S. Keep Rising

Crude oil exports from Canada to the United States are increasingly being shipped by rail due to the now chronic shortage of pipeline capacity that is only going to become more severe as Canadian oil output rises while pipeline capacity stagnates. Bloombergs Robert Tuttle reports that Cenovus Energy and Imperial Oil are among the companies increasingly using oil trains to carry their heavy crude south of the border. The companies combined oil exports by train have tripled since last July, the report said, adding that a railway company

Texas Refinery Restarts Could Take Until April

The restart of Shells Deer Park refinery in Texas could take until April, Reuters has reported, citing unnamed sources familiar with the issue. A spokesman for the company told Reuters no timeline has been set for the refinerys return to normal operation. Shell shut down the two crude processing units at the 318,000-bpd refinery in the middle of this month, before the cold spell that hit Texas energy industry and shut down several other refineries as well, because of a pump seal malfunction. Then the Arctic blast hit, and the

U.S. retail sales to rise 6.5% to 8.2% in 2021, as Covid vaccine triggers the fastest growth in over two decades, NRF says

Retail sales are expected to grow in 2021 between 6.5% and 8.2%, amounting to more than $4.33 trillion, the National Retail Federation said Wednesday.

Drugmakers are ramping up Covid vaccine production after fixing initial manufacturing delays

“We’ve been in the process of developing a manufacturing process for a vaccine product that we’ve never made before,” Pfizer Chief Business Officer John Young said.

Fisker shares surge on electric car deal with Apple iPhone assembler Foxconn

Shares of electric vehicle start-up Fisker surged more than 20% in trading Wednesday morning after the company announced a manufacturing deal with Foxconn

Mattel outlines plan for 2021 and beyond, expects sales to grow by mid-single digits through 2023

During Mattel’s investor day Wednesday, the company reiterated its expectations for growth in the coming year and laid out its forecast for 2022 and 2023.

These are the most common side effects of J&J’s one-shot Covid vaccine

Roughly 40% of people who took J&J’s Covid vaccine reported headaches and just more than 38% reported feeling fatigued, the FDA staff said.

FDA staff endorses J&J’s single-shot Covid vaccine for emergency use ” clearing way for third vaccine in U.S.

The FDA’s staff endorsed Johnson & Johnson’s Covid-19 vaccine for emergency use, a critical step in bringing a third shot to the U.S. marketplace.

Marriott CEO says leisure travel will rebound as vaccines roll out, but business travel will return too

Hotels have been suffering during the pandemic from less tourism, but Marriott CEO Tony Capuano expects the industry to recover with the help of vaccines.

Bruce Springsteen pleads guilty to public drinking – but prosecutor drops DWI charge

Springsteen, 71, was arrested in November at Gateway National Recreation Area in New Jersey, also known as Sandy Hook.

‘Major rise’ in public support for Covid vaccines but doubts remain, UK study finds

More than three quarters of people in the U.K. now say they are “very likely” to have a coronavirus vaccine, a survey by the University of Oxford has found.

Lowe’s tops earnings estimates as same-store sales jump 28%, warns that some DIY trends could fade

Lowe’s said fourth-quarter same-store sales climbed 28.1%, as consumers spent money on home projects during the pandemic.

Quarantine-free travel may be one step closer with new travel industry app

A new app from the International Air Travel Association could mark the first step in resuming quarantine-free international travel.

The Fed Just Keeps Getting More And More Dovish

The Fed Just Keeps Getting More And More Dovish

Via SchiffGold.com,

Is Jerome Powell the most dovish Fed chair yet?

Peter Schiff said he wasn’t when he first took the position and was raising interest rates. But he is now. The minutes from the January FOMC meeting released last week bear this out.

œWe’re all doves now. That is the problem, the Fed gets progressively more dovish, Peter said in a recent podcast.

An economy built on a foundation of debt needs more and more monetary accommodation to keep it going.

Whatever preconceived notions Powell had when he first took the job, he’s now been faced with reality. And the reality is it’s going to …

“Spot’s Rampage” Event Awakens Us With Reality Of Dystopian World AheadÂ

“Spot’s Rampage” Event Awakens Us With Reality Of Dystopian World AheadÂ

A company called MSCHF has been responsible for the most absurd viral stunts and products throughout the internet. Their products range from a squeaking rubber chicken bong for smoking weed to Nike sneakers filled with Holy Water to a YouTube channel dedicated to a man eating mayonnaise.Â

MSCHF’s latest stunt debuts Wednesday, Feb. 24, beginning at 1300 ET. The company allegedly bought a Boston Dynamics Spot robot and mounted a paintball gun to it.Â

Tomorrow’s live stream event will allow attendees, randomly selected, to control the dystopic robot for two minutes. Those selected will be able to shoot a “.68cal paintball gun” mounted to Spot and aim at anything in an unknown “art gallery” for two minutes.Â

To summarize the company’s manifesto. It said: “See Spot KILL!! Spot is an empathy-building tool, because: Cute and approachable!”Â

Here’s the manifesto:Â

See Spot Run. It tops out at …

Chicago Faces 135% Increase In Carjackings… So Dem Lawmakers Plan To Ban “Grand Theft Auto”

Chicago Faces 135% Increase In Carjackings… So Dem Lawmakers Plan To Ban “Grand Theft Auto”

Authored by Jonathan Turley,

My home city of Chicago continues to reel from soaring crime rates. Among the categories of increasing crime is a 135% spike in carjackings.Â

One would think that the legislators would be focused on better policing and other programs. Rep. Marcus Evans Jr. (D, Chicago) however wants to ban video games like œGrand Theft Auto which depict œmotor vehicle theft with a driver or passenger present.

While it would not likely make a dent in carjackings, it would curtail free speech and individual choice.

Owning a car in Chicago has become increasingly difficult. I …

Stocks & Bonds Suddenly Bid On Brainard, Powell Double-Dove-Down

Stocks & Bonds Suddenly Bid On Brainard, Powell Double-Dove-Down

Fed Chair Powell did it yesterday… unleashing his uber dovishness to save stocks and today has done the same by reaffirming just what a shitshow the US economy is how long it will take to mend… (yeah seriously)

œThere is a long way to go to maximum employment.

Additionally, Powell says it could take more than three years to hit that 2% average inflation target.

œI’m confident that we can and that we will and we are committed to using our tools to achieving that. The three-year time frame is actually an arbitrary 3-year time frame chosen by us. And you know, we’re just being honest about the challenge.

œWe live in a time where there is significant disinflationary pressures around the world and where essentially all major advanced economy’s central banks have struggled to get to 2%. We believe we can do it, we believe we will do it. It may take more than three years but we’ll update — every quarter we update that assessment and we’ll see how that goes.

Then Fed Governor Lael Brainard, who has become an increasingly vocal and potentially influential policy maker, has released a speech that echoes Powell in its dovishness:

œThe economy remains far from our goals in terms of both employment and inflation, and it will take some time to achieve substantial further progress.

That sent stocks soaring…

Covid lockdown: ‘My closed hair salons cost me £1,000 a day’

The hair and beauty industry is calling for a cut in VAT to help mend the sector’s finances.

Fraudsters stepped up efforts in new year, HMRC figures show

Con-artists claimed people could receive a tax rebate or a grant, as they tried to steal financial details.

Heathrow passenger numbers fall to 1970s’ levels

Covid “devastated” air travel in 2020, the UK’s largest airport says, as it sinks to a £2bn loss.

Facing existential threat, crypto backers seek identity change and regulation

Experts and commentators at the ETMarkets Conclave today pleaded with the government to see the positive side of technological innovation and said that they will welcome any regulations instead of a blanket ban.

Commodity rally, cheaper valuation to support Vedanta stock in medium term

The stock still trades below the five-year average valuation multiple despite a 25% rise over the past month.

‘This is not done.’ Fear & loathing after tech glitch shut down NSE

œThis is not done. I had sold positions in the market, how will I cover them now… who is going to pay my margins, the broker-trader lamented.

TaxWatch: Can you claim the home office tax deduction if you’ve been working remotely? Here’s who qualifies

More than eight in 10 people who’ve been working from home anticipate the arrangement will be permanent.

: Worldwide chip shortage expected to last into next year, and that’s good news for semiconductor stocks

A global shortage of semiconductors has pushed chip stocks to record highs, and analysts expect that chips will continue to be in short supply at least through the end of the year as COVID-19 pushes the world further into the digital realm and the industry struggles to keep up with demand.

Coronavirus Update: Global COVID cases fall for a sixth straight week as hopes for J&J vaccine are bolstered by FDA data

The U.S. Food and Drug Administration said Wednesday the vaccine developed by Johnson & Johnson appears safe in inoculating against the coronavirus-borne illness COVID-19, raising hopes the one-shot jab will receive emergency use authorization quickly and bolster the effort to contain the deadly pandemic.