Financial Review

Inside the Stagecoach


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Down again. Market turbulence begets volatility. Oil falls; IEA says no equilibrium. Bolt will beat Tesla to market. Soar growth. Solar showdown in Nevada. Freeport-McMoRan exits Gulf of Mexico. Fewer in poverty. Small biz worried about election. Hanjin docks in LA. Wells Fargo – bandits inside the stagecoach. Financial Review by Sinclair Noe for 09-13-2016 DOW – 258 = 18,066 SPX – 32 = 2127 NAS – 56 = 5155 10 Y + .06 = 1.73% OIL – 1.39 = 44.90 GOLD – 9.00 = 1319.40     Stocks opened in negative territory and then slipped further. Any rallies were half-hearted at best. Two months of tranquility was pierced Friday when the S&P 500 tumbled in its worst rout since the Brexit vote. Things aren’t any better in the $13.6 trillion Treasury market. Ten-year notes were stuck in their tightest monthly range in a decade up until September. Stocks exited the tightest trading range in history last week when European Central Bank President Mario Draghi downplayed the need for more measures to boost growth and Boston Fed President Eric Rosengren warned against waiting too long to raise interest rates. Fed rate-hike expectations are falling. Dovish commentary from Federal Reserve Governor Lael Brainard has pushed back expectations for a September interest-rate hike. In a note out late Monday, economists at Goldman Sachs cut their forecast for a rate increase at the Sept. 20-21 meeting to a probability of 25% from 40% previously. It also lifted the odds for a December tightening ...
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Financial ReviewBy Sinclair Noe