Financial Review

Watching Paint Dry


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…..The most boring market ever. 401Ks are safe from tax reform. The fight over arbitration clauses. Abe wins snap election. Amazon ponders HQ2. The rent is too damn high. Financial Review by Sinclair Noe for 10-23-2017   DOW – 54 = 23,273 SPX – 10 = 2564 NAS – 42 = 6586 RUT – 11 = 1497 10 Y – .01 = 2.38% OIL + .02 = 51.86 GOLD + 2.00 = 1283.00 Wall Street had opened at record highs following Japanese Prime Minister Shinzo Abe’s emphatic win in weekend polls. The victory also sent the dollar to a three-month high against the yen, as investors bet the win would mean a continuation of “Abenomics,” the ultra-loose policies that have kept downward pressure on the yen. But the early morning gains faded. General Electric posted its worst single day loss in more than 6 years, dropping more than 6%. Oilfield services company Halliburton warned of slower growth at its oil well drilling and evaluation business, reflecting a steady drop in rig counts in the United States. The outlook suggests Halliburton’s current-quarter might not be as strong as its latest quarter, even as they posted a 15% increase in third quarter revenue. Halliburton’s shares fell about 1.5 percent. Schlumberger was down 1.5 percent, while Baker Hughes fell 4 percent. Meanwhile, T-Mobile’s quarterly profit topped Wall Street analyst estimates and the No. 3 U.S. wireless carrier raised the lower end of its expected range of customer additions for the year but didn’t ...
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Financial ReviewBy Sinclair Noe