Power lunch starts right now. All right. Hi everybody. I am brian sullivan. Happy monday. Heres what else is happening at this hour. Apple sending out invitations to an event it will hold on september 7th, a new iphone, new ipad, new tv . We got to wait to find out. Environmental groups in colorado failing to gather enough support to put two antifracking measures on their ballot this november. And stocks are sitting near session highs as we head deeper into the trading day. Right now the dow is up triple digits. Lets kick things off with bob pisani live on the floor of the New York Stock Exchange with more on what is moving your money on this monday. Bob. And, brian, we got a very broad rally. Lets take a look at the market internals. Whats broad 3to1 advancing to declining stocks been there most of the day. You want to complain the volume is light, its august, the volatility its subdued, 11 or 12 on the vix. But its been there for a while. I want to see some new breakouts on the new h
And we have the presentation of the book awards and we hope youll stay. I have the honor of presenting the author of a new book entitled democracy in black. A professor at princeton in university in the Religion Department and of africanamerican studies. He writes for Time Magazine and democracy now. This book i have read. Intrigues me it is very thoughtprovoking and very provocative and the title itself says that. It is actually quite to offputting how race in sleazy american soul and how many a. D. Is we havent met title with batf of race race, enslavement, antiamer ican sold that is very interesting because we aired never really able to answer that question because day idea of seoul has the connotation of truth and absolute mess. Truth and now and then there is life as we know it and the two dont align to the american soul. Democracy in black. [applause] how are you doing . I have little black preacher in the one to make sure you are all right. Thanks to the organizers of this amazi
Stocks that lead us higher for the last few years, no longer in charge. This time buyers are swarming over the banks. Thats right, the banks. Why . Because last week in jackson hole we learned we could be facing not just one rate hike but two this year. Not only did janet yellen tell us that a rate hike could be on the table, but vice chair Steven Fisher said there might be time for more than one rate hike in a shpe now who benefits from rapid rate hikes . Who makes the most money . The banks. They can take your deposits and invest them risk free at the higher rates that the fed controls and the risk share automatically goes up. And thats why bank of america is definitively breaking out at last. Thats why the stock of wells thats a gigantic move. Thats why j. P. Morgan lost lustre. Do not ignore this move in the financials. The fed is telling you its going to happen. And if we get a strong employment number, watch out for the banks. Stronger loan growth, which comes in part because of
Nasdaq pole vaulting. 92 . We have to talk about how the faaa stocks got their groove back as we head into the first quarter. First, the stocks rally today do with an internet round up from jpmorgan that raised a bunch of price targets for my old acronym. Fang. Remember . Fang. Fang. Facebook, amazon, netflix, google. Investors returned to the group because of their love of growth, the magic elixir that makes the stocks so irresistible. Jpmorgan raised the stocks to have 2017 year end alphabet okay. And it is only about 800 now. Ill tell you about that in a second. Facebook is currently at 128. They took the price target from 170 to 175. Amazon gets price target raise from 925 to 100. And netflix, which is at 97 goes from 116 to 126. In each case the price targets boosted the stocks higher during the day. I know what youre thinking. 2017 forth quarter end targets . Were not even through 2016, what is that hog wash . Real Growth Investors dont particularly care about highend numbers. Th
Faaa is my on the fly ak kro nim for face back, alley mahbuba babrakzai nasdaq pull volting. 92 . We have to talk about how the faaa stocks got their groove back as we head into the first quarter. First, the stocks rally today do with an internet round up from jpmorgan that raised a bunch of price targets for my old acronym. Fang. Remember . Fang. Fang. Facebook, amazon, netflix, google. Investors returned to the group because of their love of growth, the magic elixir that makes the stocks so irresistible. Jpmorgan raised the stocks to have 2017 year end alpha bit formerly known as google. Okay. And it is only about 800 now. Ill tell you about that in a second. Facebook is currently at 128. They took the price target from 170 to 175. Amazon gets price target raise from 925 to 100. And netflix, which is at 97 goes from 116 to 1126. In each case the price targets boosted the stocks higher during the day. 26. In each case the price targets boosted the stocks higher during the day. I know