Set by a couple of ticks on the bonds . A fabulous report from tiffanys and decent news from target. Yes. Of course with the help of frustrated short sellers who turned bullish suddenly, thats what happened today with the dow roaring. The s p jumping and the nasdaq climbing. 8 . The stock market is in a moronic phase of life now. I say it because Interest Rates inched higher throughout the day. Tafs one of the chief drivers of the rally in stock prices. Just to let you in on how dumb this is, if i told you higher Mortgage Rates were better for you, the consumer, would you believe me . Of course not. Would you believe me if i said that higher taxes give your bank account a boost and make you want to spend more . Are you kidding me . Thats precisely how idiotic the stock markets behavior is now. Higher Interest Rates hurt Business Activity and function as a tax on consumers and businesses alike. Bulls should favor more Economic Activity and more purchasing power, not less which is why fo
Minutes. They are raising another 1 billion in capital which we dont want to get lost in the shuffle. 28. 7 conversion premium. A 6 cue ton. Thats pretty rich stuff for a company that many say, jim, didnt necessarily need to raise money or had plenty of cash, that cash being part of it. Any potential appeal that it might have had. As for the process itself, we all know it was a difficult one. I had pointed out many a times, the letter of intent that was signed by fairfax back in late september didnt obligate them to anything and financing a potential deal from them was going to be extraordinarily difficult as we reported right here at squawk on the street at 9 a share. They step up for 250 million of this convertible the company is issuing today. They are becoming the lead director, correct . Correct. Major turnover here. This seems to be one that every month is doing worse. So i know you said they dont need the capital but, to me, i look at it. They said they dont need the capital. Wh
Ukraine 2. 2 billion in loans. All eyes are on secretary of state john kerry as he sits down with his counterparts. The former president of georgia highlighted the importance of the wests reaction to vladimir when he spokes down with Ryan Chilcote. It could signify a fast and for Vladimir Putins adventures. It depends on how the west will react. We certainly do not want them to be messy. For more on the tensions in crimea, Ryan Chilcote joins us. What are we expecting from john . Errys meeting today i think we can expect a Frank Exchange of views and hopefully, both sides are looking to find out what they intend to do next to read remember, next. Remember, the United States has threatened sanctions against russia. I will be something the Russian Foreign minister will want to hear more about. Secretary kerry will want to hear about what the Russian Military intends to do in crimea. This is the first time these two men have come together since the crisis began for facetoface talks. Presi
Hi, ty. The dow did hit a new record today. The s p not yet, but 25 stocks in that index did hit new records. Lets check the markets for you. The Dow Jones Industrial average up 97 points off its high of the trading session. The s p up 5 points. The nasdaq composite is really, perhaps, the most interesting index right now of the day. Down 13 points. And look at that chart. It shows a steep drop earlier this morning. The nasdaq dropping in large part due to the fall of apple tesla and celgene. Apple down. 3 , tesla down 15 . Joe is chief Market Strategist with u. S. Trust division of bank of america private wealth management. Bob joins me here on the floor as well to talk about this market. Joe, im going to start with you. As we move into the latter part of the year after such a spectacular performance by stocks, do you think the s p 500s ten sectors will have a perfect ten all ending the year with doubledigit gains . You know, sue, i do. Its very interesting, it hasnt happened since 19
The day with modest gains. That i z happened despite some of choppy lackluster data really about the trading and the European Central bank meeting, the big one on friday, the may jobs report. Today, a setback in the labor market as the reading on private job creation last month was short on the forecast. Worker productivity down in the First Quarter of the year with all that snow and cold paraly paralyzing factories, offices and retailers, but just as winter turned to green we saw some shoots in the economy, maybe not so steadily, but returns to growth. Steve liesman has more. It was a day of mixed Economic Data that on balance kept the view that the u. S. Economy was snapping back from a winter of severe weather. But the data raised questions about the strength of that snapback. The adp reported that 170,000 private sector jobs were created in may, below the estimates on wall street, for the government jobs reports it is friday. I would4 . it is disappointing. Suggests that monthly