There have been significant pockets where people have been buying aggressively now. Last week, home depot. They were buying aggressively on friday. Stock is exploding to the upside. Caterpillar, john deere, there are areas people are chasing and catching. Youre in caterpillar. Must be pleased with the share. Is this a bellwether because they talked about a sharp bounce in energy and transportation. Think rally is about earnings. It started when financials reported better than expected earnings and didnt rally on the news. They were kind of sideways. Maybe got a bit of weakness in some days. I took advantage of that and bought some. Then youve had betterin earnin in discretionary and housing. 74 are beating. 14 are missing. Thats a good rh owe. Stocks follow profits. If profits are going higher, because fundamentals are strong, theyre, the market is going to go higher or those stocks are going higher. Im encouraged that cyclicals are leading. Im going to soupd like a broken record becau
Even gave her real address. Abc 7 News Reporter kate larson has the details. Reporter this man, 22yearold benjamin gorky was arrested for child endangerment in petaluma where parents trusted him to watch their children at a boys and girls club after school program. Lots of kids use that program. There are a lot of fulltime working parents at our school and a lot of my sons friends are in that program. Reporter he allegedly took a photo on his cell phone of a 6yearold girl and posted it to an internet chat room that Homeland Security happened to be monitoring. The chat room was involved child pornography and, so, they had started doing a preliminary found is that the image came from an address here in ron ert park. Reporter ron ert Park Police Commander eric johnson said thats when their detectives got involved. Gorky who neighbors confirm live in this ron ert park apartment complex allegedly did this. Logged in remotely to the boys and girls club system to get all of her personal infor
Products. It looks like you are not seeing much change on your screen there but it looks like oil is seeing a bit of a reaction. We are seeing a leg down in oil prices, a decline of 1 2 of 1 . It looks like the first flush reaction is down on that headline build. We will see if that is mitigated by the drawdown in the various types of inventory. Energy stocks are the best performers in the s p 500. Heres the energy index, which is. 11 Industry Groups in the s p, its the best performer. One of the things we have been watching with regards to oil prices is the socalled that could be approaching. The price of oil is in white here, then you have the 50 day moving average. Indicators. Mentum the last time you had the socalled golden cross, you saw oil rallying. Circling back here to stocks and what we have been seeing of the major averages, this selloff is continuing here today. Got a no help from energy stocks. There is a broad risk off environment sparked by chinese export data or early t
Look at crude, which has been dictating terms for equities lately. Relatively unchanged on wti, about 50. 18 per barrel. For brent, 51. 88, barely higher. Rbob gas edging up a bit. Well get back to the markets in a bit. Breaking overnight, the u. S. Military launching tomahawk cruise missiles against radar sites in yemen after incidents earlier in the week where a navy ship was fired on from a rebel controlled area. Now to this mornings top story, embattled wells fargo ceo john stumpf is out retiring Effective Immediately. Tim sloan taking over the top job following the highprofile scandal involving their sales practices. News came out after the market closed yesterday. Looks to be up about 1. 5 in extended hours. Notably above 46, a level we havent seen in some time. Helping. Helping. Yeah. Wilfred frost spoke with tim sloan late yesterday and asked him if stumpfs departure was a necessary condition for the company to move on. I think johns decision to retire is one that, you know, is
Welcome to squawk on the street. Im Carl Quintanilla, david faber, jim cramer at the new york stock exchange. Get to wells in a moment. Premarket weak on the back of disappointing chinese trade data, renewing concerns about global growth. Europe down more than 1 . Yields here falling back to 1. 75. And oil still fighting it out just above 50. John stumpf said departure comes amid that scandal thats engulfed wells fargo. Tim sloan is now the new ceo. Sanger will be nonexecutive chairman. Jim, happened suddenly, tensely worded press release. Your thoughts after seeing that tape. Well, first, when i asked stumpf whether he would resign, that was regarded at that moment as a radical question. Almost idiotic. People said what are you kidding me . Jumping to conclusion. And i just felt that the way went through the crisis the crisis is a very simple lesson. You lose your job whether you know about what happened underneath or you dont. Now, you can say jamie dimon didnt lose his job, very dif