The stock market, you would want the Labor Departments monthly nonfarm payroll number. If the number is strong, you want to buy stocks if its weak, you want to sell today we got a barn burner of a number, 222,000 new jobs hallelujah with every area of the economy generating, which is why the dow rallied 94 points and the nasdaq and s p both advanced. When i wrote this book, i spent a tremendous amount of time trying to figure out what mattered to the market over the years running by Charitable Trust. Again and again, over those 15 years, the answer has been one single number. Growth is king theres been so much gloom lately that this number is busted, making me feel like a good reason stocks have rally sod hard lately. Employment growth means money to buy a car or a house heres why the housing stocks were taking a ride do i need to explain how hiring helps the banks and techs and industrials. The Labor Department gives you a very good report right now its health care and these stocks ha
About the demise of the Business Leader panels the president put together with so much fanfare. Did he disband them . Who knows . Youve got ceos openly castigating the president for his off the wall remarks and the president calling them infants pure chaos in washington, with some of trumps most important allies unable to hide their contempt for the president s statements which they see as providing aid and comfort to White Supremacists but the dow gained 26 points, the s p inched up, and the nasdaq advanced 0. 19 . Why isnt this market plummeting simple the stock market is not, and has never been a referendum on washington they know nothing sure, some president s are more stock market than others. Regardless, whatever else you may say about this administration, and you may be saying it, trumps as pro stock market as it gets. He believes that the market is a referendum on his president. They cant hurt. Nevertheless, lets not forget that the market did well under president obama, too he
John ford has the morning off. We start with this big story about big business and the white house. Two of the president s Advisory Councils disbanding after multiple ceos dropping out citing the president s response to the violence in charlottesville. Among the ceos speaking out, jamie dimon, jeffrey immelt, mary barra, etna ceo mark bertoli bertolini. I think well talk to bob crandall in just a moment, guys, but were all trying to process the dramatic decision, how it went down, a lot of good cnbc reporting on that and what the significance of this move is going to be. In practice and also symbolically in the statement that it sends to the president and the white house. We clearly havent seen anything extend into the administration and markets are down half a percent or so but over the course of the last week as a whole, were up about three quarters of 1 for u. S. Indices. Reuters now has the headline quoting a white house official that gary cohn intends to remain in his position as
Dow on track for the worst month since january. Icahn the latest the step down as an adviser to the president and now looks like there maybe communications with all of that and another shot fired in adps ackman battle. Well break down what that means. Four week losing streak for the nasdaq and given sort of these levels here. Not surprising that the dow is on track for the first month since january. I have been watching and reading and theres people that feel that a 2 correction was warranted. Thats not a correction. I mean, we had a meandering. Things have been good. Theres things like foot locker that are devastating things like estee lauder its just hanging in there oil tried to put a bottom in on friday news camp was good for oil but that was the most noteworthy thing that i saw obviously the bannon news was okay cohen in and banno out. The failed socalled bannon rally bother you. Not at all. Were at a moment where theres more people taking vacation than usual. These things i know
Extended well past what can be justified. I cant dispute that. Days like today where we flirt with record highs, the dow gained 33 points, the s p black slid slightly. It seems ridiculous that we can still go higher with the s p 500 trading in way high where its been historically. Oh, and given how all we hear from washington is that the president s agenda of lower corporate taxes and repatriation of vast summing from overseas seems held up by dysfunction in congress, is there any real rigorous, intellectual justification for these prices . I know im mystified each day. Im sure you are. I know a selloff sis inevitable. But something keeps happening that makes us wonder if this market is cheaper than it seems. Companies keep beating earnings estimates, rendering multiples pretty much worthless. Im simply stating facts. If companies can continue delivering better earnings than we expect, this market might be cheaper than it looks. Maybe a lot cheaper. Yesterday, home depot and walmart re