Commodities were on their way up. Ime for the morning brief citibank will be releasing its earnings. Will get Empire Manufacturing numbers for january and this afternoon President Trumps dr. Is going to brief reporters on the president s First Physical exam. Its all coming up today. Time for your daybreak first take. Global equities are rallying. We are waiting for those citi earnings. And the race to get a deal done in washington. Alix thanks for being here. The one im looking at is the equity rally. Rsi index versus the major indices. The s p is the yellow. The purple is european stocks and the white is the global world all in major over but territory. Is this going to be a Global Growth story . Are you going to say the word synchronized . I think synchronized and kick the can are sure to come up. We can get even more signs that the word of the day is euphoria at bank of Americas Fund manager survey for january shows that cash levels among Fund Managers fell to a fiveyear low. Share
Nasdaq with. 46 i can do best sometimes but sometimes it isnt enough. This morning i saw action that was so destructive that i wanted to scream but i guess its only natural. This is earnings season and people cant resist making snap judgments. Snap judgments that lead to stupid decisions and losses. Let me share the obvious ones to show you how truly block headed earnings season can be. They might as well call it mistake season for all the ridiculous moves people are making. Im stopping it tonight. Jp morgan and wells fargo along with Johnson Johnson all reported today and the action in their stocks exhibited a level of lunacy. That suggests that people trading them were just totally clueless. Lets start with jp morgan. This was a truly magnificent quarter with 6 billion worth of profits. Yes, thats b. 6 billion including those no longer eaten up by legal bills, a sizable cut in branch expenses, a beautiful capital bill and an astounding 27 increase year over year. This was a staggerin
Off an unexpectedly Weak Services report which pressured equities early on and sent bond yields sinking. More on that momentarily. By the close the blue chip index gained, to 16,336, moving 400 points from its low to its high. The nasdaq slipped 12 and the s p 500 rose 9. As for domestic crude prices, take a look at that percentage gain, 8 to the upside snapping a twoday rout as the dollar tumbled and despite record inventories. If anything, today was a reminder of why this market is anything but boring. Bob pisani explains what fueled todays rebound. Reporter we stopped dropping when oil stopped dropping about 11 00 a. M. Stocks went sideways until about 2 00 p. M. When the whole market turned around. The dow rallied over 250 points in about an hour. Oil also rallied to the highs for the day. So what happened . Some are citing vague rumors that oilproducing countries are trying to cobble together an agreement to limit production. But, you know, weve heard those rumors before. Regardle
Off an unexpectedly Weak Services report which pressured equities early on and sent bond yields sinking. More on that momentarily. By the close the blue chip index gained, to 16,336, moving 400 points from its low to its high. The nasdaq slipped 12 and the s p 500 rose 9. As for domestic crude prices, take a look at that percentage gain, 8 to the upside snapping a twoday rout as the dollar tumbled and despite record inventories. If anything, today was a reminder of why this market is anything but boring. Bob pisani explains what fueled todays rebound. Reporter we stopped dropping when oil stopped dropping about 11 00 a. M. Stocks went sideways until about 2 00 p. M. When the whole market turned around. The dow rallied over 250 points in about an hour. Oil also rallied to the highs for the day. So what happened . Some are citing vague rumors that oilproducing countries are trying to cobble together an agreement to limit production. But, you know, weve heard those rumors before. Regardle
Off an unexpectedly Weak Services report which pressured equities early on and sent bond yields sinking. More on that momentarily. By the close the blue chip index gained, to 16,336, moving 400 points from its low to its high. The nasdaq slipped 12 and the s p 500 rose 9. As for domestic crude prices, take a look at that percentage gain, 8 to the upside snapping a twoday rout as the dollar tumbled and despite record inventories. If anything, today was a reminder of why this market is anything but boring. Bob pisani explains what fueled todays rebound. Reporter we stopppped droppg when oil stopped dropping about 11 00 a. M. Stocks went sideways until about 2 00 p. M. When the whole market turned around. The dow rallied over 250 points in about an hour. Oil also rallied to the highs for the day. So what happened . Some are citing vague rumors that oilproducing countries are trying to cobble together an agreement to limit production. But, you know, weve heard those rumors before. Regardle