When the buyers shares about guyer that tells you the market approves of the deal one of the main reasons why all three major averages had record closes today dow gaining 191, s p jumping 0. 57 and nasdaq 0. 23 you have to wonder why they took so long. Eliminating commissions on trading, well, theyre going to make it on credit balances that forced the rest of the industry to follow suit. Because the others made a lot of money from commissions their stocks were clocked. But Charles Schwab took advantage swooping in to buy Td Ameritrade for 26 billion and now they have 5 trillion under their belts. House of pleasure i remember goldman debated it schwab is less than 20 billion from you and gaining on you. Very to wonder if schwab at this point has a Better Business model for the future particularly for millennials unless the apple credit card turns out to be huge goldman has catching up to do and could double its assets and still not come close to the new schwab a lot critics worried abou
Of foreign lands, like the greek deal had ended our obsession with whats happening overseas, were suddenly back in the soup bowl over again, but it a with china. The true proximate cause of the selloff. S p plummeting 1. 07 and the nasdaq losing 1. 12 . Yep, the idea that theres big trouble in not so little china based on so some weak chinese orders and the stock market that we know is being propped up by the communist party, thats what lay behind the carnage. Its breathtaking by the way. It has us thinking something evil does lurk in china and china, some think it can take the whole world down with it. Its short term top in our markets at least until we get some clarity on what is going on over there. Thats not so easy. I have no idea what the real situation in the peoples republic and neither does anyone else and maybe not the people running the country. Thats the new emperor has no clothes theory. The vast majority thought that china was slowing. The totalitarian government will exe
U. S. Economy atop of worries about emerging markets. It was an orderly but a broad selloff with almost all sectors down 2 to 3 . Even staples was down 2 . The volume was very heavy, one of the heaviest days in a year suggesting that many professional traders were lightening up exposures to stock. Theres been a lot of talk about market complacency. As i mentioned, the volume was huge. 4. 7 billion. Thats one of the heaviest days in more than a year. As i mentioned, the volatility, the v. I. X. , closes at the highest level in years. Bottom line, most traders saw bonds that continue to rise while stocks continue to move up. So far, the consensus has been completely wrong, larry, but then again it usually is. Lets call it the great rotation in reverse. Back to you. All right. Many thanks, bob pisani. Appreciate it. Lets talk about how the key asian markets have opened after the big selloff. Matthew taylor is joining us live from sydney, australia. The nikkei just opened. 8 on japan. Push
S p backs up. 2 . Would you buy amazon here . My quick response, two very different questions, yes and no. Thats right. Yes, i would buy amazon. No, its not worth 400. Welcome to the world of bull market discipline. The discipline to buy stocks that arent cheap, but are right. A discipline that will be tested in the next few days, at last because of todays last hour selloff sell, sell, sell that shook people out of their complacency. Im talking about the rigor to recognize what the market actually wants, though, not necessarily what you want. The dichotomy that says you would rather have a portfolio that is hated by the intelligentsia and making money than be bound by concerns that may not be as relevant as they should be. Lets start with amazon, which hit at an alltime high today, 399 before being repelled along with many other stocks by waves of afternoon selling. This weekend on the most watched news program in america i caught a terrific advertisement for amazon. It was incredible.
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