Times forward earnings. It is in that range. I went to the Oxford English dictionary on my bloomberg terminal. Frothy. 1533 is the first definition. It says, frothy, their frothy waves. It is a frothy surveillance this morning. A frothy brees. Breeze. Economic data here in the u. S. We get producer pricing index. Janet yellen will be watching that. 9 15 Industrial Production. How much are Companies Operating . The beige book at 2 00 p. M. Earnings before the bell. Blackrock in bank of america. Scarlet, you will be breaking bank of america. Can we have a moment of silence for scarlet fu . She rocked it yesterday. Jpmorgan, goldman sachs, it was awesome. It was a pretty busy day. I like that. False, brands get two thirds of their business outside of the u. S. Tubing items of note. Two items of note. Janet yellen testifying before congress for the second day in a row. 15 years ago today, jfk juniors plane crashed off marthas vineyard. That was terrible. No other way to put it. That is the
About 300 the day before that, continues to the upside. Up 83 points or half of 1 . The s p 500 mentioned right now up 14 points in record territory closing here and the nasdaq composite adding 27 and half of 1 . Lets get right to it with our Closing Bell Exchange on this friday to wrap up the week. Gerard fitzpatrick. Steve sax. Pat ty edwards. And kenny pulcari. Patty, questions to the women today seem to be the theme here, what do you think happens . Is this a santa rally . Have we just put it in and seen the gains . All rebalancing and a quad witching effect . What do you think is going on in this market . I think theres a whole lot of things going on. You know, we have got people doing window dressing for the end of the year. Tax loss selling that seems to dissipating. You take all that into consideration and then the fed comes in and says, wait a minute, we dont need to have anxiety about things. We are logical about how we proceed and i think that the fed has just really put a b
And the funds rate is likely to remain at zero for a considerable time. He talks about the funds rate. He also said that the fed should not make sure that the labor market is sufficiently strong before the fed were to hike rates. And in addition, he says the funds rate can remain near zero well after the Unemployment Rate hits that 6. 5 threshold which he says is a threshold not a trigger for raising rates. If the data supports the forecast, the fed will moderate quantitative easing but the asset purchases are not on a preset course. He talks about transparency and he said this is one of the big things he has done during his tenure. And made a big change in that. Thats helped the policy he believes. Dont you think hes screwed up the Forward Guidance in the last go around . Everyone expected a tapering down of the bond purchases . I agree with you. Are we talking about this now or later . Lets do it now. I dont get to visit with you enough and i love you and i want to visit with you. Im
Started making a new ipad. Bank earnings are looming in the Second Quarter. U. S. Banks posted their second highest profit total in three years, lending money at the high space since the financial crisis. Earnings continue to come out. Is out witha results, earnings coming in at . 83. Pretty much break even. This is the first report since the company spun off its publishing unit from its video is this, a trend we have seen with other video media coverage. Olivia sterns. Tribune media just spun off there Publishing Business following news corp. And scr ipps. Reporting . 83. Sales coming in above estimates, 894. 5. 5 million million dollars. Consolidated revenue sales grew 23 in the Second Quarter, a growth rate the Publishing Business is very unlikely to see, and that is the point of splitting up the company. . 83. Ht beat, well be watching how those results play out in equities. Thank you, olivia sterns. Overseas, a controversial russian convoy is on its way to isaine, and russia says
Evidence that there is not more slack in the labor markets. On Interest Rates, again, she will talk about the taper likely to end. Bond buying likely to end later on this year. The fed will keep rates at a record low for a considerable period. If the labor market continues to improve more quickly, than anticipated by the committee resulting in faster conversion towards justice, increases in the federal funds rate target will occur sooner. Conversely, if the economic disappointing, then the future path of his tryst rates likely will be more accommodative than currently anticipated. She has a warning and her testimony towards the on on the subject of Financial Stability. She says most asset prices seem to be in line with historical norms. In some sectors such as lower rated corporate valuations appear stretched. We are monitoring developments in the leverage loan market. And are working to advance the effectiveness of our guidance. Expect Financial Stability. Regulation could dominate th