50. 99. Of course it was the rise in rates, the rise in the dollar yesterday that really took stocks down. It did. You know, the fed tell you what im looking up right now. Are you on facebook . No, looking up a quick nate silver. Theres different places to look. You can look at the betting markets on the election. But the now cast nate silver is almost 90 for a Hillary Clinton win. Above 80 in the polls. That whole narrative that the market goes up when it looks like Hillary Clinton is going to win. Weve done it here on cnbc. People saying theyve seen this trend. I dont know what happened yesterday. I think it also, if you start to believe the senate and the house could both go because of the rifts in the gop, im not sure any of this has to do with the 200 points. I didnt think it does. If youre looking to tie anything to the election, theres something in it for everyone. You could say now if it was undivided government, you had a Hillary Clinton presidency in both houses of congress,
Confusion. Even on days where the dow dipped 15 point nasdaq closed down 0. 02 . Lets start with politics. A subject im usually loathe to talk about but the election is only eight days away, so lets give it its due. On friday, we learned that fbi director jim comey had decided to examine a whole new bunch of Hillary Clinton emails found as part of a separate investigation to disgrace former congressman anthony weiner. Immediately the entire market took a hit. It was instantaneous. But right after that, a great deal of the market rebounded. Buy, buy, buy. Okay. First the market went down. Sell, sell, sell. On the news because investors dont like uncertainty. For weeks now the markets gotten accustomed to the idea of a Hillary Clinton presidency whether we like it or not. Thats irrelevant. Not a political statement. Just a reflection of what the polls say and how the stock market teinterprets that information. Why did the market rebound almost immediately . I think ive got the answer. An
Lets start with politics, a subject im usually loathe to talk about, but the election is only eight days away, so lets give it its due. On friday at midday, we learned that fbi director jim comey had decided to examine a whole new bunch of Hillary Clinton emails found as part of a separate investigation to disgrace former congressman anthony weiner. Immediately the entire market took a hit. It was instantaneous. But right after that, a great deal of the market rebounded. Buy, buy, buy. What was that about . Okay. First the market went down sell, sell, sell. On the news because investors dont like uncertainty. For weeks now the markets gotten accustomed to the idea of a Hillary Clinton presidency whether we like it or not. Thats irrelevant. Not a political statement. Just a reflection of what the polls say and how the stock market interprets that information. Why did the market rebound almost immediately . Investors, including the guys at halftime, i think ive got the answer. Anything t
45. 88 for wti. So still talk about the possibility whether or not it is going to 50. Brent is 47. 53. Natural gas is 208. Janet yellen wont completely rule out negative rates but the fed chair also saying that the tool would need a lot more study before it could be used in the United States. Our comments coming in response to written questions from a congressman following her testimony on capitol hill. And Jeffrey Gundlach telling an investor web cast he sees some hawkish rebellion showing up. He calls yellen the biggest dove. 50 chance of only one more rate hike this year. He can see the s p going to 1600. On todays economic agenda couple of things coming up. April retail sales and the producer pricing index both out. Sales expected to rebound after a decline in march. Then were going to get may Consumer Sentiment and march business innervate ris. Retailers have had some problems this week. I heard. You missed a lot here. Did you see some of the people we had on this week . I heard.
Working are downright toxic. Specifically the banks, the restaurants, and the retailers should be on fire right now. But instead they are houses on fire. And theres no letting up in the flames even as the averages rebounded hard today. After opec announced it might cut back half a Million Barrels of production in november. I think this is more of the same where they rumor the price high, which worked again, and then kind of do nothing meaningful. Nevertheless, as i have said over and over again to you, anything that drives oil higher takes stocks higher, and thats sure what happened today with the dow ultimately gaining 111 points, s p climbing. 53 percent. The linkage remains that great even as i urge you to be skeptical of any socalled deals when there is such a worldwide glut of oils. We need millions of barrels to be cut, not less than a million. This means the amount will not give you a lasting impact. I want to talk about whats happening with these beleaguered groups i mentioned