Crushed, just crushed, when the Federal Reserve finally pulled the plug on its bondbuying program. Turns out they were wrong. They were deadwrong. But will they ever apologize for driving people out of stocks . For some of the most amazing gains in the history of the market. Gains that continue today with the dow rallying 221 points, s p climbing 6. 2 , and the nasdaq advancing. 27 . Nah, never. Theyre never going to do it. But we have to review whats happening here because it should never be forgotten. And as my late mom always told me, you have to speak up for yourself, because you cant count on anyone else speaking up for you. For what seems like ages now, these pundits have warned us endlessly that the moment the Federal Reserve stops its Bond Buying Program, the quintessential reason why the market is going up, known as qe3, this is what theyd say, wed be hit with a parade of horribles. Whos in the parade . What dire forecast became gospel . Let me tell you the five that have been
Contra cost California Transportation Authority last week. They have the new test track for the mercedes Autonomous Vehicle thats going to be located in their county x he said one of the things and he said one of the things in the future, benefits that he sees is that these vehicles could benefit to the county, that these vehicles could go out and detect potholes and immediately transmit the data back to the contra costa or any Transportation Authority so that thered be be a fleet of vehicles that would be communicating information in realtime so that they could maintain the Transportation System better. I just wonder ored from mr. Scribner and mr. Otoole whats your view of that and the cost, also, of transmitting all this data back to a county Transportation Authority. Well, i dont see anything wrong, if he wants to get that information, for him to design an app and upload it to apple and android, and then people can volunteer to download it. If theyre driving on a road thats unusuall
Trish making the comment we are off the highs on the s p 500. Not much off the highs. Problem, still waiting on a deal out of washington. Why it is upstand 1200. It is the last price on gold. Also, a bit in crude oil. That is a sixweek high. Onto the big three. Julie hyman keeping an eye on them for us. The first of these is an etf. A spider etf. I wanted to check it because the volcker rule is being approved. Expected tors approve it by the end of the day. Talking with chris whalen about what it means for the bank. I have been preparing for this day for quite some time. Gilead sciences one of the worst performers in the s p 500. Hepatitis c drug they are preparing to come to the market. An executive says it is going to spark a drug war among hepatitis c drug makers. Finally, starbucks down after an analyst said that samestore sales may be slowing in the u. S. To around six percent from around eight percent the prior order. In. Rra is ackerson is out. She has been groomed for this role
Off its record low that was locked back in october 2007. Weve been watching the futures this morning, and right now those u. S. Equity futures are indicated slightly lower for the dow futures just over six points, but the s p futures and the nasdaq futures are indicated slightly higher. This is a global story with world stocks near eightmonth highs. European stocks consolidating in early trading today. France pulling back slightly, but in germany, the dax is up by just over 8. 5 points. The ftse is up by about five points or so in london. If you want to know who is taking part in this rally, check out these new statistics. Investors poured 5 million stocks into mutual funds. That is the largest weekly inflow since 2001. Mean too many, etfs gained about 8 million in cash. It combines to 8el. 3 million into flowing stocks funds overall. And it means investors overall are coming back into the market. Is that a big number . At the beginning of the year, you tend to get a lot more because t
Even as the dow climbed, the nasdaq jumped 1. 29 . Lets get to my beef. Im sick and tired of hearing that earnings are tepid and sales arent so hot. Its just not true. Things are improving for trucks, cars, aerospace, nonresidential construction. What was the commentary . I heard people say the revenues were weak. Thats a totally nonrigorous analysis that doesnt hold up under any close scrutiny. The revenues were strong considering the company just shutdown excess capacity. If you wanted them to garner more sales, pardon me but youre a dope and youve never run a business. Thats why alcoa hasnt stipulated a beat. Its up 79 from the low months ago. This was their best quarter in years on the top and bottom lines and that set the tone. Thats what set the tone for this earning season. Yes, okay. Im going to stipulate something. We did get a horrible quarter from jp morgan. Truly terrible. I cant help but think that the business got away from them because the company is under such regulator