Dan what is next is that we have reported that mr. Renzi, according to one italian news agency, has already met with the italian president. He has to formally submit his resignation and then resolve this political crisis, turning it over to the italian president , who will hold probably two days of Political Consultations with the leaders partiess political before deciding on a mandate government for the country. David a lot of focus was on the italian banks and what this would mean for the italian banks. Do we have any sense of the answer to that question . There aretle bit, but still a lot of Unanswered Questions so far. , the worlds oldest bank is in the midst of a 5 billion euro Capital Raising plan. It has started the first leg of that. The board is probably meeting today. They are likely to put out a statement to find out what happens next. Are they going to proceed with this plan or perhaps postpone it, given that while markets are not as volatile as people expected today, who k
About 30 minutes into the trading day and Abigail Doolittle has the latest. About, globalked markets shaking off the effect of the italian referendum. Abigail we have big gains for the stocks in the usb at the dow, s p 500, and nasdaq are all higher. Offially there was a risk reaction, but really a declining reaction. ,f we go back to the brexit a big selloff, then a selloff and it reversed. The dow on pace for a record closing high. But the dow isng itsace for us fix for fifth week i. The s p 500 and the nasdaq are reversing last week losses. At 2041. Ok the shows the alltime record high. Two things, right here we have an area of consolidation. It appears the dow is breaking. Ut higher the dow transports, a less followed index, is actually also trading at an alltime record high. Would say that signals more strength ahead for stocks. Taking a look at Asset Classes, we are seeing a risk on picture here. We have the safe haven gold trading lower. Follows from that supply cut from opec la
Different from what we witnessed on this day in 2009 when the u. S. Was in a deep recession housing had collapsed, and Lehman Brothers had gone under. Fast forward six years, the s p 500 has more than tripled since bottoming, led by Consumer Discretionary stocks. Nine stocks have gained more than 1,000 . Today the Dow Jones Industrial average closed up nearly 139 points to finish just under 18,0. The nasdaq added 15 and the s p 500 tacked on 8. We take a look now at the anatomy of the sixyear bull market run. The bull market is six years old this month. Time to celebrate or get a little worried . Maybe its a little bit of both. Its been an incredible run. March 6th, 2009 the s p 500 was up 211 . Most of it has been straight up. Its been a long run of 26 bull markets in the past 85 years. This is the fourth longest according to the wall street journal. There are three reasons for this historic run. First, earnings have hit a record high as corporations have learned to cut costs and run
Communiques. Market perceptions had they will take patient out next month in march and then they will raise rates in june. These come out whether its jpmorgan saying theyre more dovish than expected or capital e con saying this just adds to all the confusion. The signal to markets is clear, this sounds like a fed thats slightly more dovish but the shelf life may be a couple days. We hear from janet yellen on tuesday. The data in the month has generally not been that great. Well talk about that in a moment. Were keeping an eye on a story developing in Southern California. Some kind of incident at an exxonmobil refinery in torrance. Theres a fire well have the latest details on. The Energy Market reaction. Weve seen an update in gasoline prices in georgia, gasoline futures, what they call car bob futures in l. A. The price has gone up 10 to 18 cents per gallon. Well keep an eye on that because oil has had such an impact on this market today. The stock of the day though has got to be, tak
For a record of its own trying to close higher for a tenth straight day. That would be its longest win streak since july 2009. Investors encouraged by Janet Yellens hints to congress that the fed will probably start raising rates later this year. What does jim grant say about all this and is he behind the audit the fed movement . Well talk to him about that when jim joins us coming up. By the way, 10year has moved lower, comfortable ablably below the 2 level. Were at 1. 98 and change. 2year note auction after the testimony, then the 5year is at 1. 46 . 10year at 1. 99 and 2. 60 on the 30year. Were getting so used to this volatility but it is really unusual, especially on a comparative basis for how lowther here. Big move after janet yellen today. Lets talk about it in our closing bell exchange. We have renee norris from urban wealth management, Quincy Krosby krosby, Jim Osullivan sitting in my chair at the new york stock exchange. John manly from Wells Fargo Funds Management and Kenny