The fed decision is behind us, at least this one. Now were counting down to the earnings in less than an hour, numbers from facebook, tesla, qualcomm,shake shack, and many, many more. Well tell you what to expect, break down those numbers as soon as theyre released. Here we go again its going to be a huge afternoon. The house tax bill was supposed to be released today now its expected tomorrow morning. We do have a strategist who says the best outcome for the market will be if tax reform does not get done at all. Hes doigoing to explain why shortly. We start with the dow, s p, and nasdaq hitting intraday highs earlier in the day the dow was up 140 at its peak, but all have pulled back from those highs. The dow no, nobody is in record territory lets get to our Closing Bell Exchange diane swan, robert frost at post nine, sitting next to keith bliss, and Rick Santelli checks in from the cme in chicago diane, im going to start with you. No surprise. I asked Rick Santelli yesterday if anybo
Win streak. Data coming out as well. Ibm kicking off its investor day. Ceo ginny rometty. An exclusive interview. Net neutrality, the fcc taking up what has become a contentious issue. But waiting on important details for Internet Companies like google and netflix still to be determined. First up wall street digesting Economic Data ahead of the opening bell. Consumer prices down. 7. Strip out food and Energy Prices up. 2. Durables nice, above expectations, above 2. 8. Weekly jobless claims jumped to 313,000. Dow closed at record high. Nasdaq ended the tensession winning streak. Within a stones throw of 5,000. A level at which its closed only two times in history. Take it out today because theres a lot of good chatter in individual tech names. I would tell you we had a gauntlet this morning with the runthrough. When you get through a gauntlet nothing that is earth shaking, whether claims durables, inflation. Ive got nothing earth shaking. I dont feel its going to do anything other than
After ringing in the new year. The sudden flow of one hundred dollar bills is indicating a rise in fishy activity. And, bring on the breakout. Are the markets poised for a swing to the upside . First business starts now. Youre watching First Business financial news, analysis, and todays investment ideas. Good morning. Its wednesday, december 5th. Im angela miles. In todays first look standstill. Thats whats happening with the budget talks in washington, and its reflected on wall street. Stocks barely budged yesterday. Gold, however, was a major mover. What that tells traders is coming up in the show. Pandora hit a sour note with investors last night. Shares plunged after the Company Revealed a loss of Advertising Money as lawmakers fail to find harmony over averting the fiscal cliff. The brand new dreamliner is under review after making an Emergency Landing in new orleans due to a mechanical glitch. Larry shover of sfg alternatives joins us now on this wednesday for an early look at th
29 points. The nasdaq fell 11, s p down 1. Gold was up 11 dollars and oil moved down a buck 27. Traders tuned in as outgoing chairman bernanke defended his policies aimed at economic recovery which included a massive bond buying stimulus program. Mr. Bernanke also says he anticipates a stronger economy in 2014. And tomorrow. President obama will host an event at the white house for some workers whose long term Unemployment Insurance recently expired. Hell deliver a speech urging congress to pass a bill to extend those benefits when they return from recess today. Chris gersch of altimus capital joins us now, good morning chris good morning. Were now into the first few trading days of the year. What is your gut reaction about where this market is headed . My gut reactions is to really go with what history has told us. And with the santa claus rally thats adding up the five days after christmas along with the 2 days right after new years. Take those 7 days and if you combine the returns i
On wall street. Yesterday we heard from j. P. Morgan and wells fargo. Brian moynihan is reporting a great Fourth Quarter. Scarlet fu has more in the newsroom. Break it down for us. Quarterly profit at bankamerica could quadruple in the Fourth Quarter thanks to approving credit trends. Relatively strong sales and trading numbers and a favorable tax rate as well. Earnings per share in the Fourth Quarter up . 29 compared to the consensus of . 27. Revenue coming in higher than anticipated, 21. 7 billion. Over the past month, eight analysts ratcheted it down. The bar was lowered. Pretax litigation expense. It is a noisy quarter because of these onetime items. A 2. 1 3 billion charge there. One investor who was on surveillance said he is not exactly sold on bankamerica yet, even though it is leveraging the bank economy. Because of the legacy issues that remain. Jpmorgan at ahead in terms of resolving the sales of defective mortgages leading up to the housing crisis. Rising Interest Rates hel