Mario, we talked about the banks on this show almost every day since the election and for good reason, they have soared. What do you think of this particular call that may be the skys too blue . Look, the answer is the following. As goldman is a subset of whats going on in the entire ecosystem of stocks. After the election capitalism beat out socialism as a way to thats good for people who want to have assets protected under the rule of law. Now were putting back innovation and creativity. Goldman is terrific at that. Secondly, the notion of the whole notion of fiscal stimulation to augment Monetary Policy which is slowing down. Goldman is going to benefit from that. In addition to that, corporate love making goldman will benefit from that. In addition to that, tax reduction, reg reforms, individual taxes coming lower, Corporate Taxes coming lower. A lot of Little Details in between. I dont see any reason to not think it will do quite will over the next few years. Is answer is i bought
You had one set of facts that you wanted to stick to, even as that narrative has changed for the worse or for the better. Yesterday the facts changed for American Express and the stock roared 9 higher today, helping to prop up the Dow Jones Industrial average. Dow ultimately dippingc 40 points. S p declining 0. 14 , nasdaq slipping 0. 09 . Ill have more to say about the debates impact on the market later in the show. For now, i want to talk about how stock picking is the opposite of politics. If you change your mind in politics, you get eviscerated. But if you dont periodically change your mind in the stock market, your fort folio gets eviscerated. Im hardly the person to point out this need for flexibility. Keynes asked why he flipflopped on a issue allegedly responded, when the facts change, i change my mind. What do you do, sir . I say allegedly because the story is aprosthetic riffle. American express had been a serial guide downer, almost every quarter produced a disappointment.
Roared 9 higher today, helping to prop up the Dow Jones Industrial average although not enough to keep it in the black. The dow ultimately dipping 40 points, s p declining 0. 14 , nasdaq slipping 0. 09 partially because of the rancor of last nights debate. Ill have more to say about the debates impact on the market later in the show. For now, i want to talk about how stock picking is the opposite of politics. If you change your mind in politics, you get eviscerated. But if you dont periodically change your mind in the stock market, your portfolio gets eviscerated. Im hardly the first person to point out this need for flexibility. Im taking my cue from the late, great economist john maynard keynes, who when asked why he flipflopped on a issue allegedly responded, when the facts change, i change my mind. What do you do, sir . I say allegedly because the story is apocryphal, but the sentiment certainly rings true. For example, until last nights been a serial guide downer, almost every qua
In the equity markets on this side of the ocean, you can see the european markets as well have steadied to say the least but thats about it. After again a nice twoday rally there, although that ftse, a lot of people saying thats not the one to look at. Yeah, its back to where it was before brexit but thats because most of it is international exposure, not necessarily exposure to domestic uk. Lets get to our road map this morning. It does start with a big day on wall street. Its the end of the first half of the year. Weve got a look at the winners and losers and whos poised for perhaps a pop in the second half of the year. Lions gate buys starz, 4. 4 billion in cash and stock. I will give you the detailtss on how the deal came down and what it means for the companies and industry overall. The results are in, we will have a look at the Bank Stress Tests and what it tells us about the strength of the sector. We are heading into the final trading day of the Second Quarter and the first hal
Sometimes teach very hard lessons and the past four trading sessions have been well, lets just say instructive. Violent declines friday and monday following britains vote to leave the European Union. The dow lost 900 point, but then came tuesday. A 269point gain for the dow. One oftoday, even better. Stocks rallied around the globe and here in the u. S. All three indexes rising more than 1. 5 . The lesson, what goes down fast can snap back equally quickly. Today, the dow r close at 17,69. The average has now recovered more than half of its post vote losses. The nasdaq rose 87 and the s p 500 climbed 34. For the record, the footsi 100 gained 3. 6 today erasing all of its post brexit losses. And Rising Oil Prices helped u. S. Shares today. Oil closed at 49. 88 a barrel. Thats up 4. 2 . And another thing that might help stocked this week, its the end of the quarter. Many sec mat any. Bob pisani takes a look at whether history could be an indication of an end of quarter the rally continues