Market, nonetheless, right sucker typical bear market lurs you in and rips your heart out, right . There, i said it that and 5. 35 will get you a triple venti cappuccino with skim whip at starbucks after an ugly day and not so ugly day the day where the dow at one point plunged 354 points to rally only 267 points. Nasdaq 0. 9 , thank you, apple. This is nothing new. No revelations here. Just keep moving its not like we just woke up this morning and found yourselves in Yellow Stone National park running for our lives. Were at least running faster than our colleagues. In it short, it gets us nowhere. It tells us nothing. It brings nothing to the table, but before we dig into why thats the case, let me tell you a little story about bears i know bears i went to bear camp once many years ago when i had a lot of hair. I used to mountain climb boy, did my mother like that im known as a 46er, meaning a lined every mountain in the adirondacks higher than 4,600 feet high. One time when we were d
is what matters. but while this is no consolation for anyone who is caught in the hurricane s path, the truth is events like harvey, the kind that cause tremendous property damage, often he will top spur economic growth later on because of the need to rebuild when the water recedes and the danger passes, that might be worth thinking about however, the market in its entirety tends not to respond to natural disasters of any magnitude. hence the nature of today s averages with the dow dipping five points, s&p inching up and the nasdaq advancing 0.28% what the market does seem to respond to is news out of north korea. and we re now hearing reports that north korea fired a missile that s passed over japan the market is sending many stocks down in after hours trading. we re monitoring the situation for more information focusing again on hurricane harvey, i have no doubt there will be a massive rebuilding effort that will require insurance money and federal. in the end, it s not big
begins with walmart taking a hit after the company cut its sales outlook for the year. the ceo is saying they re on firm grounds in the united states. another component on the move, ibm getting an upgrade at morgan stanley. just the beginning ever apple s battle for privacy. number of ceo s weighing in, including google. walmart, a fourth quarter, 149, beats estimates, but revenue u.s. compss to a stronger dollar, store closures and battles they re fighting in places like brazil. now, look, maybe they felt like they had to cool expectations. it s just an under promise, i don t know. the outlook, first quarter, 1780, the eps for fiscal year 2017, 4 to 430 versus 17 consensus, revenue flat? versus plus three or four. although they say if not 44 in 3 to 4%. is that an excuse or not? geez, i don t know. maybe the 60-62, but i think it ran to 66, because there was a whisper there was a turn this corner and not just that it was in line, but a turn. i m a believer of w
will keep short-term rate, the fed fund rate, low, well past the point, the unemployment rate hits 6.5% but quote, participants agreed that with the unemployment rate approaching 6.5%, it would soon be appropriate for the committee to change its forward guidance. the unemployment rate fell to 6.6% in january as you recall. the minutes say, also, quote, a few participants raised the possibility that it might be appropriate to increase the federal fund rate relatively soon. sounds like the hawks at work there. the minutes show fed members watching the weather, emerging markets, and the debt problems in puerto rico but not overly worried about them at the end of january. ad cam, back to you. adam: peter, you bring up puerto rico. we ll get the bond offering from them in march. go back to the federal fund rate. usual suspects look at we may start raising that and is this something we should pay attention to, because just a couple weeks ago we had them saying no, we are not talkin
remarks from ben bernanke this morning. dow up 150 points only to sell off violently from-month-old negative comments released by the fed later this afternoon. the dow closing down 80 points. s&p falling .83%. no, nasdaq diving 1.11%. the house of pain! yeah, it was one confusing day as bernanke s fresh comments in front of congress, he continues to keep interest rates low. the economy is still in a funk. we are then trumped by the release of old fed minutes that questioned the need for the bond buying program. the confusion over what the fed will ultimately do granted a lot of selling. you get me wondering, wondering if the minutes were released first and the testimony were given after, would we have closed up today instead of down? more important, though, the conflicting statements potentially because the stuff seems to design than obfuscate than clarify a chicken and egg problem. how much does bernanke matter to the bull if he stops his bond buying? was today s ugly ac