Italys Prime Minister said it would derive from properties on h derived from higher Interest Rates. The net income exsceeding the growth for 2022 and 2023 citi estimated that would be equal to 19 of bank net profits for the year the tax would only apply to domestic Net Interest Income if this were to happen in the United States it is not happening i know. I dont know what would happen to the world. It is like when hell freezes over scenario. 40 windfall profit tax on banks. Do you think this is such a game changer that you would ever be in business in italy ever again . I think they view banks as utilities in italy i think investors will think about Certain Industries now at the beck on call of the government it can be wiped out just like that it changes your money. Chinese communist out of nowhere with the Tech Companies in china the trading Certain Industries. In other bank news, moodys cutting ratings with several banks and downgrading the biggest lenders. The credit strengths will
What a way to end the week. It was a melt up into the closing bell, which drove stocks to alltime highs. The s p 500 had its best day since march, lifted by continued optimism that Economic Growth around the world is on an upswing and a new batch of strong earnings. Of the s p 500 companies that have reported profits so far, 80 have topped expectations. Today shares of intel helped lead the way with a double digit gain following its Strong Quarter that we told you about last night. Here are the closing numbers. The Dow Jones Industrial average rose 223 pints to finish at 26,616. The nasdaq climgd 94. And the s p 500 added 33. For the week, all of the indexes saw gains of more than 2 . The rising stock market was not lost on President Trump when he addressed attendees at the World Economic forum in davos switzerland. He talked about the economy, and growth, and in a widely anticipated and high stakes speech told investors and ceos across the globe that america is open for business. Mish
From the record highs. The dow is now down nearly 15 . The s p is off 12. 5 . Check out these staggering figures. S p 500 companies lost another 900 million in market cap yesterday. They lost nearly 2 trillion in market cap over the last seven sessio sessions. You see rich people lost 185 billion recently. This is good. This income inequality thing. Taking care of it. This is not i also like the now were going to do this every day where we can close on change but if thats not interesting enough its like a fit bit for the market. Its not even the range anymore. Its brand new. Were talking about the full ride. We moved 100,000 points this week. It means nothing. We totalled it up for you. Lets tell you where the u. S. Futures are after what was a wild yesterday as things got pretty bad late in the day. Well try to get an explanation from our guests throughout the morning but the dow jones does look like it will oip up now 275 points up. S p 500 would open up higher as well. 33 points hig
Stocks falling right along with the price of crude. Dow is down 160 points. We begin with new questions about the strength of the banks and how much exposure they really have to the continued commodities crush but its one firm in particular today, jp morgan that has investors growing more nervous. Its stock is sliding as jamie dimon holds court with wall street analysts in new york city. Kayla joins us now with more. Oil is hurting jp morgan and other banks faster than we thought. Yeah. They are taking up their estimates for exactly how much it will hurt them. Its worth saying they did sound token optimism on the us. Economy. Ultimately the noise in manufacturing and corporate end earnings will get sorted out. Jp morgans Energy Exposure they layed it out pretty specifically. 25 billion for investment grade. Only about a fifth of that has been drawn down. High yield 19 billion. Its the high yield portion that is what investors have been worried about. Those are the lower quality borrowe
Exchange , mark, gene and our own rick santelli. Art, let me start with you. Is this a rise above rally . Does it look like we might get a deal . Weve been rising above the levels weve been at. No question about that. Traders felt reassured coming in this morning. Washington is a ghost town. The president s out of country those are good things. Congress is not coming back until next week. No one will go before the cameras and jeopardize the cliff. The only file you have to run is the kumbiya moment after the meeting. They said nothing across the pond will hurt us, lets buy here. No sense of urgency right now. Does the market feed off that . Is that whats going on here . I continue to look at the treasury market. You can look at a chart overlaid with the stock market. We were following themmer earlier, especially with the opening you describe, then it started to fall off. Treasury market seems unimpress unimpressed. Im in agreement with art, which is a good thing because art is mostly r