limit rare earth minerals going to the united states. these rare earth elements are called the vitamins of chemistry and our nation is totally reliant on imports to make everything from your favorite products to cancer medications. the analyst who says he s got the one answer to fix our reliance on chinese rare earths is here but environmentalists might want to cover their ears when you hear his solution. we ve got vermont senator bernie sanders landing in arkansas, heading straight to walmart s annual shareholder meeting, calling for higher wages and a board seat reserved for hourly workers, and he finds a surprisingly sympathetic ear. the ceo of walmart. congressman ro khana of california teamed up with sanders and is first on fox business with reaction to the ceo saying yes, wages should be higher. day two of rally mode for stocks following yesterday s 500 point move on the dow. by the way, it could be much higher if it weren t for the bears sniffing around the oil pat
seat/back seat rally where all the wrong stuff the minerals the oil complex, led the market beautifully? with the dow climbing 369 points, the biggest two-day gain since december, 2008. s&p pole vaulting. nasdaq rocketing 2.5%. aren t we supposed to want to roll costs down and down and down some more? not up huge as they were today? i know it s tough to explain how oil is spiking, almost 10% the biggest one-day move in six years. it will be a positive. today it was certainly hailed by investors as a big one. let s go there, though. because it s what happened today and it was a very important day because it was a stress reliever. a stress reliever, for many of the biggest investors of capital all around the globe. let me set the scene up for you. the proximate cause of the nasty sell-off we traveled through the weakness in chosen, it was exacerbated into belief until yesterday that the fed seemed unaware and how frail the world s economy had come. but yesterday s comments from
jeff bezos is within spitting distance of becoming the richest person in the world. the dow is down by about 20 points below fair value after six sessions in a row of gains. the nasdaq is down by 2.5. overnight in asia, we ll see that the nikkei was down by 0.6%. hang seng was flat. as was the shanghai. in europe and early trading this morning, as things get started, most of the markets are weaker. the dax is down by almost a half percent. cac down by three quarters of a percent. ftse up by 0.1%. markets in italy and spain are weaker. crude prices are higher after dropping by 5% in yesterday s trading session. analysts say that extension of opec s production cuts where they agreed to make the extension was already priced in the market was looking for cuts to last longer than nine months or deeper cuts. neither of those things happened. this morning wti back up by 25 cents. it is below $50 a barrel. a couple big stories we re watching. jim bullard speaking in tokyo overnight
plus texas bracing for hurricane harvey the strongest hurricane to hit the u.s. in more than a decade. the e-commerce giant said to slash prices in whole foods as soon as monday investors though will focus their attention on jackson hole wyoming and the kansas city fed symposium. yellen will speak in about an hour from now while draghi will address the gathderring this afternoon. 3:00 p.m. eastern time powell is somewhere in there around 220 but the conference title is about synchronized global growth which some argue is a different, will mean jackson hole will be different this year. it seems different. they re trying to drain the drama out of it whether they suck said in that or not i don t know. it became something never intended but it finds the markets in an interesting position of being overly comfortable with what they think is going to happen here. not believing the fed is going to normalize in a rapid way thinking that the run off in september or the balance sh
as one that gets clobbered for whatever reason. on a day where we have seen some strong individual stock performances during the otherwise tranquil session, the dow gaining 64 points, nasdaq up 4.5%. still on tear there. i think it s worth addressing this fear of single stock risk. which has become kind of i have to say all the rage among the professionals. first, if you think that i scoff at single stock risk, you re wrong. it s why i endlessly say that your first $10,000 worth of savings must be invested in an index fund. okay? i want you to capture the progress of american industry in a way that s diversified, via a fund that mimics the standard & park s 500. i know some don t have the ability to make decisions about stocks but you shouldn t be denied exposure to stocks ba u.s. of the handicaps. so the index fund is a very good proxy. $10,000, you know, wealthier, you can figure out the ratio. first $10,000 for everybody, i have $1,000 index fund. at the same time thou