The 2008 transcripts were released in late-February. Most media operations published stories about the Fed’s absent-minded professors who missed the importance of failing financial institutions during 2008. This was not news.
The latest exchange on raising the minimum wage in 2014 is only one chapter in this months-long political brawl – one that will see Republicans mostly on the defensive.
Fresh ammo came Tuesday from a new Congressional Budget Office (CBO) report, which gave both advocates and opponents some statistics to crow about.
Monday, the U.S. Treasury Department sold off its remaining shares in General Motors (NYSE: GM), closing a chapter of the auto industry bailout with a cringe-worthy $10.5 billion loss of taxpayer dollars.
Refreshing was the questioning of Federal Reserve Chairman Ben S. Bernanke by Congressman Scott Garrett from New Jersey in “Shooting Stars.” We can hope his influence may spread.
This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission. In the biggest Dow Index changes in nearly a decade, Alcoa Inc. (NYSE: AA), Hewlett-Packard Co. (NYSE: HPQ), and Bank of America Corp (NYSE: BAC) are being dumped from the closely watched 30-stock index. Athletic gear maker Nike…
A splendid opportunity is in the offing, though it is premature to expect the earth to quake. As background, Hank Greenberg, former chairman of AIG, is suing the United States. The case itself is not the subject here. Starr International Company, in which Greenberg is housing his lawsuit, was the largest shareholder in AIG on September 16, 2008, the day when the U.S. government “seized control of AIG” (quoting from the September 17, 2008, Wall Street Journal).
Last week, four senators that include Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) introduced a bill to reinstate the Glass-Steagall Act.
Some in the mass media continue to be confused about the historical trajectory of the Fed’s balance sheet. People have trouble distinguishing between the liquidity facilities provided by the central bank and the various monetary expansion activities. H…
U.S. equities followed Europe’s lead and headed higher when the stock market today (Monday) opened.
Wall Street’s mood was lifted after Enrico Letta was sworn in as Italy’s prime minister, ending weeks of political gridlock in the ailing European nation. The news also propelled Italian stocks up more than 1%.
Shortly before noon, the Dow Jones Industrial Average was up 68.55 points, or 0.47%, at 14,781.10. The Standard and Poor’s 500 Index was higher by 8.59, or 0.54%, at 1,590.83. The Nasdaq climbed 26.72, or 0.81% at 3,305.98.
Another lift to the stock market today came from a report on March consumer spending. The read was 2%, much better than and 0.1% rise economists had expected and up from a 0.7% gain in February and a 0.4% advance in January.
With just two more trading sessions left in the month, U.S. stocks are set to end April with gains. That would mark the fourth consecutive positive month for equities.
But it’s about that time when the familiar spring swoon weighs on stocks in the near term.
According to data from Bespoke Investment Group, over the past 30 years, an investor who bought the S&P 500 Index every Oct. 31 and sold the following April 30 would have reaped a 898% gain. In contrast, buying every April 30 and selling every late October would have returned just 56%.
This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission. Managers of hedge funds spend most of their time evaluating stocks, so it’s usually a good idea to keep an eye on what they’re buying and selling. If nothing else, trends among fund managers can move stocks in…