Saturday, July 02, 2016

Today's Headlines

  • Closed Shorts, Good Defense Carry S&P 500 to Best Week Since ’15. Every precaution taken against disaster by U.S. investors in 2016 was on display in the stock market this week. Short sales that earlier reached the highest level since the financial crisis were covered, while bearish options bets were closed. Meanwhile defensive industries such as consumer staples and utilities powered the S&P 500 Index to its best week in seven months. When it was over, the two-day trauma that followed U.K. voters’ decision to secede from the European Union was all but erased. The S&P 500 surged 3.2 percent to 2,102.95, including three consecutive daily gains of more than one percent, something that’s happened only two other times since October 2011. At Friday’s close, the index was less than half a percent from its level before the U.K. referendum.
  • 20 Hostages Killed, 13 Saved in Bangladesh Restaurant Attack. The hostages were given a test: recite verses from the Quran, or be punished, according to a witness. Those who passed were allowed to eat. Those who failed were tortured and slain. The dramatic, 10-hour hostage crisis that gripped Bangladesh's diplomatic zone ended Saturday morning with at least 28 dead, including six of the attackers, as commandos raided the popular restaurant where heavily armed attackers were holding dozens of foreigners and Bangladeshis prisoner while hurling bombs and engaging in a gunbattle with security forces. The victims included 20 hostages, mostly foreigners, and two Bangladeshi police officers.
  • Australia Sinks Into Limbo as Voters Erase Turnbull Majority. Australia’s Prime Minister Malcolm Turnbull said he was confident of forming a majority government, even as a national election failed to deliver a clear winner and counting won’t be completed until later this week. “This is a time where we must come together,” Turnbull told cheering supporters in central Sydney early Sunday, as the outcome hung on a handful of marginal seats. “We can succeed, because without that, my friends, there is a road to debt, to deficit, higher taxes and stagnation.”
  • Clinton Says Knows of No Timeline to Wrap Up FBI E-Mail Inquiry.
  • Had bullish commentary on (GS), (MS), (C) and (LUV).
Zero Hedge:
Business Insider:
Financial Times:

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