Saturday, February 11, 2017

Today's Headlines

  • U.S. Stocks Gain for Third Week as Policy Promises Whip Up Bulls. U.S. equities rallied to records for a third straight week of gains as a gauge of investor sentiment on U.S. stocks climbed to levels unseen in more than two years and investors assessed promises from President Donald Trump for tax cuts and fiscal spending. Economic data also continued to paint a largely positive picture of the U.S. economy, after yesterday’s unexpectedly low number of Americans filing for jobless claims and as corporations added to one of the best sets of earnings since the financial crisis. The S&P 500 Index added 0.8 percent this week to a record 2,316, bringing the three-week advance to 2 percent, as industrial and consumer discretionary shares led the market. The Dow Jones Industrial Average jumped 1 percent to 20.269. The Nasdaq Composite and Russell 2000 also made new highs. 
  • Fischer Says Fed Focused on Goals Amid Trump Policy Uncertainty. Federal Reserve Vice Chairman Stanley Fischer defended post-crisis U.S. banking reforms that Donald Trump’s administration wants to undo and said the central bank is focused on its dual mandate for inflation and jobs amid “significant uncertainty” on fiscal policy. “I don’t think anyone quite knows what’s going to come out of the process which involves both the administration and Congress in the deciding of fiscal policy and a variety of other things.,”’ Fischer said in response to audience questions at a conference Saturday in Coventry, England. “At the moment we are going strictly according to what we see as our responsibility according to law.”
  • Had bullish commentary on (M), (ABT), (C) and (IGT).
Zero Hedge:
  • Russia's Novak Sees Chance to Extend Oil Cuts With OPEC. Russia will decide in April or May whether to prolong the deal with OPEC, Energy Minister Alexander Novak tells reporters in Russia's Black Sea resort of Sochi, RIA Novosti state news service reports.

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