The federal government collected record total tax revenues of $252,692,000,000 in October, the first month of fiscal 2019, according to the Monthly Treasury Statement released Tuesday. Despite the record tax collections, the government still ran a deficit of $100,491,000,000 for the month—because it spent $353,183,000,000. This October’s record $252,692,000,000 in total tax collections was $11,414,590,000 […]
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Did ‘Chairwoman’ Maxine Waters’ Warning Cause Stock Sell-Off
Neil Cavuto and his financial panel on Wednesday discussed whether a curt warning from incoming House Financial Services Committee Chairwoman Maxine Waters caused the New York Stock Exchange to start a selloff. The NYSE index finished the trading day down about 206 points — or 8/10 of a percentage point. The Dow Jones Industrial Average […]
Visualizing China’s Belt and Road Investment Map…
The fifth anniversary of China’s Belt and Road Initiative (BRI) was recently marked in Beijing. This 900 billion U.S. dollar transcontinental development project was launched in the autumn of 2013 when president Xi Jinping proposed the building of the Silk Road Economic Belt and the 21st Century Maritime Silk Road – the two main segments […]
Apple, Goldman Sachs Push Dow Down 600 Points…
The Dow Jones Industrial Average slid 602 points or 2.3 percent in a volatile and light trading session due to the Veterans Day holiday. The Nasdaq Composite fell over 206 points or nearly 3 percent, while the S&P 500 lost 54.79 points or nearly 2 percent. Ten of the sectors in the S&P 500 fell […]
SWIFT Cuts Off Iran Central Bank as Tehran Sells 700,000 Barrels to Anonymous Direct Buyers…
As reported last week, shortly after SWIFT caved to US pressure and defied the EU announcing it would cut off a selection of Iranian banks, on Monday, the US Treasury said the Iranian Central Bank has been officially cut off the SWIFT financial messaging system. The disconnection, which comes at a time when Iran’s economy […]
Dow Finishes Nearly 550 Points Higher As Stocks Soar After Midterms…
U.S. stocks ended sharply higher Wednesday, following closely watched midterm elections that saw Democrats take control of the House, delivering a divided Congress, and news that Attorney General Jeff Sessions was resigning at the request of the president…
October Payrolls Surge Adding 250,000 Jobs…
U.S. employers added a better-than-expected 250,000 jobs in October, soaring past expectations for an increase of 190,000 jobs in the last jobs report before the midterm elections and on the heels of an incredibly volatile month for the stock markets. The unemployment rate remained at 3.7 percent, the lowest rate in nearly 50 years, while […]
Energy Department Says U.S. Is Now World’s Top Oil Producer…
The United States is pumping record amounts of oil, vaulting over Russia to become the world’s biggest producer of crude. The Energy Information Administration said Thursday that the U.S. produced more than 11.3 million barrels a day in August, a 4 percent increase over the old record set in July. Russia’s energy ministry estimates that […]
Related
Wall Street Showing Lots of Love to Democrats…
There’s still a week to go before the midterm elections, but Wall Street has already voted — with its campaign contributions. The securities and finance industry has backed Democratic congressional candidates 63 percent to 37 percent, according to data compiled by the Center for Responsive Politics. Democratic candidates and political action committees have received $56.8 […]
Rescuing the Banks Instead of the Economy…
You can’t bail out the banks, leave the debts in place, and rescue the economy. It’s a zero-sum game. Somebody has to lose. That’s what happened in 2009 when President Obama came in. He invited the bankers to the White House and he said, “I’m the only guy standing between you and the mob with […]
The Trump Curveball: This Is What China Didn’t Expect…
A long-planned meeting between President Donald Trump and Chinese ruler Xi Jinping, scheduled for the sidelines of the G20 meeting at the end of next month in Buenos Aires, looks like it might not occur. And even if the get-together takes place, it does not appear it will be productive. There may even be no […]
Trump to Impose Oil Sanctions on Iran…
On Wednesday, President Trump decided to re-impose oil sanctions on the Islamic Republic of Iran saying that there is enough oil on the market to support global demand without Iran’s contribution. According to Trump, “there is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in […]
Chinese Economy Slowing Faster Than Expected, Worst Yet to Come…
China’s economy appears to be slowing faster than expected at the start of the fourth quarter, a bad omen for growth early next year when the full force of the trade war with the United States comes to bear. This situation is likely to spur Beijing to introduce new measures to support growth, analysts said. […]
The Dow Rallies 240 Points…
There are five types of stock-market bounces out there, according to Charlie Bilello of Pension Partners. If you can tell the good ones from the bad, well, you’re probably too busy counting profits to read this story. But if you can’t — and, be real, you probably can’t — this guide might help. First off, […]
Consumer Confidence Grows…Highest Level in 18 Years…
First the wonky stuff. The Conference Board Consumer Confidence Index (CBCCI) has jumped again for October and now measures the highest current sentiment among consumers since 2000. The CCI now stands at 137.9 (1985=100), up from 135.3 in September. Additionally, the future outlook of consumers, known as the “Expectations Index” (consumers’ short-term outlook for income, […]
ADP Employment Jumps Most in 8 Months, Small Business Struggles…
Following September’s big disappointment in BLS data (95k below ADP’s print), October saw no relenting in ADP’s exuberance with a better than expected +227k (vs +187k exp). September’s +229k spike was revised down to +218k making October’s +227k print the best since February…
U.S. Reportedly Planning Tariffs on Remainin $257B in Chinese Goods If Trump-Xi Talks Fail…
The United States is preparing new tariffs against all remaining Chinese imports if trade talks between Presidents Donald Trump and Xi Jinping fail to reconcile the ongoing trade dispute, according to Bloomberg News. An announcement of a new round of taxes against goods from China could occur as early as December and target the rest […]
Insurers Under Scrutiny in Puerto Rico with 13,600 Hurricane Maria Claims Still Open…
Thousands of Puerto Ricans have been forced to drain their savings, close their businesses, or resign themselves to living with structural damage as they fight insurance companies over millions of dollars’ worth of claims that have gone unanswered or unpaid more than a year after Hurricane Maria. Experts say the Category 4 storm caught insurance […]
How China’s Economic Rise Killed Off 3.4 Million U.S. Jobs…
Scything through heartland America, the human toll has been immense. More than 3.4 million jobs in the United States have been lost since China joined the World Trade Organisation 17 years ago. At least 1.3 million jobs have disappeared in the past decade, fueling the trade war between Beijing and Washington and adding US$100 billion […]
Trump: Puerto Rico’s ‘inept politicians’ Using Hurricane Relief to Pay Off Debts…
President Trump blasted the Puerto Rican government on Tuesday, claiming that its politicians were using hurricane relief funds to pay off the U.S. territory’s debts. “The people of Puerto Rico are wonderful but the inept politicians are trying to use the massive and ridiculously high amounts of hurricane/disaster funding to pay off other obligations. The […]
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