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Q3 Current Account: -$100.6B vs. -$116.7B consensus, -$124.4B (revised from $123.1B)
November Housing Starts: 1.297M vs. 1.240M expected and 1.256M prior (revised up).
Building permits 1.298M vs. 1.270M expected and 1.316M prior (revised up).Redbook Chain Store Sales: +4.4% YoY vs. +3.3% last week.
Month-to-date chain store sales +3.6%.
Redbook expects sales to be up 4.5% for the crucial holiday month.S&P 500 dividends no longer as appealing relative to US Treasuries.
The gap between S&P dividend yield and 2y US govt bond yield almost closed for the first time since the financial crisis
Senate panel rejects Trump nominee Scott Garrett to head Ex-Im Bank
With two Republicans breaking ranks, the Senate Banking Committee Tuesday morning rejected President Trump’s nominee to head the Export-Import Bank, amid fears that former Rep. Scott Garrett did not support the mission of the agency designed to aid U.S. exporters seeking financing.
The panel voted 13-10 not to support Mr. Garrett, a New Jersey Republican who served seven terms in the House before retiring in 2017.
Conservatives have long targeted the Ex-Im Bank, saying it amounts to corporate welfare for large corporations such as Boeing. The agency provides guarantees for U.S.-based companies seek to finance export deals where conventional private-sector funding is not available.
Mr. Garrett’s nomination was already considered to be in trouble when Sen. Mike Rounds, a South Dakota Republican who serves on the banking committee, announced last week he would vote against Mr. Trump’s nominee.
https://www.washingtontimes.com/news/2017/dec/19/senate-panel-rejects-trump-nominee-scott-garrett-h/
[color=teal][size=5][b]TAX BILL passes in HOUSE .. possible vote in SENATE tonight or tomorrow … and signature by POTUS to occur a day or two later to tidy up as needed .. indeed a great Christmas present … and it can “pay for itself” as follows
1. velocity & recirculation principals of money grows jobs & GDP & trickles in more taxes
2. re-patriotism of overseas money (8% to do that)
3, more jobs will be created & economy will move to 4% GDP 8)[/b][/size][/color]Prayers & deepest sympathy for those impacted by SEATTLE Amtrak disaster …. I do hope INFRASTRUCTURE is next on list
ya’ll got any of those NAFTA agreements because Canada is going to be hurting country in the medium/long term
What is Canada exporting?
automobiles, oil, coal, etca long list of things America doesn’t need or the world doesn’t want from Canada
At the close
Dow -0.14% to 24,756.64. S&P -0.32% to 2,681.78. Nasdaq -0.44% to 6,963.93.
Treasurys: 30-year -0.94%. 10-yr -0.38%. 5-yr -0.18%.
Commodities: Crude +0.63% to $57.58. Gold -0.02% to $1,265.20.
Currencies: Euro +0.52% vs. dollar. Yen +0.27%. Pound -0.03%.On Friday, December 15, 2017, Washington Federal Bank For Savings, Chicago, IL was closed by the Office of the Comptroller of the Currency. The FDIC was appointed Receiver. All non-brokered insured deposits have been transferred to Royal Savings Bank, Chicago, IL.
US old Tax Rate 34.6%
US new Tax Rate 18.8%Tax Rate in: Mexico 19.7%
Mexico Is Experiencing the Highest Job Growth in Its Modern HistoryTax Rate in: Canada 21.2%
Canada’s jobless rate hits lowest since 2008 as hiring spikes[size=5][b]TINY BIT of “SELL on the GOOD NEWS” type close 🙂
[color=red]Dow Jones 24,726.65 -28.10 (-0.11%)
S&P 500 2,679.25 -2.22 (-0.08%)
Nasdaq 6,960.96 -2.89 (-0.04%[/color])[/b][/size]Thankful for passage of TAX reform act of 2018 🙂 … #45 will seal the deal soon 8) … it’s definitely not perfect & while I would have structured differently, But, I can’t see where getting a few thousand $$$ back each year of MY OWN MONEY is a bad thing? — as is being mischaracterized in fake news reports. I believe it will be good for America as the economic engine is beginning to purr again 🙂 I think some IRS jobs will be reduced over time with almost a post card submission each year
Initial Jobless Claims +20K to 245K vs. 234K consensus, 225K prior (unrevised).
Continuous Claims:+43K at 1.932M vs. 1.889M.GDP Q3: +3.2% vs. +3.3% consensus and +3.3% prior estimate.
Q3 Corporate Profits: +4.3% Q/Q, 0.7% prior.
November Philly Fed Business Outlook: +26.2 vs. +21.0 expected, 22.7 prior.
Nov. Chicago Fed National Activity Index: +0.15 vs. +0.20 expected and +0.76 (revised) prior.
Oct. FHFA Housing Price Index: +0.5% M/M , +0.4% consensus, +0.3% previous.
+6.6% Y/Y vs. +6.3% previous.Nov. Leading Indicators: +0.4% to 130.9 vs. +0.3% consensus, +1.2% prior (revised).
Coincident Economic Index +0.3% to 116.5.
Lagging Economic Index +0.1% to 125.6.
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