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US Stocks tilt lower into the close. Rebound higher fizzles.

  
Analysis, US Market

Dow and S&P down for the 3rd straight day.  For the S&P it is the first 3 day losing streak in 2019.

The US stocks opened lower, moved lower, but recovered midday. The rally could not be sustained, however, and the major indices drifted into the close.

THe month is done though and the major indices ending with decent gains.
For the day, the final numbers are showing:
  • S&P index fell -7.89 points or -0.28% at 2784.49. The high reached 2793.73, while the low extended to 2782.51
  • The NASDAQ fell -21.978 points or -0.29% at 7532.53. The high reached 7561.89, while the low extended to 7516.48
  • The Dow fell -69.16 points or -0.27% to 25916.00. The high extended to 26029.21, while the low reached 25896.56
For the month, the final changes are showing:
  • S&P index rose 2.97%
  • NASDAQ index rose 3.44%
  • Dow industrial average rose 3.67%
For the YTD, the gains are even more impressive with the:
  • S&P index up 11.08%
  • Nasdaq up 13.52%
  • Dow industrial average up 11.10%
Canada’s S&P TSX composite index closed month up 3.04% and is up 11.7% in 2019 so far.

Ben Bernanke bails out Time Magazine

  
Analysis, Economy, Education, LINKS, US Market
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timemagazinegreenspan

WASHINGTON – After naming Ben Bernanke Person of the Year for saving us from the crisis that he helped create, Time magazine sales have “dropped off a cliff,” according to one Time magazine employee, speaking on condition of anonymity.

As a result of the drop-off in demand, Time magazine is now going through a liquidity crisis. Because of this situation, Ben Bernanke has decided to provide Time magazine with the necessary liquidity to stave off bankruptcy. The Fed has added millions of editions of Time to its balance sheet.

“From what we can tell, these Time magazines – especially the edition with Greenspan on the cover – have more intrinsic value than do Treasuries. There is actually stuff to read in them. So our balance sheet isn’t impaired in any way by paying cover-price for these issues,” said Fed Chairman Bernanke. “We also felt it would be best for the economy to take these editions out of circulation, and we are asking the American people to sell their Greenspan editions to the FOMC.”

The preliminary numbers are showing that the Fed, through Open Market Operations, has monetized at least 500,000 copies of the edition with Greenspan on the cover – the last time a Fed Chairman appeared on the cover of the prestigious magazine.

“If necessary, the Fed has the tools it needs to remove any excess liquidity from the markets,” said Bernanke. “We could start by selling off the Jim Bunning baseball cards that we have on our balance sheet.”

John Bogle, founder of Vanguard, has died

  
Analysis, Education, US Market
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Bogle founded Vanguard in 1975 and revolutionised low cost fund management, he has been called the father of the index fund.

  • Dow Jones reporting Mr. Bogle has passed away
  • Bogle was 89
  • Vanguard has more than 5tln USD under management
Warren Buffet remarked on Bogle :
  • says he is the person who has done the most for American investors
  • he helped millions of investors realize far better returns on their savings than they otherwise would have earned
Bogle had a heart transplant back in 1996
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