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Aug 21, 2015

U.S. oil prices traded below $40 a barrel for the first time since the 2009 financial crisis: DealBook P.M. Edition - August 21, 2015:

  Friday, August 21, 2015
A sign outside a Tokyo stock brokerage firm on Friday. Asian markets continued a sell-off that reverberated on Wall Street on Thursday.
The Global Market Sell-Off Continues The downturn threatens to end one of the longest bull runs in the history of the United States stock market.
Mike Pistillo, a specialist trader, at his post on the floor of the New York Stock Exchange on Friday.
The Upshot: This Week's Market Sell-Off May Not Be Such a Bad Thing A remarkable run-up in stock prices probably needed a breather at a time when a range of markets had been starting to look a little bubbly.
Oil prices dropped below $40 for the first time since 2009.

Stocks plunge on global-growth fears; Dow enters correction: Wall Street at Close Report on August 21, 2015.

Stocks plunge on global-growth fears; Dow enters correction

William Watts, Anora Mahmudova
U.S. stocks plunged Friday, capping a week of carnage that sent the Dow Jones Industrial Average into correction territory as fears about China’s economy and global growth spurred heavy selling.
The main indexes posted massive one-day selloffs and their biggest weekly declines in nearly four years.
“Today’s markets are driven by fear, with a lot of momentum shares seeing a retracement,” said Myles Clouston, senior director at Nasdaq Advisory Services.
The Dow Jones Industrial Average DJIA, -3.12%  plummeted 530.94 points, or 3.1%, to close at 16,459.75, leaving the blue-chip index down more than 10% from its record close in May, meeting the widely used definition of a correction. The index dropped 5.8% on a weekly basis, the steepest decline since September 2011.

European Stocks Post Worst Week in 4 years, Slide Into Correction Territory: European Markets at Close Report on August 21, 2015.

European stocks post worst week in 4 years, slide into correction territory

Carla Mozee, Victor Reklaitis
Getty Images
Alexis Tsipras has resigned as prime minister.
European stocks fell into correction territory Friday, enduring their worst week of the year as downbeat Chinese data and Greek uncertainty weighed.
The Stoxx Europe 600 SXXP, -3.26%  fell 3.3% to close at 361.28. The pan-European index is down 12.7% from its all-time high of 414.06, hit on April 15. A loss of 10% or more from a recent high is often labeled as a correction.

Regional and State Employment and Unemployment (Monthly) News Release: Bureau of Labor Statistics Press Release - August 21, 2015.

Bureau of Labor Statistics
The latest Regional and State Employment and Unemployment (Monthly) news release has been posted on the BLS website at and also archived at Highlights are below.

July jobless rates down in 24 states, up in 14; payroll jobs up in 34 states, down in 16

In July, 24 states and the District of Columbia had over-the-month unemployment rate decreases, 14 states had increases, and 12 states had no change. Nonfarm payroll employment increased in 34 states and decreased in 16 states and the District.

Why I Want More Thorough Fed Audits - Selected Article From Bloomberg View - August 21, 2015.

Why I Want More Thorough Fed Audits

Rand Paul
The U.S. Federal Reserve has grown massively in recent years. Since the 2008 financial crisis, it has increased its balance sheet from less than $1 trillion to an incredible $4.4 trillion. Given this sharp increase in the Fed's risk, it's reasonable that the Fed should be audited more thoroughly than in the past.
My bill to audit the Fed is just three pages long, and simply says that the Government Accountability Office should conduct a full audit. It has 32 co-sponsors in the Senate and 142 in the House.

DealBook Today's Top Headlines - August 21, 12015: Investors Get Fitness Fever | Valeant Buys Maker of 'Female Viagra' Drug | Fresh Greek Elections | The Global Sell-Off.

Friday, August 21, 2015
INVESTORS GET FITNESS FEVER The self-help therapy pedaling session held in dim lighting to the sound of a primal dance beat has developed a cultlike following. Now the craze has spread from Victoria's Secret models and hedge fund wives to Wall Street financiers, who want to ride to big bucks on the back of SoulCycle's initial public offering, Julie Creswell reports in DealBook.

SoulCycle started out as a single studio in Manhattan in 2006. Now it operates 41 locations nationwide. It is fueled by wealthy investors, including the billionaire real estate mogul Stephen M. Ross, who owns the health club chain Equinox, which acquired a majority stake in SoulCycle in 2011.

Rivals Can No Longer Ignore Donald Trump's Long Shadow: NYT First Draft on Politics - August 21, 2015:

8/21/2015 »
First Draft

Rivals Can No Longer Ignore Donald Trump’s Long Shadow

Potential supporters lined up outside a town-hall-style meeting with Donald J. Trump in Derry, N.H., on Wednesday. Ian Thomas Jansen-Lonnquist for The New York Times
By Maggie Haberman
Good Friday morning. Even on vacation, President Obama seeks to reassure on-the-fence supporters of the Iran nuclear deal that he will take a hard line in enforcing it. And as Donald J. Trump continues to drive both the polls and the news cycles, the ripples extend to his rivals’ camps as they can no longer base their response on simply waiting for him to go away.

The Guardian Media Briefing - August 21, 2015.

Media briefing
Friday 21 Aug 2015
Top stories on MediaGuardian More »

UK’s best-selling newspaper remains some way behind its rival the Mirror online, as the Telegraph, Mail Online and make gains
UK data protection watchdog orders search engine to remove search result links to news stories about right to be forgotten link removals
Company had trumpeted family-friendly credentials but benefit goes only to internet video streaming division, not workers in DVD-by-mail business

Stocks eye a reprieve despite ‘mortal blow’ from Chinese data: U.S. Stocks Market Future Indications - August 21, 2015.

Stocks eye a reprieve despite ‘mortal blow’ from Chinese data

Barbara Kollmeyer
U.S. stock futures struggled for direction on Friday, with downbeat data out of China set to complicate the markets’ efforts to come back from the worst losses of the year so far.
“As the bulls lay bleeding out at the bottom of yesterday’s session, overnight, China has delivered the mortal blow,” said Jonathan Sudaria, night dealer at London Capital Group, in a note.

China woes spark selloff in Asian markets: Asian Markets at Close Report on August 21, 2015.

China woes spark selloff in Asian markets

Chao Deng
China’s stock market brushed a new low since the depth of the summer selloff that wiped out roughly a third of its value, despite massive intervention from Beijing.
The Shanghai Composite Index SHCOMP, -4.27%  closed down 4.3% at 3,507.74, just a whisker above its July 8 low, breached earlier Friday.