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European
stocks closed slightly higher Wednesday ahead of the latest monetary
policy decision from the U.S. Federal Reserve and better-than-expected
U.K. economic data.
The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today: Real gross domestic product (GDP) increased in 37 states and the District of Columbia in the first quarter of 2016, according to statistics on the geographic breakout of GDP released today by the Bureau of Economic Analysis.
The crowd watching a video about Hillary Clinton on Tuesday, Day 2 of the Democratic National Convention in Philadelphia.Damon Winter/The New York Times
Japan’s
bigger-than-expected stimulus package failed to lift shares in Asia
beyond its home market Wednesday, as China warned against speculative
trade.
The Securities and Exchange Commission today announced that State Street Bank and Trust Company has agreed to pay $382.4 million in a global settlement for misleading mutual funds and other custody clients by applying hidden markups to foreign currency exchange trades.
Sales of new single-family houses in June 2016 were 592,000 at a seasonally adjusted annual rate (SAAR), up 3.5 percent from May’s revised rate and up 25.4 percent from June 2015.
U.S. stocks opened mixed Tuesday amid a slew of Dow component earnings and further declines in oil prices.
The yen strengthened against the dollar ahead of the Bank of Japan's
scheduled meeting later in the week, while Treasury yields were lower.
The U.S. Federal Reserve is set to begin its two-day meeting Tuesday.
Six components of the Dow Jones industrial average reported quarterly
earnings ahead of the open. Apple is scheduled to report after the
close.
"It looks like the rebound is beginning to occur in
earnings," said David Kelly, chief global strategist at J.P. Morgan
Funds.
3M
posted earnings that beat by one cent a share, on revenue a touch below
estimates. The firm lowered its guidance for 2016 sales growth.
Caterpillar reported earnings that beat on both the top and bottom line.
DuPont posted earnings that beat on both the top and bottom line, and raised its full-year forecast.
McDonald's
fell more than 3 percent in pre-market trade after reporting a
lower-than-expected rise in U.S. same-store sales. Quarterly earnings
also missed expectations.
United Technologies raised full-year guidance and posted quarterly earnings that beat on both the top and bottom line.
Verizon
reported quarterly earnings that topped expectations on revenue that
missed. The telecommunications giant said a seven-week workers' strike
hurt results.
The Federal Open Market Committee is set to
begin its two-day meeting Tuesday. Traders do not expect the Fed to
raise interest rates, but will watch the statement for indications on
the timing of the next hike.
"On the Federal Reserve, I
can't come up for any rationale for them to not to raise rates except
that no one expects them to," Kelly said.
"I do think September is a live meeting. I think they'll try to establish that," he said.
U.S.
stock futures struggled for direction on Tuesday, with investors opting
for the sidelines ahead of the closely watched Federal Reserve meeting
and a deluge of earnings, including updates from McDonald’s, Verizon and
Apple.
Tokyo
shares fell sharply on concerns the Bank of Japan won’t deliver on
sky-high easing expectations, on an otherwise positive trading day for
the region.
The
first day for the Democrats in Philadelphia couldn't have gone better
-- from the podium. In the convention hall? That was a little more
complicated.
Starting Tomorrow, July 26, 2016 Until the end of the current week; our news will be delivered at least once a day if not twice, with the summary, in our opinion, of the most relevant news of the day.
As receiver for a failed financial institution, the FDIC may sue professionals who caused losses to the institution in order to maximize recoveries. These individuals can include officers and directors, attorneys, accountants, appraisers, brokers, or others. Professional liability claims also include direct claims against insurance carriers such as fidelity bond carriers and title insurance companies.
Here it is in full:
Good evening.
How great it is to be with you tonight.
Let
me begin by thanking the hundreds of thousands of Americans who
actively participated in our campaign as volunteers. Let me thank the 2
1/2 million Americans who helped fund our campaign with an unprecedented
8 million individual campaign contributions – averaging $27 a piece.
Let me thank the 13 million Americans who voted for the political
revolution, giving us the 1,846 pledged delegates here tonight – 46
percent of the total. And delegates: Thank you for being here, and for
all the work you’ve done. I look forward to your votes during the roll
call on Tuesday night.
And let me offer a special thanks to the
people of my own state of Vermont who have sustained me and supported me
as a mayor, congressman, senator and presidential candidate. And to my
family – my wife Jane, four kids and seven grandchildren –thank you very
much for your love and hard work on this campaign.
I understand
that many people here in this convention hall and around the country are
disappointed about the final results of the nominating process. I think
it’s fair to say that no one is more disappointed than I am. But to all
of our supporters – here and around the country – I hope you take
enormous pride in the historical accomplishments we have achieved.
Together,
my friends, we have begun a political revolution to transform America
and that revolution – our revolution – continues. Election days come and
go. But the struggle of the people to create a government which
represents all of us and not just the 1 percent – a government based on
the principles of economic, social, racial and environmental justice –
that struggle continues. And I look forward to being part of that
struggle with you.
Let me be as clear as I can be. This election is not about, and has never been about, Hillary Clinton,
or Donald Trump, or Bernie Sanders or any of the other candidates who
sought the presidency. This election is not about political gossip. It’s
not about polls. It’s not about campaign strategy. It’s not about
fundraising. It’s not about all the things the media spends so much time
discussing.
This election is about – and must be about – the
needs of the American people and the kind of future we create for our
children and grandchildren.
This election is about ending the
40-year decline of our middle class the reality that 47 million men,
women and children live in poverty. It is about understanding that if we
do not transform our economy, our younger generation will likely have a
lower standard of living then their parents.
This election is
about ending the grotesque level of income and wealth inequality that we
currently experience, the worst it has been since 1928. It is not
moral, not acceptable and not sustainable that the top one-tenth of one
percent now own almost as much wealth as the bottom 90 percent, or that
the top 1 percent in recent years has earned 85 percent of all new
income. That is unacceptable. That must change.
This election is
about remembering where we were 7 1/2 years ago when President Obama
came into office after eight years of Republican trickle-down economics.
The
Republicans want us to forget that as a result of the greed,
recklessness and illegal behavior on Wall Street, our economy was in the
worst economic downturn since the Great Depression. Some 800,000 people
a month were losing their jobs. We were running up a record-breaking
deficit of $1.4 trillion and the world’s financial system was on the
verge of collapse.
We have come a long way in the last 7 1/2
years, and I thank President Obama and Vice President Biden for their
leadership in pulling us out of that terrible recession. Yes, we have made progress, but I think we can all agree that much, much more needs to be done.
This
election is about which candidate understands the real problems facing
this country and has offered real solutions – not just bombast,
fear-mongering, name-calling and divisiveness.
We need leadership
in this country which will improve the lives of working families, the
children, the elderly, the sick and the poor. We need leadership which
brings our people together and makes us stronger – not leadership which
insults Latinos, Muslims, women, African-Americans and veterans – and
divides us up.
By these measures, any objective observer will conclude that – based on her ideas and her leadership – Hillary Clinton must become the next president of the United States. The choice is not even close.
This
election is about a single mom I saw in Nevada who, with tears in her
eyes, told me that she was scared to death about the future because she
and her young daughter were not making it on the $10.45 an hour she was
earning. This election is about that woman and the millions of other
workers in this country who are struggling to survive on totally
inadequate wages.
Hillary Clinton understands that if someone in
America works 40 hours a week, that person should not be living in
poverty. She understands that we must raise the minimum wage to a living
wage. And she is determined to create millions of new jobs by
rebuilding our crumbling infrastructure – our roads, bridges, water
systems and wastewater plants.
But her opponent – Donald Trump –
well, he has a very different view. He does not support raising the
federal minimum wage of $7.25 an hour – a starvation wage. While Donald
Trump believes in huge tax breaks for billionaires, he believes that
states should actually have the right to lower the minimum wage below
$7.25. What an outrage!
This election is about overturning
Citizens United, one of the worst Supreme Court decisions in the history
of our country. That decision allows the wealthiest people in America,
like the billionaire Koch brothers, to spend hundreds of millions of
dollars buying elections and, in the process, undermine American
democracy.
Hillary Clinton will nominate justices to the Supreme
Court who are prepared to overturn Citizens United and end the movement
toward oligarchy in this country. Her Supreme Court appointments will
also defend a woman’s right to choose, workers’ rights, the rights of
the LGBT community, the needs of minorities and immigrants and the
government’s ability to protect the environment.
If you don’t
believe this election is important, if you think you can sit it out,
take a moment to think about the Supreme Court justices that Donald
Trump would nominate and what that would mean to civil liberties, equal
rights and the future of our country.
This election is about the
thousands of young people I have met who have left college deeply in
debt, and the many others who cannot afford to go to college. During the
primary campaign, Secretary Clinton and I both focused on this issue
but with different approaches. Recently, however, we have come together
on a proposal that will revolutionize higher education in America. It
will guarantee that the children of any family this country with an
annual income of $125,000 a year or less – 83 percent of our population –
will be able to go to a public college or university tuition free. That
proposal also substantially reduces student debt.
This election
is about climate change, the greatest environmental crisis facing our
planet, and the need to leave this world in a way that is healthy and
habitable for our kids and future generations. Hillary Clinton is
listening to the scientists who tell us that – unless we act boldly and
transform our energy system in the very near future – there will be more
drought, more floods, more acidification of the oceans, more rising sea
levels. She understands that when we do that we can create hundreds of
thousands of good-paying jobs.
Donald Trump? Well, like most
Republicans, he chooses to reject science. He believes that climate
change is a “hoax,” no need to address it. Hillary Clinton understands
that a president’s job is to worry about future generations, not the
short-term profits of the fossil fuel industry.
This campaign is
about moving the United States toward universal health care and reducing
the number of people who are uninsured or under-insured. Hillary
Clinton wants to see that all Americans have the right to choose a
public option in their health care exchange. She believes that anyone 55
years or older should be able to opt in to Medicare and she wants to
see millions more Americans gain access to primary health care, dental
care, mental health counseling and low-cost prescription drugs through a
major expansion of community health centers.
And What is Donald
Trump’s position on health care? No surprise there. Same old, same old
Republican contempt for working families. He wants to abolish the
Affordable Care Act, throw 20 million people off of the health insurance
they currently have and cut Medicaid for lower-income Americans.
Hillary
Clinton also understands that millions of seniors, disabled vets and
others are struggling with the outrageously high cost of prescription
drugs and the fact that Americans pay the highest prices in the world
for their medicine. She knows that Medicare must negotiate drug prices
with the pharmaceutical industry and that drug companies should not be
making billions in profits while one in five Americans are unable to
afford the medicine they need. The greed of the drug companies must end.
This
election is about the leadership we need to pass comprehensive
immigration reform and repair a broken criminal justice system. It’s
about making sure that young people in this country are in good schools
and at good jobs, not in jail cells. Hillary Clinton understands that we
have to invest in education and jobs for our young people, not more
jails or incarceration.
In these stressful times for our country,
this election must be about bringing our people together, not dividing
us up. While Donald Trump is busy insulting one group after another,
Hillary Clinton understands that our diversity is one of our greatest
strengths. Yes. We become stronger when black and white, Latino,
Asian-American, Native American – all of us – stand together. Yes. We
become stronger when men and women, young and old, gay and straight,
native born and immigrant fight to create the kind of country we all
know we can become.
It is no secret that Hillary Clinton and I
disagree on a number of issues. That’s what this campaign has been
about. That’s what democracy is about. But I am happy to tell you that
at the Democratic Platform Committee there was a significant coming
together between the two campaigns and we produced, by far, the most
progressive platform in the history of the Democratic Party. Among many
other strong provisions, the Democratic Party now calls for breaking up
the major financial institutions on Wall Street and the passage of a
21st Century Glass-Steagall Act. It also calls for strong opposition to
job-killing free trade agreements like the Trans-Pacific Partnership.
Our
job now is to see that platform implemented by a Democratic Senate, a
Democratic House and a Hillary Clinton presidency – and I am going to do
everything I can to make that happen.
I have known Hillary
Clinton for 25 years. I remember her as a great first lady who broke
precedent in terms of the role that a first lady was supposed to play as
she helped lead the fight for universal health care. I served with her
in the United States Senate and know her as a fierce advocate for the
rights of children.
Hillary Clinton will make an outstanding president and I am proud to stand with her here tonight.