Secretive offshore accounts leaked

Your Daily Rundown

The Dow Jones Industrial Average rose 482.54 points, or 1.43%, to 34,326.46; the S&P 500 gained 49.5 points, or 1.15%, at 4,357.04; and the Nasdaq Composite added 118.12 points, or 0.82%, at 14,566.70.

 

Of the 11 major sectors in the S&P 500, all but healthcare stocks ended higher.

 

The sector was weighed down by a 11.4% drop in shares of COVID vaccine maker Moderna Inc in the wake of the Merck news.

 

Merck & Co Inc revealed that a recent study showed its experimental oral drug for COVID-19 cut risk of death and hospitalization by about 50%, sending its shares jumping 8.4% and boosting economic reopening sentiment.

 

Live Nation Entertainment  shares, a key re-opening play built on the group’s concert and live performance schedule, surged 5% to $95.80 each on the heels of Merck’s antiviral treatment trial. 

 

Five9 was active, rising 1.5% to $162.30 each after shareholders rejected a $14.7 billion all-stock takeover bid from Zoom Video Communications. Zoom was marked 1.5% higher at $2653.75 each.

 

House Speaker Nancy Pelosi will once again attempt to bridge the gap between progressive and moderate Democrats Friday as she moves to pass a $1 trillion infrastructure bill that has divided the party for months after failing to reach an agreement.

 

Oil prices were also active, and within touching distance of their recent three-year highs, amid demand concerns linked to the ongoing factory and manufacturing slowdown in China.

 

The 10 Year Treasury Note fell to 1.463%.

Yesterday’s Market Scorecard

NASDAQ (COMP) 14,566.70

S&P 500 (SPX) 4,357.04

+0.82%

+1.15%

Dow Jones (DJIA) 34,326.46

Russell 2000 (RUT) 2,241.63

+1.43%

+1.69%

The News Desk

 

 

 

World Leaders, Including Putin And King Abdullah, Stashed Vast Amounts Of Money In Secretive Offshore Systems

 

Dozens of current and former world leaders, billionaires, rockstars, and government officials have stashed billions of dollars in secret offshore accounts, according to an investigation conducted by the International Consortium of Investigative Journalists.

 

The trove of documents, called the Pandora Papers, is a collection of nearly 12 million financial records.

 

These records, obtained by journalists, detail the existence of over 29,000 offshore accounts.

 

Their beloved tax haven is now exposed!

 

 

 

The Coin That Could Avert A Federal Debt Default

An increasingly vocal chorus of commentators is saying that the U.S. Treasury should #MintTheCoin — issue a small platinum token, give it a face value of $1T, and deposit it at the Federal Reserve.

 

Why it matters: The gambit, if successful, would prevent the potentially catastrophic debt default that, thanks to Congressional intransigence on both sides of the aisle, is looming fast.

 

Bitcoin has nothing on this coin! 

 

 

 

 

Key Inflation Gauge Watched By The Federal Reserve Hits Another 30-Year High

Inflation ran at a fresh 30-year high in August as supply chain disruptions and extraordinarily high demand fueled ongoing price pressures, the Commerce Department reported Friday.

 

That’s the highest since May 1991 and reflective of inflationary pressures that Fed Chairman Jerome Powell said earlier this week he finds “frustrating.”

 

Time to get some gold?

Upcoming Events on the Economic Calendar

And now a brief and well-organized look at the trading week ahead:

 

Tuesday, October 5th: International Trade in Goods and Services (8:30 AM ET)

Tuesday, October 5th: ISM Services PMI(Sep) (10:00 AM ET)

Wednesday, October 6th: ADP Employment Change(Sep) (8:15 AM ET)

Wednesday, October 6th: EIA Petroleum Status Report (10:30 AM ET)

Thursday, October 7th: Jobless Claims (8:30 AM ET)

Friday, October 8th: Nonfarm Payrolls(Sep) (8:30 AM ET)

Earnings Calendar

Trading Quote of The Day

“Letting losses run is the most serious mistake made by most investors.” – William O’Neil 

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Your Daily Rundown The Dow Jones Industrial Average rose 0.92% to end at 34,314.67 points, while the S&P 500 gained 1.05% to 4,345.73. The Nasdaq

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