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Wednesday, November 19, 2014

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Obama to announce executive action on immigration Thursday in primetime speech
Obama to announce executive action on immigration Thursday in primetime speech

President Obama, following through on his vow to sidestep Congress, will announce in a prime-time TV speech Thursday the executive actions he will tak...

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STOCKS SLIP: Here's What You Need To Know

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November 19, 2014

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Stocks finished the lower but little changed after the minutes from the latest FOMC meeting did little to move the market. Gold, meanwhile, had a wild day, falling as much as $20 an ounce in just minutes before quickly erases those losses and falling again.

First, the scoreboard:

  • Dow: 17,685.7, -2, (-0.01%)
  • S&P 500: 2,048.7, -3, (-0.1%)
  • Nasdaq: 4,675.7, -26.7, (-0.6%)

And now, the top stories on Wednesday:

1. The biggest story on Wednesday was the Fed. The minutes from the October FOMC meeting were released at 2:00 pm ET, showing that the Fed is keeping an eye on the market's inflation expectations as well as what the Fed called a "somewhat weaker" outlook in Europe, China, and Japan. The minutes also showed considerable disagreement within the Fed over how it will communicate to the market its intentions to raise interest rates. In its last policy statement, the Fed kept the phrase "considerable time" in its statement, indicating how long it expects to elapse between the end of its QE program and its first interest rate hike. Previously, many had speculated the Fed would drop this phrase from its policy statement.

2. The big mover on Wednesday was gold, which quickly fell more than 1.5% in late morning trade before bouncing all the way back and settling down about $10/ounce near $1,185. The initial tumble in gold followed headlines that said a Swiss referendum to require the country to keep at least 20% of its reserves in the precious metal had fallen out of favor with voters. The referendum is set to be put to a vote on November 30. Switzerland currently keeps about 8% of its reserves in gold. 

3. A big stock loser on Wednesday was Tesla, which fell nearly 4% after Morgan Stanley analyst Adam Jonas cut his expectations for deliveries of the company's Model X SUV to 5,000 from 15,000 from 2015, citing manufacturing difficulties due to the vehicle's door style. 

4. JetBlue announced plans to add checked bag fees and pack passengers into its planes more tightly, an announcement that was cheered by investors, as the stock gained more than 4% on Wednesday, but as Business Insider's Matt DeBord reports, is a move that takes the airline decidedly away from the things people love about JetBlue. 

5. Staples shares were big winners on Wednesday, gaining more than 9% after the office supplies retailer reported earnings and sales that beat expectations and announced plans to close 170 stores in North America, more than 140 store closures the company had earlier announced. 

6. On the economic data front, housing data in the form of housing starts and building permits came in mixed. The pace of housing starts fell 2.8% in October, worse than the 0.8% increase expected by economists, though building permits rose more than expected in October. 

7. How low are long-term interest rates? This is only the second time since 1800 that long-term US Treasury yields have been this low, with the only other period of long-term rates being pegged near these levels coming in the decades after the Great Depression and through the end of World War II. 

Don't Miss: The Fed Has No Idea How To Tell The Market It's Going To Raise Rates »

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8-Limbed 'God Baby' Draws Crowds in India (Newser Happy Hour 6-pack)

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The day's six most popular stories, in time to unwind.


8-Limbed 'God Baby' Draws Crowds in India

8-Limbed 'God Baby' Draws Crowds in India

(Newser) - A baby boy born with four arms and four legs has been nicknamed "God Boy" and drawn thousands of excited people to the city of Baruipur in eastern India. The boy's family is overjoyed because the birth defect makes him resemble a Hindu god, according to the Daily ... More  »

 
Janice Dickinson: Bill Cosby Raped Me

Janice Dickinson: Bill Cosby Raped Me

(Newser) - Former supermodel Janice Dickinson has a message for Bill Cosby: "Go f--k yourself. How dare you take advantage of me. And I hope you rot." The America's Next Top Model judge has become the third woman in the last month to accuse Cosby of sexually assaulting her.... More  »

 
Miss Honduras Found Dead

Miss Honduras Found Dead

(Newser) - Maria Jose Alvarado, the reigning Miss Honduras who went missing days before she was set to leave for London to prep for the Miss World pageant, was today found dead along with her sister, the BBC reports. Alvarado, 19, and sister Sofia Trinidad, 23, were last seen getting into a... More  »

 
Canadian Mom Gives Birth in US, Gets $1M Bill

Canadian Mom Gives Birth in US, Gets $1M Bill

(Newser) - Jennifer Huculak-Kimmel thought she'd dotted all the i's. Six months pregnant in October of 2013, she was cleared by her doctor to vacation in Hawaii with her husband, and she made sure to get Blue Cross insurance coverage before her trip. Just two days in, though, her water... More  »

 
Meteorologists Have No Term for Buffalo's Freak Storm

Meteorologists Have No Term for Buffalo's Freak Storm

(Newser) - A 46-year-old man died overnight in a car buried in snow in a Buffalo suburb, becoming the fifth casualty so far in the monster storm that dumped up to 6 feet in the region. The freak "wall of snow" has no meteorological term, according to a National Weather Service... More  »

 
Here's How Much Arsenic Is in Rice

Here's How Much Arsenic Is in Rice

(Newser) - After releasing a report in 2012 that left several questions unanswered, Consumer Reports yesterday released an updated report on levels of arsenic in different kinds of rice, as well as other grains. Available both online and in the January 2015 magazine, the report finds that the source and type of... More  »

 

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The Bank Of England Just Explained How Inflation Could Jump Higher

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Business Insider Select
 
November 19, 2014
The Bank Of England Just Explained How Inflation Could Jump Higher The Bank Of England Just Explained How Inflation Could Jump Higher

The Bank of England outlined how inflation might rise much more quickly than it expects.  Read »
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Iron Ore Was Crushed Again Overnight
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Western Space Agencies Are Tracking What Could Be A Russian Satellite Killer
Western Space Agencies Are Tracking What Could Be A Russian Satellite Killer
The US military's space defense command, or NORAD, is tracking an...  Read »
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The Fed Has No Idea How To Tell The Market It's Going To Raise Rates
The Fed Has No Idea How To Tell The Market It's Going To Raise Rates
The Federal Reserve just released the minutes from its latest monetary...  Read »
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The future of digital will soon be the present. Get ahead of the game at IGNITION, where industry pioneers will offer you an outlook on what's next in tech and media. You'll hear great speakers, network, and update your playbook. Join Business Insider at IGNITION: Future Of Digital, December 1-3 in New York City.


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Some Russians Are 'Horrified' By The Lax New Gun Legislation
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Obama Flashback: 'I've Stolen Ideas' From People Like Jonathan Gruber 'Liberally'
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During a Brookings Institution panel in April 2006, then-Sen. Barack...  Read »
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