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Wednesday, January 21, 2015

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Legendary A-10 'Warthog' sends ISIS fleeing even as it faces Pentagon cuts
Legendary A-10 'Warthog' sends ISIS fleeing even as it faces Pentagon cuts

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STOCKS RISE AHEAD OF THE ECB: Here's What You Need To Know

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January 21, 2015

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Stocks on Wall Street rose on Wednesday ahead of Thursday's big European Central Bank meeting, at which the ECB is expected to announce a quantitative easing program to fight deflation and faltering economic growth in the eurozone. 

First, the scoreboard:

  • Dow: 17,554.3, +39, (+0.2%)
  • S&P 500: 2,032.1, +9.6, (+0.5%)
  • Nasdaq: 4,667.4, +12.5, (+0.3%)

And now, the top stories on Wednesday:

1. The biggest story on Wednesday came from Canada, where the Bank of Canada unexpectedly slashed the main overnight interest rate to 0.75% from 1%, a move that sent Canadian stocks higher and the Canadian dollar weaker. In a statement, the Bank of Canada said the move to cut rates followed the decline in the price of oil, which the BoC said will be negative for growth and underlying inflation in Canada.

2. The surprising move from Canada comes ahead of Thursday's highly anticipated European Central Bank meeting, at which the ECB is expected to announce a quantitative easing program. Reports in The Wall Street Journal and Bloomberg on Wednesday said the program will likely involve the ECB buying €50 billion worth of bonds monthly for at least one year.

3. There was also news on Wednesday out of Russia's central bank, with Russian newspaper Izvestia reporting that the central bank will look to cut interest rates from their current level of 17% after the sharp increase in rates enacted in December "did not bring the expected result." 

4. Oil rebounded some on Wednesday after dropping more than 5% on Tuesday, and in a note to clients analysts at Bank of America Merrill Lynch said that client inflow to energy stocks last week was the largest since the firm began collecting the data in 2008. Oil prices are down more than 50% from their summer highs, and now it looks like the dip buyers might be trying to call a bottom. 

5. On Wednesday, we got some more jawboning out of OPEC, with OPEC secretary general Abdalla El-Badri telling Bloomberg TV that oil will not go to $20 or $25 a barrel, but will stay where prices are now. 

6. Tootsie Roll CEO Melvin Gordon passed away at the age of 95, according to an announcement from the company, and his wife Ellen, currently the company's president and COO, will take over his responsibilities as chairman and CEO. Following the news, shares of Tootsie Roll rose more than 6%. 

7. In the housing market, we got some upbeat news as housing starts in December rose 4.4% to an annualized pace of 1.09 million, topping expectations for a more modest rise of 1.2% and rising to the best pace since 2008. Building permits, however, disappointed. In a note following the report, Chris Rupkey at Bank of Tokyo Mitsubishi wrote that this report shows, "The last piece of the economic puzzle is starting to come together now as housing construction, the sector of the economy that collapsed and made the Great Recession great, is coming back." 

Don't Miss: The Hedge Fund Manager Who Nailed The Oil Crash Made $1 Billion From His Bet Against Oil »

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Man Bulldozes Home While Wife Runs Errands (Newser Happy Hour 6-pack)

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


Man Bulldozes Home While Wife Runs Errands

Man Bulldozes Home While Wife Runs Errands

(Newser) - Picture this: You've just stepped out of your New York home for a bit to run errands. You return to find the home completely demolished ... by your own husband. That's what happened to Diane Andryshak on Monday, News 12 reports. Her husband, James Rhein, 48, rented a bulldozer... More  »

 
Obama's Ad-Lib Retort to GOP Steals the Show

Obama's Ad-Lib Retort to GOP Steals the Show

(Newser) - In a State of the Union speech short on big surprises, one of the more talked-about moments came during a presidential ad-lib. Late in the speech, Obama said, "I have no more campaigns to run." When some cheers broke out among Republicans, Obama said, "I know because... More  »

 
How Did a $6M 'Castle' Just Burn to the Ground?

How Did a $6M 'Castle' Just Burn to the Ground?

(Newser) - What started the Monday blaze that consumed a 16,000-square-foot Annapolis mansion that locals called "The Castle"? Why were there apparently no smoke alarms or sprinklers in such a well-appointed home? And, perhaps most distressingly, where are owners Donald and Sandra Pyle and their four grandkids, feared dead... More  »

 
Models' Pubic Hair Triggers Instagram Brouhaha

Models' Pubic Hair Triggers Instagram Brouhaha

(Newser) - Is Instagram Pubic Enemy No. 1? The photo-sharing site has been heavily criticized for deleting the account of Australian styling agency and online magazine Sticks and Stones , apparently over the pubic hair visible in this photo , reports the Daily Dot . Agency co-founder Ainsley Hutchence describes the photo of two sisters... More  »

 
Man Finds Letter Wife Hid, Discovers Long-Lost Son

Man Finds Letter Wife Hid, Discovers Long-Lost Son

(Newser) - An elderly man who's wanted kids his whole life just learned that he's had one—for 61 years. Tony Trapani and his wife tried for years to have their own children, and when he was cleaning out her filing cabinets after her recent death, he discovered a bombshell... More  »

 
11 of 12 Patriots' Game Balls Were Deflated: Report

11 of 12 Patriots' Game Balls Were Deflated: Report

(Newser) - Allegations that the New England Patriots used deflated footballs in Sunday's game appear to be true: Unnamed NFL sources have confirmed as much to ESPN , though league officials tell the AP that "we're still awaiting findings." The ESPN report holds that 11 of 12 game balls... More  »

 

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This Tilt-Rotor Aircraft Could Be The Future Of The US Army's Helicopter Fleet

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January 21, 2015
This Tilt-Rotor Aircraft Could Be The Future Of The US Army's Helicopter Fleet This Tilt-Rotor Aircraft Could Be The Future Of The US Army's Helicopter Fleet

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Your credit score plays a role in everything from your mortgage...  Read»
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Former NFL Ref Is Convinced The Patriots Intentionally Deflated Balls In The AFC Title Game
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Here's How A 2000-Year-Old Chinese Art Can Make You More Productive
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One Of Apple's Biggest Competitors Just Slammed The iPhone 6 Plus In Its New Video Ad
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Xiaomi's new 5.7-inch Mi Note phone, unveiled last week, is undoubtedly...  Read»
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The Truth About The Mind-Controlling Parasite You Can Get From Your Cat
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Here's The Moment 'The Office' Cast Knew The Show Had To End
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See Also
Here's The Right Way To Say 11 Scotch Whisky Brands You're Mispronouncing
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Russia Sent A Spy Ship To Havana While US Diplomats Are Visiting
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