“U.S. stocks advanced, snapping a three-day decline for the Standard & Poor’s 500 Index, as investors speculated President Barack Obama’s plan to inject more than $300 billion into the economy will bolster growth,” Rita Nazareth reports for Bloomberg.
Nazareth reports, “Benchmark gauges rebounded today amid expectations that a stagnant labor market and bleaker business and consumer sentiment may require more effort from President Obama and Federal Reserve Chairman Ben S. Bernanke to spur growth. Obama plans to unveil his proposals for promoting job growth in an address to a joint session of Congress tomorrow… Obama plans to propose sparking job growth by injecting more than $300 billion into the economy next year, mostly through tax cuts, infrastructure spending and direct aid to state and local governments… The Dow lost 4.1 percent in the first three days of this month. That’s the worst start to September since 2002 and the fourth-worst ever for the Dow, according to data dating back to 1896 compiled by Bloomberg.”
“Apple Inc. (AAPL) was the most-held stock among the top 50 hedge funds in the second quarter, while Wells Fargo & Co. and Merck & Co. were the companies most-owned by the biggest equity mutual funds, according to Citigroup Inc.,” Nazareth reports.
“Cupertino, California-based Apple has held the top position in the hedge-fund category since the third quarter of 2010, Tobias Levkovich, Citigroup’s chief U.S. equity strategist, wrote in a Sept. 6 note. It’s owned by 16 of the 50 largest U.S. hedge funds. Wells Fargo, based in San Francisco, and Whitehouse Station, New Jersey-based Merck were owned by 17 of the largest 50 mutual funds in the three months ended June 30,” Nazareth reports. “‘Apple retains the top spot for both growth and value hedge funds,’ Levkovich wrote. ‘The overlap in top stocks for these two investment styles implies a degree of consensus within the hedge-fund world and possibly a break from some firms’ traditional investment styles.'”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]
If Wall Street really thinks that Obama’s speech is going to do “anything” to create jobs, they’re stupider than I thought they already were..
He’s going to propose more stimulus renamed as phony “job creation” designed to only grow the government larger and suck more life out of the economy. Our foreign raised president is out to take down the US. Thank god the 2012 elections aren’t too far off so we can vote his sorry, drug using, ass out.
Drug using…? Is that really where you want to go?
My god you’re a stooge.
Read his book ChrissyOne. He’s still a chain smoker too. And while you’re at it what is the story behind his phony Social Security number and hidden college records????
from the person who says “stupider.”
Obama is the exact wrong guy at the exact wrong time.
To “bolster jobs,” you need someone who understands the U.S.A., American exceptionalism (as typified by Steve Jobs), and how the US’s brand of capitalism works. Not someone with a chip on his shoulder who hates the country for past sins and who thinks Big Gov’t is a panacea.
Unemployment will decrease and the economy will pick up when the new Republican president wins the 2012 election.
Until then, it’ll be all teleprompter recitation from Obama blowing smoke up the collective ass of his rapidly fleeing base.
Dude, your WordPress image totally gives you away. Obviously you’re not here to talk Macs or Apple (but thanks for dropping a SJ reference so we think you’re legit). You’re a shill. Know how much stock I put in your empty gas-bagging? Bet you can guess…
I’m beginning to believe you’re really as simple minded as you portray yourself. Stunningly so.
I thought it was an act at first. But no, he really is that dumb.
you Obamagedden voters calling anyone dumb is a stretch. you need to look in the mirror. you voted the destructor of the US into office. great going…… next november will be a landslide for conservatives.
lol. right. the and by “destructor” you mean destroyer? are you the same guy that writes “Stupider?”
how can i take a person seriously who doesn’t even use real words. maybe it’s a republican thing to make up words?
Well, they did vote the “decider” who “misunderestimated” the enemy into office…
Wall street was behind this mess…and the overpaid unions wonder why everything goes offshore?
I don’t think Steve needs bolstering from the President’s privates…..or whatever.
Well I thought it was when barney frank and chris dodd forced everyone to loan way more than they could ever repay! Then when the housing market started to crash from all the bad loans the banks sold to wall street. We got reamed at the pumps by greedy bastards for the start of this mess.
Apple user and former VAR
Conservative for life
Bird on the wire is saying that Obama wants to UNIONIZE the military. i $hit you not. Google “ulsterman, obama, unionize military”
Well if it’s on the internet…
little girl, be quiet.
http://socyberty.com/issues/wall-street-insider-president-obamas-plan-to-unionize-the-american-military/
Talk about making C1’s point! You present socyberty as a source? ROFLMAO!
Why don’t you join the author’s facebook page and stop judging the superficial? Whatever he reports, MSM says it two weeks later…http://www.facebook.com/Ulsterman1
Why don’t you join the author’s facebook page, and read his reports? Whatever he puts out, MSM reports a couple weeks to a couple months later. Stop judging on the superficial because you’re not really making a point http://www.facebook.com/Ulsterman1
Quite a leap of faith “Stocks advance on speculation about Obama…”. Maybe the next time the NYSE goes down Blommberg will say “Stocks decline now that investors understand Obama”.
I cant believe that speculation about Obama’s package can effect the stock market ….
…. oh … never mind.
Wow, even Jimmy Crter was a genuine bleeding heart lib.
Ohbummer comes across totally clueless and fake.
Goes to show how wacked the stock market is, if they expect anything from this goof other than flapping his goofy ears and using big words, like Stimulus, Stimulus…. Let’s flush a view hundred more billions down the drain.
Let’s fix some bridges and roads… Textbook communist economic stategy.
Oh my, u gus in the US r so f$cked!
Not being American or based in America, I don’t have access to the figures I want. I’d be curious to know if this would work: Tell all such companies as Apple that, if they stop manufacturing overseas, their tax bill will be adjusted to reflect that local manufacture will cost more. Consequence — neutral to the companies, big loss to government. Then huge numbers of Americans will slowly return to paid employment. Their personal tax will rise. (And welfare payments drop). Will those changes be big enough to justify the change in the corporate tax of their employers? Bonus: huge drop in funds borrowed from and spent in China, which will set it back on its heels and disrupt its attempts to take over number one spot from America.
Not likely. Salary of an American manufacturing labourer doing exactly the same kind of blue-collar assembly work as those Foxxcon workers in China would expect to be at least ten times greater than that in China. No amount of tax incentives could possibly make up for the difference. There is a reason why Chinese-made products are so cheap in America: labour is the biggest component. The only type of manufacturing jobs that American markets can currently afford seems to be for products that cost $10,000 each (or more), such as cars/trucks, aircraft, etc. An electronic device, whose components cost around $100 would take another $100 worth of labour to be put together in America, while it costs no more than $10 when done in China.
The only way Apple can add jobs in America is the way they’ve already been doing it: retail and service sector. Rather than making devices in America, they can put people to work selling them and supporting them. These are higher-paid jobs than manufacturing anyway. Let the Chinese build them, and Americans can sell them, fix them and support them.