E Aie De Mim! The Day After All That Fun

Malia Lewis is my daughter. She doesn't write about stocks much, but digs politics.

It is another weird day on the stock markets, with the huge rise on Wall Street propelling foreign markets upward for a while but then reality hit. Trump is still in office and still running the country on whim and spite, boasts and incompetence.

It only took a day for the good mood to lift.

The US shares were looking weak-kneed in pre-market trading here and were likely to open well down. Although as you can tell from my selection of my daughter's poem to begin, I do not credit the president telling people that it is “a buying opportunity” on the stock market for the rise yesterday. Some credit to the president for visiting the troops, despite having been a draft dodger with heel spurs himself during the Vietnam War (according to the NY Times) and a bit more for calling off his attack on Jerome Powell and the Fed for the moment. Or perhaps the credit goes to staffers who pushed for a change of rhetoric. The wall silliness continues to shut the government down. And how long before he starts being Trump again, is what investors abroad are asking.

Here are the facts on Dec. 26: The Dow Jones rose 1000 points or 4.98% which brought it to 22,878.45. The broader S&P 500 gained 4.96% to 2467.7. The tech-heavy Nasdaq did best, up 6.165 to 6262.77, boosted by Amazon which rose 9.4% on shopping data. Another gainer was Facebook which was tipped in a volte-face by short-seller Citron and went up 8.2%. The FAANGS overall added $185bn to their valuation, the best for nearly ten years.

The crackdown on depositary banks creating American Depositary Receipts without owning the required foreign equities has hit another big depositary bank, JP Morgan, which without admitting its guilt is paying a fine of $135 million to the US Securities & Exchange Commission, just to Nintendo be nice, I suppose. JPM was tipped today as the bargain stock for 2019 in wallstreetsbest.com.

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