Market and economic fundamentals took control of stocks today sending the Dow to a 547-point gain on heavy trading volume closing at 25,798. Netflix reported earnings after the closing bell and the early number came is much better than expected.
United Health, Johnson & Johnson and other big players reported better than expected earnings and a report from Bank of America Wealth Management noted that economic growth in the US is pulling away from the rest of the world. The IMF has downgraded global economic growth estimates to 3.7% from 3.9% while the Federal Reserve has upped US GDP growth estimates to 4%.
A magazine called Modern Metals released its latest report on the US manufacturing outlook. This is an interesting read and sheds some light on the various trends happening in terms of US steel and aluminum consumption. Check it out on our Faceplant page.
Yesterday afternoon CNBC broke the shocking news that Seattle tech icon Paul Allen had passed away at the young age of 65. While Bill Gates seems to be focusing his charitable efforts globally with emphasis on Africa, Paul Allen focused most of his time and money in Seattle and the Northwest. He saved the Seahawks, helped take the Sounders get to the next level, donated to local causes, built museums, funded University of Washington projects, bought islands and did a host of other things which made Seattle a better place. God rest his soul. With a net worth estimated at over $21 billion and no family, it will be interesting to see what happens with all his earthly processions and his Microsoft stock. We posted a 2015 snapshot of some of his toys, houses and holdings on our Faceplant page.