Is Janet Yellen Mrs. Claus?
Will U.S. stocks see a Santa Claus Rally after the Fed decision on interest rates? Bloomberg reports:
Investors waiting for an end-of-year rally just got a present from Janet Yellen.
The Standard & Poor’s 500 Index began the second half of December with gains that nearly wiped out its loss for the month, setting it up to close out the year in positive territory with 10 trading sessions to go. The 1.5 percent increase Wednesday nearly equaled the gauge’s average advance in the last two weeks of the year since 1995. The benchmark slipped 0.2 percent as of 9:59 a.m. in New York.
Historically, the bulk of December gains arrive around the same time as Santa Claus and last through the end of the year. For the same thing to happen in 2015, investors will have to remain at peace with the first rate hike in more than nine years and navigate concerns ranging from a rout in commodities to stress in junk bonds.
December Performance: Santa is Typically Generous
Will Santa Claus Come to Wall St. this Year?
Shkreli on the Naughty List
The New York Times reports:
Martin Shkreli Arrested on Fraud Charges
Martin Shkreli, a pharmaceutical entrepreneur and former hedge fund manager who has been widely criticized for drug price gouging, was arrested Thursday morning by the federal authorities.
The investigation, in which Mr. Shkreli has been charged with securities fraud, is related to his time as a hedge fund manager and running the biopharmaceutical company Retrophin — not the price-gouging controversy that has swirled around him.
This week’s Monday Melee brought to you on Thursday.