COMMENTARY | COLUMNISTS | GEORGE CHAMBERLIN

George Chamberlin's Money in the Morning

Stocks are opening sharply higher this morning after a near miss yesterday. The Dow industrials had been down nearly 300 points in Thursday trading but rallied back to finish with a loss of just 78 points. The index gained nearly 200 points at the start today after Fed chair Janet Yellen said last night the Fed would begin raising short-term rates by the end of the year. If, indeed, they announce an increase it would most likely happen at a regularly scheduled meeting in either October or December.

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The financial world, not to mention the Yellen family, got a scare last night when at the end of her speech she became disoriented and stumbled through the last few minutes of the 45-minute presentation. EMTs were brought in to assist Yellen and it turns out she was mostly dehydrated and not suffering anything more serious.

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You can put the wraps now on the second quarter of 2015. The final revision to the GDP -- gross domestic product -- showed the economy grew by 3.9 percent during the three-month period, up from the initial reading of just 2.3 percent. Most of the increase came from stronger consumer activity and new-home construction activity. It is obvious to most, with the exception of all the "experts" who hate to see growth, the U.S. economy has regained its footing after a weather-restricted Q1. This numbers for the third quarter, which ends next Wednesday, should be even stronger.

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The markets are getting a boost today from shares of Nike, up 8 percent after reporting a jump of 23 percent in profits during Q2. The athletic apparel company said most of the growth came from China. That's right, the country most assume is on the brink of financial disaster, seems more than willing to buy expensive shoes and clothes. In addition, Nike reports future orders are up 9 percent, a clear sign sales will remain strong. The driving force is the attention to what is being called "ath-leisure" items, clothes and shoes people wear as everyday items, not just to exercise.

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So, you think rents are high here? Well, yes they are but nowhere near the price people are paying in NYC. A New report says the average rent in Manhattan, truly the high rent district, reached $3,460 a month in August. However, a lot of people are heading to the gentrified neighborhood of Brooklyn, where rents average about $2,650 a month, pretty close to San Diego prices.

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