George Chamberlin's Money in the Morning

October 24, 2014

Action and reaction. The markets continue to be buffered from nonfinancial circumstances. For instance, the attacks in Ottawa on Wednesday sent the Dow industrials down 153 points. However, once it appeared the situation in the Canadian capital was not the start of a wider terrorist attack, the markets calmed down and the Dow jumped 217 points yesterday.

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News that a doctor in New York had contracted the Ebola virus had the potential to send stocks spinning down. After all, the densely populated Big Apple could be the perfect location for the disease to spread rapidly. However, investors seem rather calm about the matter and stocks are trading slightly higher. It appears the markets will close out the week with some decent gains, snapping a four-week losing streak.

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The Commerce Department is reporting today that new home sales rose in September to the highest level since July 2008. Sales hit an annualized rate of 467,000 units as a result of big gains in the Midwest and South. However, sales here in the West fell 8.9 percent. This is just the latest in a series of reports showing the housing market continued to move methodically higher through the summer, and that prices held steady and mortgage interest rates declined. In addition, more and more people are realizing rapidly rising rents make ownership a viable option.

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Next week will be very busy. The Fed's open market committee will meet Tuesday and Wednesday to discuss the current economy, interest rates and inflation. It is scheduled to finally end the massive bond-buying program that has been used to keep interest rates low. However, recent geopolitical circumstances and even the Ebola fears could tie the hands of the Fed and, as some members have suggested, defer the end of quantitative easing for a few months. Such a move would likely trigger a stock market rally. The Fed announcement will come at 11 a.m. Pacific time on Wednesday.

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UPS says it expects December package deliveries to increase by 11 percent based on increased holiday spending. The company has hired more than 90,000 seasonal workers to make sure there is no repeat of last year's problems that caused a lot of packages to not be delivered before Christmas as promised. By the way, UPS is one of the companies using the holidays as a way to check out seasonal workers and potentially offer them full-time jobs.

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Duracell batteries will be the latest business to be divested by Procter & Gamble. The company, perhaps most famous for its Tide detergent and Pampers diapers, had previously announced it would shed businesses it believes do not match the core operations. In all, about 90 smaller brands will be sold or spun off. P&G said it will likely spin Duracell into a new publicly traded company.

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Peyton Manning proved again last night he is a great quarterback who finds a way to win. The Chargers played the Broncos close in the first half in Denver but the Broncos came out firing after halftime and pulled away, winning 35-21, but it really wasn't that close. CBS figured out in the game that it is probably a good idea to always keep a camera on Philip Rivers. Whether it’s chewing out his coach, yelling at a referee, reacting to a dropped pass by one of his receivers, or getting in the face of a Bronco who had the nerve to tackle him, the Chargers QB is always entertaining.

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Speaking of quarterbacks, I had the opportunity to play in a golf tournament yesterday to raise funds for the Boys & Girls Club of San Marcos and had the pleasure of teaming up with Mark Halda, QB at SDSU from 1976 to 1980 who knows how to pass the ball down the field. He spends his time now as the golf coach at Palomar College and is a delightful guy and a great golfer.

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George Chamberlin's Money in the Morning

Action and reaction. The markets continue to be buffered from nonfinancial circumstances. For instance, the attacks in Ottawa on Wednesday sent the Dow industrials down 153 points. However, once it appeared the situation in the Canadian capital was not the start of a wider terrorist attack, the markets calmed down and the Dow jumped 217 points yesterday.

George Chamberlin's Money in the Morning

The terror in Ottawa took stock prices lower yesterday. The markets had been meandering throughout early morning trading, a brief respite after three consecutive winning sessions. However, things changed as word spread about the events in the Canadian capital and the markets turned south with the Dow industrials ending the session with a 153-point loss.

Stocks retreat as energy shares drop with price of oil

Concerns about a violent incident in Canada on Wednesday sent stock prices lower, snapping a three-session winning streak.

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