Everything to Know About the Day the Dow Hit 16,000
Nov 18th 2013 11:00PM
Updated Nov 18th 2013 11:02PM
1. China sends stocks up, then Icahn sends stocks down
2. Boeing up nearly 2% on biannual Dubai Expo
Dubai is known for laughably tall towers, huge man-made island paradise cities, and other things that UAE asked a genie for. It's also a popular place to have expos, and Monday the airplane manufacturer Boeing announced some major new orders at the Dubai airshow. Three Middle Eastern airlines have ordered 225 of Boeing's shiny new 777X planes that are planned to hit runways in 2020 (Business Insider) (airlines clearly have no long-term commitment issues).
Take that, France. The American airbus really put it to its European competition Airbus with the big announcement. Boeing shareholders are praying to Michael Jordan, the god of Air, that the 787 and 777X will fly "like Mike." Monday's announcement brings 777X orders to about $95 billion, so the exciting news lifted the company's stock by 1.6%.
3. JPMorgan rises after $4.5 billion fine announced
Demolition and "I forgive you" Hallmark cards. The $4.5 billion is the part of the settlement that is supposed to help the victims of JPMorgan's behavior, i.e., struggling homeowners: About $1.6 billion will be spent on demolishing old crumbling houses that are weighing on local housing markets; $400 million will essentially be debt forgiveness to homeowners owing more in debt than the house is even worth; and the rest will go to helping low-income and struggling want-to-be-homeowners become the real thing. This injection of $4.5 billion will help homeowners reduce debt, increase the equity in their home, get a house, or an open house party of all of the above.
JPMorgan rose 1.6% Monday as this dirty scandal has been lurking in the back of investors' minds for years, and this settlement, which could be publicly announced by JPMorgan as soon as Tuesday, will be the symbolic stake through the symbolic vampire heart that is the mortgage crisis for the Wall Street bank. JPMorgan has plenty of funds in its legal reserves and investors are pumped about the closure.
- Fed Chairman Bernanke speaks in D.C.
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