The markets traded like a teeter totter yesterday – up, down, up – and managed to finish slightly in the plus column. Other than earnings from Hewlett-Packard and the news that Carl Icahn has amassed a 8% stake in Hertz Global Holdings (HTZ), there was not much news overnight.
This morning’s market news is also rather light, with weekly unemployment claims and a few retailers set to report earnings. As a result, index futures are indicating a slightly positive opening, The S&P 500 (SPX) continues to inch toward a new all-time high and the 2,000 level. The former could be eclipsed today and the later will occur, if not the end of the week, then next week.
Bank of America Agrees to Pay $16.65 Billion
Bank of America (BAC) is in the news. First, Angelo Mozilo, the perma-tanned former CEO of Countrywide, now owned by BofA, is apparently close to being indicted for his role in the mortgage debacle. Second, in a related development, BofA is reported to have agreed to pay $16.65 billion to permanently settle all mortgage probes. BofA stock is indicated slightly higher on that news.
Yellen to Speak at Jackson Hole Tomorrow
Let the market continue to do what it is doing as it wants to go higher. Whether the market moves your way in heavy or light volume, it does not matter, so long as it moves the right direction. Tomorrow all eyes and ears will be on Janet Yellen at Jackson Hole. Get out your SPX2K hats as you will need it soon. I will be back Monday with more commentary.