Euro swings higher following Italian shake-up

NEW YORK (AP) -- The euro recovered against the dollar Monday following the surprise resignation of Italy's prime minister.

The sudden departure of Mario Monti struck a blow to Italian stocks and government bonds as investors feared that political uncertainty there could undermine confidence in the euro and Italy's economy. Monti stepped aside after former Prime Minister Silvio Berlusconi's party dropped its support for his government.

By Monday afternoon the euro was moving higher against the dollar. The euro rose to $1.2938 from $1.2926.

The British pound rose to $1.6071 from $1.6036.

In other trading, the dollar fell to 0.9333 Swiss franc from 0.9347 Swiss franc.

The dollar edged down to 82.33 Japanese yen from 82.40 yen and down to 98.71 Canadian cents from 98.99 Canadian cents. It fell to 12.8113 Mexican pesos from 12.8396 pesos.

  • Business

    Traders are loading up bets on a market outcome that should make everyone nervous

    Speculative bets that the Dow will run higher from here are at a record high. In a note to clients out on Wednesday, David Rosenberg at Gluskin Sheff noted that speculative long contracts — or bets that stocks are going higher — on the Dow at the Chicago Board of Trade recently hit a record of 38,382. Combine this with long bets on the S&P 500 rising to the highest level in three years and you have a recipe for concerns about the market echoed most forcefully by market legend Jeremy Grantham earlier this year: a blow-off top.

    Business Insider
  • Technology

    Lawsuit claims Warriors app secretly records users' conversations

    A lawsuit filed in federal court in San Francisco this week claims the team’s free app secretly uses the microphones on fans’ smartphones to listen to and record their conversations. The app, which lets fans view live scores and share posts from Warriors games on social media, asks for permission to access fans’ microphones, but doesn’t disclose the extent that it listens in, according to the suit, which was reported by The Recorder on Tuesday. The suit names the Warriors, New York-based Signal360 (which licenses the technology at issue) and Pennsylvania-based Yinzcam (which developed the app) as defendants. The lawyers claim the Warriors app employs new “beacon” technology, which allows it to track where its users are.

    SiliconBeat
  • Business

    Trader bets $1.2 million on Bank of America – and could make a 633 percent profit

    Bank of America's summer surge has some traders betting on further upside for the stock. Wanting to cash in, one trader in particular made a $1.2 million bet on the bank that could see him reaping rewards this Friday. On Tuesday morning, one trader bought about 100,000 September 2nd weekly 16-strike calls for 12 cents per share, or $12 per options contract. The trade was made when Bank of America was trading at around $15.90, and it has a break-even level of $16.12. If the stock closes below $16 on Friday, the entire $1.2 million spent in options premium will be lost. While the trade initially looked good, with BofA closing at $16.19 on Tuesday, the stock sold off Wednesday morning. Still, through

    CNBC.com
  • Lifestyle

    We officially know when Tower of Terror is closing at Disneyland, so start saying goodbye

    Write this down: The last time you’ll be able to *drop* in on Tower of Terror at Disneyland is January 2nd, 2017. Since all good (and terrifying) things must come to an end eventually, earlier today the Disney Parks Blog made the official Tower of Terror announcement. To prepare for the brand new Guardians of the Galaxy ride that will take the place of the 13-story drop, Tower of Terror will no longer be accepting new hotel guests after the start of next year.

    Hello Giggles
  • Entertainment

    Peyton Manning Took A Shot At Tom Brady During Rob Lowe's Comedy Central Roast

    Retirement hasn't taken the fight out of Peyton Manning. If you had told me you’d be at Rob Lowe’s Comedy Central roast — which airs Labor Day — doing Tom Brady jokes, I would have helped you out free of charge.

    UPROXX
  • Business

    4 Numbers That Help You Plan for a Secure Retirement

    Two-thirds of 401(k) participants polled for a recent J.P. Morgan Asset Management report said they could better plan for retirement if their employers helped them “understand their numbers”—that is, get a handle on such specifics as how much they should be saving and how much money they should have in retirement accounts to ensure a secure post-career life. Here are four key numbers that can make retirement planning less daunting and at the very least get you going in the right direction until you come up with a more customized plan. Indeed, this report from the Boston College Center for Retirement Research estimates that’s how much the typical U.S. household should save each year in order to maintain its pre-retirement living standard in retirement.

    Money
  • Business

    ICYMI: Waltrip has a shot to win in Darlington

    In case you missed it, Darrell Waltrip has 4 teams running paint schemes that pay tribute to some of his iconic cars over the years, giving him a good chance of getting to Victory Lane at Darlington Raceway.

    NASCAR.com
  • Business

    ‘Rich Dad’ author Robert Kiyosaki: If you’re investing for the long term, ‘you’re crazy’

    Robert Kiyosaki, author of several best-selling books including “Rich Dad Poor Dad,” joined MarketWatch for a live interview on Facebook today. He offered up insights on making money, becoming an entrepreneur and even touched on politics. Here are some highlights from the talk, or you can listen to the full interview here. His advice on how to get rich: “The rich do not work for money. Most people do not understand that, because they’re taught to go to school and get a job for money. The rich don’t work for money. Check out: Get ready for a 5%-10% stock-market drop And one of the reasons for that is money is no longer money. One of the reasons for that is in 1971, President Nixon took the U.S.

    MarketWatch
  • Business

    5 Things That Aren’t Worth Going Into Debt For

    When you’re paying off debt — and the interest that comes with it — you’re giving someone else money that you could be saving. In other words, debt payments are money you’re not investing in your future.

    Money
  • Business

    Wells Fargo: Buy Now…Or Forever Hold Your Peace

    As part of KBW’s ongoing August Opportunity series, we are highlighting Outperform-rated Wells Fargo as an investment that we believe investors should be increasing while the opportunity still presents itself. Wells Fargo has been the worst-performing Universal Bank stock this year but we are maintaining the stock as our Best Idea, and at the current valuation we believe that shares of Wells Fargo are cheap relative to peers and investors should be adding shares to portfolios. Shares of Wells Fargo have lagged peers year to date, and Wells is now the worst-performing Universal Bank stock this year. The end result is that Wells Fargo is now trading at 11.6x our 2017 EPS estimate and this is 71% of the market multiple.

    Barrons
  • Business

    Half of the high-paying jobs in America now require this skill

    If terms like SQL, Python and JavaScript aren’t on your radar, employers may not be interested in hiring you. Roughly half of the jobs in the top income quartile — defined as those paying $57,000 or more per year — are in occupations that commonly require applicants to have at least some computer coding knowledge or skill, according to an analysis of 26 million U.S. online job postings released this month by job market analytics firm Burning Glass and Oracle Academy, the philanthropic arm of Oracle focused on computer science education, in Redwood City, Calif. In simple terms, coders write the instructions that tell computers what to do; in-demand programming languages include SQL, Java, JavaScript,

    MarketWatch
  • Business

    Celgene To Surge By Double-Digits After Big Tumble, Vetr Crowd Says

    Shares of Celgene Corporation (NASDAQ: CELG) have had ups and downs this year, but have ultimately lost roughly 11 percent since January. It seems like the Vetr crowd believes this has created an attractive entry point, as the stock looks ripe for

    Benzinga
  • Business

    Chipotle hopes these freebies will get customers to bite

    Chipotle Mexican Grill is working hard to win back customers of all ages. The burrito chain said Tuesday that it will offer two new promotions during the month of September, one for college students and another for families. That's on top of the chain's limited-time Chiptopia loyalty program, which dishes out free entrees after a set number of purchases. The string of promotions come as the casual dining chain tries to boost sluggish sales and foot traffic in its restaurants, which have yet to recover from a series of high-profile foodborne illness outbreaks last year. Chipotle's same-store sales plunged nearly 30 percent in the first quarter, when it reported its first quarterly loss as a public

    CNBC.com
  • World

    Comey: FBI wants 'adult conversation' on device encryption

    FBI Director James Comey warned again Tuesday about the bureau's inability to access digital devices because of encryption and said investigators were collecting information about the challenge in preparation for an "adult conversation" next year. Widespread encryption built into smartphones is "making more and more of the room that we are charged to investigate dark," Comey said in a cybersecurity symposium. The remarks reiterated points that Comey has made repeatedly in the last two years, before Congress and in other settings, about the growing collision between electronic privacy and national security.

    Associated Press
  • Business

    Here are the 3 reasons gold isn't $2,000 an ounce

    Gold has surged in 2016 against a backdrop of political uncertainty and consistently low interest rates, but it has not broken past its 2011 high. Gold is up 24% year-to-date, a performance bettered in the past 12 years only in 2011 at the height of the eurozone sovereign-debt crisis. But as analysts at Macquarie note, the price of about $1,300 an ounce is still 30% below gold's all-time high of $1,895. And the real gap is even bigger. Adjusting for US inflation, "that 2011 high is worth over $2,000/oz in today's money," Macquarie said in a note to clients. Here is that chart: Gold is a popular asset in 2016. Gold is seen as a haven for cash. It does not pay a coupon like a bond, and it does

    Business Insider
  • Science

    NASA Discovers Record-Breaking Galaxy Cluster

    More than 11 billion light years from Earth, NASA scientists have discovered what they describe as the most distant galaxy cluster ever seen. WSJ's Monika Auger reports. Photo: NASA/CXC/CEA/T. Wang

    WSJ Live
  • Business

    Tesla plans to raise funds this year to tackle cash crunch

    Facing a severe cash crunch, Tesla Motors Inc plans to raise additional money this year to help fund development and production of its new Model 3 sedan and build out a massive battery factory, the company said on Wednesday. Some of that money could also support Tesla's planned acquisition of its money-losing sister company, SolarCity Corp. Tesla Chief Executive Officer Elon Musk had warned the combined companies might need "a small equity capital raise" in 2017.

    Reuters
  • Business

    Joe Sutter, father of the 747, passes away at 95

    In addition to the 747, Sutter worked on projects including the 737 and 707 aircraft models, Boeing Commercial Airplanes chief executive officer Ray Conner said in a message to employees. Sutter and his team became known as "the Incredibles," for producing the world's largest airplane within 29 months from the time of conception. Sutter served the company as a consultant after his retirement from the company in 1986.

    Reuters
  • Business

    What Donald Trump's Tax Returns Won't Tell Us, But Hillary Clinton's Do

    Voters would like to poke through Donald Trump’s tax returns, but they can’t. After some earlier waffling and mixed signals, Trump’s camp now seems firm that his big tax audit prevents him from releasing his returns. Outside of a Presidential campaign, his audit defense is a pretty good one, whatever the IRS or the public might say. A letter from Trump’s tax lawyers confirmed there was an ongoing tax audit for 2009 and later. Anyone who has ever been through a tax audit might have some sympathy.  Still, many voters aren’t likely to give him a free pass. As a candidate for President, the conventional answer is that Trump should release them, even though there is no legal requirement. Trump says

    Forbes
  • Business

    What Happens to Your Credit Score When You Buy a House?

    If you've just bought a new home, chances are you spent quite some time worrying about your credit score. After all, your credit score affects your ability to get a mortgage, and the interest rate you'll pay on that mortgage. You'll likely start seeing minor dings in your credit score as soon as you begin applying for mortgages.

    Credit.com
  • Business

    Grandma who lost savings wins $15M in case against insurers

    A California grandmother who lost her life savings in a real estate investment scam offered by an insurance agent was awarded more than $15 million Wednesday in a lawsuit against MetLife and two subsidiaries, attorneys said. Christine Ramirez, 75, was awarded the punitive damages by a Los Angeles Superior Court jury that found the companies and a former MetLife partner aided in both deceit and securities violations, along with counts of negligence and financial elder abuse. "I am so grateful to the jurors for seeing through MetLife's finger-pointing argument that they weren't responsible for the loss of my retirement savings," Ramirez said in a statement issued by her lawyers.

    Associated Press
  • Business

    Bill Gross: The Fed has mastered market manipulation

    The Federal Reserve, with its bargain-basement interest rates and money printer always on standby, is manipulating financial markets and crushing capitalism, bond king Bill Gross said in his latest broadside against the U.S. central bank. In a letter to clients, Gross addresses Fed Chair Janet Yellen directly, saying the policies she has pushed "have deferred long-term pain for the benefit of short-term gain." The criticisms come as the Fed is weighing whether to raise interest rates after years of keeping them anchored in efforts to stimulate the economy and create inflation. Instead, Gross said, the Fed has merely inflated asset prices while actually harming the economy. Yellen and other global

    CNBC.com
  • Technology

    UK cosmetics group Lush relocates staff to Germany post-Brexit

    UK cosmetics maker and retailer Lush is relocating European staff from Britain to Germany and has expanded production at its German factory in the wake of Britain's vote to leave the European Union, it said on Wednesday. Lush, which makes cosmetics by hand, said uncertainty caused by the June Brexit vote had led it to accelerate plans to increase production at its factory in Duesseldorf, western Germany, for the European market.

    Reuters
  • Business

    Icahn: Ackman is backed into a corner on Herbalife

    Billionaire investor Carl Icahn rejected any assertion Tuesday that he is backed into a corner on troubled nutritional supplement company Herbalife. In fact, he said it's his long-time rival, Bill Ackman, who has the far more tenuous position. "If anyone should feel boxed in, it's Ackman," Icahn said in an exclusive interview with CNBC.com. "Ackman is an astute student of the market, as I am, and I think he would probably agree that there is very rarely, if ever, a company with the short interest, as it was just announced of 27.2 million shares of the 92 million shares outstanding. Of the 92 million, there are 20 percent to 25 percent that are closely held." "The only time you see the ratio very

    CNBC.com
  • GOOGL

    Google's Diane Greene is on the verge of scoring a huge I-told-you-so

    It's fashionable in certain tech circles these days to diss Google's cloud efforts as being too little too late, while Amazon soars ahead, and Microsoft nips at its heels. Over the last year, she has revamped the company's cloud organization so that it can get invited to the table when corporations choose a cloud provider. And to make sure Google has the stuff to win the deals.

    Business Insider