Morning MoneyBeat Asia: U.S.Stocks Jump, Nasdaq Hits New Record

        By Paul Vigna
        Market Snap: At the New York close: S&P 500 up 1% at 2121.24. DJIA up 1% at 18115.84. Nasdaq Comp up 1.3% at 5132.95. Treasury yields mixed; 10-year rose to 2.352%. Nymex crude oil up 0.9% at $60.45. Gold up 2.1% at $1,201.50/ounce.
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        How We Got Here: Big day for U.S. stocks took the S&P 500 back to the top of its trading range, and sent the Nasdaq Composite to a new record.
        Ostensibly, the rally was driven by yesterday's dovish take on rates by the Fed. Realistically, though, the Fed did exactly what everybody expected it to. From where we're sitting, Thursday rally was just more of the back and forth trading that has market equities for nearly three months now.
        The Fed isn't expected to act until September, if that early. Meanwhile, Greece has less than two weeks until its current bailout deal expires, on June 30. That day is incidentally when it has to repay a big loan to the IMF, which it won't be able to do without a new bailout deal.
        Coming Up: Friday brings the announcement of the Bank of Japan's monetary decision. BOJ Governor Haruhiko Kuroda surprised central bank watchers last week when he said the yen had become "very weak." Was that a signal that the central bank felt its aggressive monetary easing could go too far? There's unlikely to be any change in policy, especially while inflation remains well below the BOJ's 2% target. But it's worth wondering whether the unease of one or two BOJ members over the impact of the central bank's asset purchases is becoming more widely shared on the central bank.
        What You Missed Overnight
        Greece Fails to Reach Bailout Deal at Eurogroup Meeting A meeting of eurozone finance ministers ended without a deal on Greece's flailing bailout Thursday, spurring a special summit of European leaders on Monday.
        Nasdaq Composite Hits New Record U.S. stocks climbed on Thursday amid expectations that the Federal Reserve will take a slow approach to raising rates, helping to propel the Nasdaq Composite to its first intraday record in more than 15 years.
        Martha Stewart Living Nears Deal to Be Bought Sequential Brands Group Inc. is nearing an agreement to buy Martha Stewart Living Omnimedia Inc., in a deal that would mark the end of an independent publishing and housewares empire built by the domestic-style icon.
        Pope Delivers Strong Message on Climate Change In his much-awaited encyclical on the environment, Pope Francis offered a broad and uncompromising indictment of the global market economy, accusing it of plundering the earth at the expense of the poor and of future generations.
        Charleston Church Shooting Suspect Traced by Cellphone Dylann Roof--the white man suspected of killing nine people at a historic black church in an alleged hate crime here Wednesday night--was captured Thursday in Shelby, N.C., after authorities used his cellphone to help track him down, according to two people familiar with the investigation.
        From The Wall Street Journal Asia
        Spirit of Hong Kong Is a Casuality in Election Debacle The debate over Hong Kong's election blueprint has opened deep divisions in a tightly-packed city that once prided itself on its social cohesion and neighborly spirit.
        U.S. House Passes Fast-Track Trade Bill The House on Thursday passed legislation to restore presidential power to ease trade pacts through Congress, as Republicans and pro-trade Democrats drove through a new fast-track bill a week after liberals brought down a similar measure in an uprising against their own president.
        South Korea MERS Outbreak Brings Focus on Samsung Hospital Missteps contributed to the spread of the deadly virus known as MERS at the prestigious hospital where South Korea's richest man is receiving treatment.
        Toyota Executive Is Arrested in Japan Japanese police on Thursday arrested Toyota Motor executive Julie Hamp, who is in charge of corporate communications for the auto maker, alleging she tried to import tablets of the painkiller oxycodone from the U.S.
        From MoneyBeat
        Goldman: No Fed Rate Hike Until December Goldman Sachs says the Fed won't act until December. The investment bank now sees the Federal Reserve raising interest rates for the first time in nine years at its final meeting of 2015, a revision from its earlier prediction that the long-awaited rate liftoff would come in September.
        S&P 500 Still Stuck Under Iron Ceiling Once again, the S&P 500 has shot up in trading, only to bump into its iron ceiling.
        Latest Critic of Too-Big-To-Fail: Pope Francis Move over, Sen. Elizabeth Warren--there's a new high-profile critic of the world's largest banks, and he has over a billion followers.
        A Woman Will Go on the $10 Bill, Twitter Explodes The Treasury Department's decision to put a woman on America's paper currency for the first time in more than a century drew a common reaction on Thursday: It's about time that happened. But reaction on social media and among some financial commentators elicited another response: Why dump Alexander Hamilton?
        (END) Dow Jones Newswires

        June 18, 2015 17:58 ET (21:58 GMT)

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