November 16, 2015
Stocks rose Monday, despite concerns that the attacks in Paris would scare investors. The S&P 500 added 1.5%, led by the energy sector, which gained 3.3%. U.S.-traded crude oil rose 3% to $42.08/barrel as investors showed their concern that airstrikes in the Middle East could lead to oil-supply disruptions. The Dow was up 1.4%, and the Nasdaq added 1.15%. Defense stocks too were up Monday, with Lockheed Martin gaining 3.5%.
Here’s what else you need to know:
BlackRock wants approval for nontransparent ETFs. These ETFs are actively managed, and would not disclose their holdings daily, new territory for the ETF world. Wall Street Journal (paywall)
U.S. governors bar Syrian refugees. A number of Republican state governors, including presidential candidates John Kasich and Bobby Jindal, and one Democratic governor are banning the resettlement of Syrian refugees in their states following the Paris attacks. President Barrack Obama spoke against such bans, saying “it is very important…that we do not close are hearts to these victims of such violence and somehow start equating the issue of refugees with the issue of terrorism.” CNN
Hollande asks to extend emergency powers for three months. In a speech before parliament, President Francois Hollande also said France needs to change its constitution to combat terrorism. He is also asking for coordination with the U.S. and Russia in response to the ISIS-backed attacks in Paris on Friday evening. Wall Street Journal (paywall)
White House tries to comfort Americans about ISIS. President Barack Obama’s national security team says that while ISIS may want to launch a terror attack in the U.S., it doesn’t have the capability to do so. For starters, the number of U.S. fighters traveling to Syria for ISIS is far less than those in Europe. There is “no specific, credible threat,” of a U.S. attack, they say. Monday Obama also ruled out a change in U.S. policy toward ISIS, saying putting U.S. troops on the ground to fight the group “would be a mistake.” CNN, Reuters
Berkshire Hathaway cuts Goldman Sachs stake. Warren Buffett’s firm has reduced its stake in Goldman by 13%. Berkshire owned 10.96 million Goldman shares worth $1.9 billion at the end of September, down from 12.63 million shares worth $2.64 billion at the end of June. Buffett says the shares were sold to fund Berkshire’s takeover of Precision Castparts. Reuters
U.S. strikes oil trucks in Syria, joining in the French effort to punish ISIS. The Islamic State terror group sells the oil to fund its activities. Meanwhile, French authorities are focusing their hunt for cells responsible for the Friday night attacks in a rundown neighborhood of Brussels. In all, French police have arrested 23 individuals. Five of the eight terrorists are native Frenchmen. New York Times (paywall)/Quartz
Victim’s identities are starting to emerge. Sadly, we know very little about the 129 fatalities of the atrocious assault. Here’s a continually updated list of them, with a little bit about who they were. BuzzFeed
Marriott to buy Starwood Hotels in $12.2 billion stock/cash deal. The price is a 4% discount to Friday’s close for the operator of the St. Regis and Sheraton Hotels. The merger would create the largest hotel company with 5,500 hotels and 1.1 million rooms. CNBC/Wall Street Journal (paywall)
Inflation and production numbers on board in the U.S. this week. Last week, retail sales from the Commerce Department were disappointing. Investors will look for signs of inflation in the CPI report for October and weigh the strength of the factory sector as the Federal Reserve considers a rate hike in December. On Wednesday, the Fed releases the minutes from its October meeting, which could provide insights into what the policymakers may be inclined to do next. Complete weekly calendar here.
UN Chief Ban Ki-moon to visit North Korea. The UN secretary-general Ban Ki-moon will visit Pyongyang this week for a possible meeting with leader Kim Jong-un. The trip comes six months after Pyongyang cancelled an invitation for Ban to visit the North Korean city of Kaesong. Guardian
You won’t believe this…
It’s the inside that counts. U.S. firefighter Patrick Haridson has a totally new face, and he couldn’t be happier. The 41-year-old is the recipient of the world’s most extensive face transplant, including an entire scalp, ears, and eyelids. Hardison’s face was burned off years ago when he tried to rescue a woman in a house fire. His new face comes from 26-year-old David Rodebaugh who was fatally injured in a bike accident over the summer. BBC
Cows rejoice: Chick-fil-A is taking Manhattan by storm. More than a month after the first Chick-fil-A store opened in New York City, the daily line for the fast food joint still wraps around the block. Remember New Yorkers, just because there’s a line doesn’t mean it’s worth the wait. BuzzFeed
Photo: USAFE AFAFRICA