Financials

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  Stock market minor cycle will show first signs of turn

  By Robert McCurtain  |  May 22, 2013

  The short-term trend for major stock indexes is still positive, but it looks increasingly tired.

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  Gensler recusal faulted in CFTC watchdog’s MF Global report

  By Silla Brush  |  May 21, 2013

  Chairman Gary Gensler’s recusal from the investigation into MF Global was unnecessary, according to the agency’s internal watchdog.

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  JPMorgan shareholders reject splitting of CEO Dimon’s dual roles

  By Dawn Kopecki and Hugh Son  |  May 21, 2013

  JPMorgan Chase & Co. CEO Jamie Dimon survives a push to divide the roles after the biggest U.S. bank suffered a record trading loss.

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  EU panel says transaction tax would raise government debt costs

  By Rebecca Christie  |  May 21, 2013

  Government bonds should be excluded from the European Union’s planned financial-transaction tax, a panel of European debt-management officials said.

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  U.S. stocks rise as Fed’s Bullard says stimulus should continue

  By Lu Wang and Inyoung Hwang, Bloomberg  |  May 21, 2013

  U.S. stocks rose, erasing earlier losses, after Federal Reserve Bank of St. Louis President James Bullard said the central bank should continue its bond buying to boost growth that is slower than expected.

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  S&P 500 may reach 2,100 as gains last through 2015, Goldman says

  By Whitney Kisling, Bloomberg  |  May 21, 2013

  Goldman Sachs Group Inc. said the U.S. stock-market rally may last at least another 2 1/2 years, sending the Standard & Poor’s 500 Index up 26% to 2,100.

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  Dimon seen keeping chairman, CEO roles in preliminary voting

  By Dawn Kopecki, Bloomberg  |  May 21, 2013

  JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon won approval from investors to keep his chairman title in preliminary voting ahead of today’s shareholder meeting, according to two people with knowledge of the tallies.

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  Best Buy has $81 million quarterly loss as Joly cuts prices

  By Chris Burritt, Bloomberg  |  May 21, 2013

  Best Buy Co., the world’s largest consumer-electronics retailer, posted an $81 million first-quarter net loss as the company lowers prices to compete with online rivals.

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  Important breakout in the Dow-to-gold ratio and its implications for gold

  By Przemyslaw Radomski  |  May 21, 2013

  In the Dow-to-gold ratio chart, we see an important breakout above the declining long-term resistance line. This has bearish implications for gold.

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  Home Depot profit tops estimates as housing market recovers

  By Chris Burritt, Bloomberg  |  May 21, 2013

  Home Depot Inc., the largest U.S. home-improvement retailer, posted first-quarter profit that topped analysts’ estimates and raised its forecast for earnings this year as the housing rebound boosts renovation spending.