A CNBC reporter since 1990, Bob Pisani has reported on Wall Street and the stock market from the floor of the New York Stock Exchange for more than a decade. Pisani covered the real estate market for CNBC from 1990-1995, then moved on to cover corporate management issues before moving to the New York Stock Exchange in 1997.
He was nominated twice for a "CableACE Award"—in 1993 and 1995.
Prior to joining CNBC, Pisani co-authored "Investing in Land: How to Be a Successful Developer." He and his father taught a course in real estate development at the Wharton School of Business at the University of Pennsylvania from 1987-1992. Pisani learned the real estate business from his father, Ralph Pisani, a retired real estate developer.
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Yesterday it was Europe announcing weak economic growth, today it is Hong Kong, where Q2 GDP fell by 1.4 percent quarter-over-quarter. Year-over-year, GDP rose 4.2%, the slowest gain since Q3 2003. Higher costs from China, as well as weaker demand, was the culprit.
It didn't start out promising: CPI stronger than expected, jobless claims stronger than expected, but the market rallied quickly as bulls argued that inflation was peaking, that the U.S. is further along this weak economic cycle than anywhere else in the world, and the dollar rally would be helpful as well.
The story from the bulls: --inflation is peaking, and that will ease P/E pressure on stocks; --the U.S. economy is weak, but Europe is weaker; --the U.S. is further along the economic cycle than anyone else in the world; the U.S. lowered rates before everyone, and the U.S. will eventually raise them before everyone else.
Futures dropped as jobless claims were a bit higher than expected, and the Consumer Price Index was higher than expected on both the headline number and core (ex-food and energy).
The agreement gives the NYSE the responsibility for investigating all insider trading in NYSE and Arca-listed stocks. A separate regulatory agency, the Financial Industry Regulatory Authority or FINRA, will be charged with all investigations of insider trading at the AmEx and the NASDAQ.
Banks lead this week after underperforming this year. Rising rates provide a boost.
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Twitter account @GSElevator had earned John Lefevre a book deal, but the publisher has killed it after controversy.
The end of another strong week for stocks brings the payrolls report, and Wall Street is braced for another low number.