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Daily Scan: US stocks gain after holiday weekend; Kentucky clerk out of jail
U.S. stocks rallied after the Labor Day weekend, following gains in Europe and China. The Dow gained 2.4% at close, up from 1.6% midday. The Nasdaq gained 2.7%, and and the S&P 500 was up 2.5%. The Stoxx Europe 600 closed with a 1.2% gain. Oil was down nearly 1%, closing at $45.66/barrel. In the U.S., the Fed's research department reported that the Labor Market Conditions Index rose to 2.1. It's not an official data point, but word is that Fed Chair Janet Yellen keeps on eye on the release, which gives more color to the jobs market. The message: Job formation is looking good.
Here is what else to need to know...
Kentucky clerk is out of jail. Kim Davis has been released from custody for her refusal to issue marriage licences following the legalization of same sex marriage in June. Davis' lawyers say she'll continue to block marriage licenses for gay couples when she's back at work. Talking Points Memo
Baltimore proposes $6.4 million to settle suit from Freddie Gray's death. Gray was died of a spinal injury while in police custody in April. The city leaders will vote on the settlement this week. CNN
Macy's to close underperforming stores. The department store operator will shut 35-40 stories in early 2016. The company operates 770 stores total. Reuters
Obama backed with 41 votes for Iran deal. President Barack Obama has secured enough support in the Senate to reject the motion to disapprove of the U.S. nuclear deal with Iran. Democratic Sens. Gary Peters, Ron Wyden, and Richard Blumenthal make 41 votes behind Obama. Politico
Williams sisters to face off in U.S. Open quarterfinals. Serena and older sister Venus are hitting the court tonight as Serena tries to nab another Grand Slam title, and the lower-ranked Venus attempts to cut her off. Talk about sibling rivalry. New York Post
Tiny hedge fund buying 10s of billions in Treasurys. Element Capital has only $6 billion in assets but has been the biggest buying of government notes and bonds for the past 10 months. Run by math brainiac Jeffrey Talpins, the government wants to know just what he is up to. Wall Street Journal (paywall)
San Francisco Fed prez sees rate hike this year. John Williams has been an optimist all year -- but he is not sounding a note of caution on the strong dollar and rout in the oil markets. Sounds like September is a defnite maybe for rate lift-off. MarketWatch
Mining giant cuts debt by $10b, issues $2.5b stock. Glencore has announced plans t