• Dow:  14,760.3, +100.7, +0.6%
• S& P 500:  1,588.0, +14.9, +0.9%
• NASDAQ:  3,347.8, +27.1, +0.8%

• There was a ton of economic data released today, and all of it was better than expected.
• Durable goods orders jumped 3.6% in May, which was much higher than the 3.0% expected by economists. Non-defense orders excluding transportation — a key gauge of business investment — jumped 1.7%, beating expectations for a 0.8% gain.
• According to S& P Case-Shiller, home prices jumped 12.1% year-over-year in April, beating expectations for a 10.6% increase.  Month-over-month, prices rose 1.7%, which was the fastest pace on record.
• New home sales climbed 2.1% month-over-month to an annualized rate of 476,000.  Economists were looking for a 460,000 unit level.
• Consumer confidence surged to 81.4 in June from 75.1 in May.  This was the highest reading since January 2008. " Consumers are considerably more positive about current business and labor market conditions than they were at the beginning of the year," said Lynn Franco of the Conference Board. " Expectations have also improved considerably over the past several months, suggesting that the pace of growth is unlikely to slow in the short-term, and may even moderately pick up."
• The Richmond Fed Manufacturing Index surged to +8 from -2 in May.  Economists were looking for reading of +2.  " All broad indicators — shipments, new orders and employment — landed in positive territory," said Judy Cox of the Richmond Fed.  " Most other indicators showed similar notable improvement. District contacts reported that backlogs were down but just barely, whereas capital utilization improved from May readings."
• " This double play – of stronger data and less anxiety about the policy-driven liquidity paradigm – is essential for maintaining market tranquility," said PIMCO's Mohamed El-Erian in a post for Business Insider.  " The hope is that, having re-priced in a rather disorderly manner, markets can regain their footing. The valid worry is that market tranquility may just invite selling by those who were sidelined in prior trading sessions by both price action and liquidity shortfalls."
  

  
  

Wikimedia/CDC

There's a new pest invading many American towns, and it's about as menacing as it sounds: the Asian tiger mosquito.

 

Named for the black-and-white stripes on its body, the Asian tiger mosquito (Aedes albopictus) was first brought to Texas in a shipment of tires (which are notorious for holding the standing water that mosquitoes require for breeding), the Wall Street Journal reports.

The bug is worrisome for several reasons: Unlike other mosquitoes, the aggressive Asian tiger bites all day long, from morning until night. It has a real bloodlust for humans, but also attacks dogs, cats, birds and other animals. [Sting, Bite, Destroy: Nature's 10 Biggest Pests]

" Part of the reason it is called 'tiger' is also because it is very aggressive," Dina Fonseca, associate professor of entomology at Rutgers University, told the Journal. " You can try and swat it all you want, but once it's on you, it doesn't let go."

The Asian tiger mosquito joins other insects now threatening U.S. residents. Gallinippers (Psorophora ciliata), for example, are a type of shaggy-haired mosquito whose bite reportedly feels like being stabbed they're currently found throughout much of Florida.

But few insects are as effective at spreading illness as the Asian tiger mosquito. The pest transmits more than 20 diseases, according to the Cornell Chronicle, including West Nile fever, dengue fever, yellow fever and two types of encephalitis.

Additionally, the mosquitoes transmit the chikungunya virus, the Chronicle reports. Though the disease is rarely fatal, chikungunya causes debilitating symptoms, including severe joint pain, fever, achiness, headache, nausea, vomiting, rash and fatigue.

There's no vaccine to prevent chikungunya and no treatment people usually recover in a few weeks. But while they're infected with the virus, they can be bitten again by another mosquito, which could then spread the disease to someone else, according to the Centers for Disease Control and Prevention (CDC).

Since its introduction to the United States in the 1980s, the Asian tiger mosquito has spread to 26 states, primarily in the eastern United States, the CDC reports. The bug is also established in South and Central America, southern Europe and several Pacific islands.

Part of its success at spreading throughout the world is due to a warming climate, but the Asian tiger mosquito has one other pesky adaptation: Its eggs are tough enough to survive a cold winter, according to Science News.

If there's a silver lining to this story, it might be this: The Asian tiger mosquito is displacing another disease-carrying mosquito species, Aedes aegypti. Every time a male Asian tiger mosquito mates with a female A. aegypti, chemicals in his semen make her sterile, Science News reports.

But this also means Asian tiger mosquitoes are expanding their territory. Experts recommend removing all sources of standing water, wearing insect repellent and covering up with long sleeves and pants to avoid the bloodthirsty mosquitoes — and the diseases they spread.

Follow Marc Lallanilla on Twitter and Google+. Follow us @livescience, Facebook & Google+. Original article on LiveScience.com.

• Photos: Giant Pythons Invade Everglades
• Gallery: Dazzling Photos of Dew-Covered Insects
• Alien Invaders: Destructive Invasive Species

Copyright  LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

• Dow:  15,112.1 -206.0 -1.3%
• S& P 500:  1,628.9 -22.8 -1.3%
• NASDAQ:  3,443.2 -38.9 -1.1%

• The Federal Reserve wrapped up its two-day Federal Open Market Committee (FOMC) meeting and published its market-moving statement and updated economic forecasts at 2:00 p.m. ET.
• The big takeaways were that the Committee saw " further improvement" in the labor market and said downside risks to the economy have diminished since autumn. They also significantly lowered their inflation expectations.
• It's worth noting that the Fed revised its 2014 unemployment rate forecast to a range of 6.5% to 6.8%, down from a previous range of 6.7% to 7.0%.  In case you forgot, the Fed said at its December meeting that it would use unemployment rate and inflation rate thresholds to guide monetary policy. And its unemployment rate threshold is 6.5%.  This suggests that the Fed may be warming up to the idea of tightening monetary policy sooner than later.
• Bernanke also addressed the taper, or gradual reduction, of its quantitative easing, or bond-buying, plan.  Specifically, he said that if the Fed's economic forecasts hold, then it would be " appropriate to moderate the pace of purchases later this year," ending mid-2014. Sixteen Economists Predict When The 'Taper' Will Begin »
• Increasing optimism toward the economy and the prospect of a taper in the near-term appeared to be the catalyst for  an interest rate rally.  It also appeared to spook the stock market, which immediately crumbled.
• Don't Miss: GOLDMAN: Here Are The 6 Most Interesting Charts In The World Right Now »
  
  Read more: http://www.businessinsider.com/closing-bell-june-19-2013-2013-6#ixzz2Wj20fByZ

U.S. Stocks Close Lower, Breaking Record Streak

 
   By Alexandra Scaggs 
 

  Sir Alex retires 

• Thirteenth league title in 26 years will be his last

• Most successful manager in English football history to become a director of Manchester United FC 

NYSE: MANU.  Manchester, UK. Sir Alex Ferguson will retire at the end of the season, Manchester United announced today.  The most successful manager in English football history will bow out after the West Bromwich Albion game on 19 May and join the football club board. 

Announcing his decision to retire, Sir Alex Ferguson said:  “The decision to retire is one that I have thought a great deal about and one that I have not taken lightly. It is the right time.  “It was important to me to leave an organisation in the strongest possible shape and I believe I have done so. The quality of this league winning squad, and the balance of ages within it, bodes well for continued success at the highest level whilst the structure of the youth set-up will ensure that the long-term future of the club remains a bright one. 

“Our training facilities are amongst the finest in global sport and our home Old Trafford is rightfully regarded as one of the leading venues in the world.  “Going forward, I am delighted to take on the roles of both Director and Ambassador for the club. With these activities, along with my many other interests, I am looking forward to the future.  “I must pay tribute to my family, their love and support has been essential. My wife Cathy has been the key figure throughout my career, providing a bedrock of both stability and encouragement. Words are not enough to express what this has meant to me.

“As for my players and staff, past and present, I would like to thank them all for a staggering level of professional conduct and dedication that has helped to deliver so many memorable triumphs. Without their contribution the history of this great club would not be as rich.

“In my early years, the backing of the board, and Sir Bobby Charlton in particular, gave me the confidence and time to build a football club, rather than just a football team.

“Over the past decade, the Glazer family have provided me with the platform to manage Manchester United to the best of my ability and I have been extremely fortunate to have worked with a talented and trustworthy Chief Executive in David Gill. I am truly grateful to all of them.

“To the fans, thank you. The support you have provided over the years has been truly humbling. It has been an honour and an enormous privilege to have had the opportunity to lead your club and I have treasured my time as manager of Manchester United.”

Joel Glazer said:

“Alex has proven time and time again what a fantastic manager he is but he’s also a wonderful person. His determination to succeed and dedication to the Club have been truly remarkable.  I will always cherish the wonderful memories he has given us, like that magical night in Moscow."

Avie Glazer said:

“I am delighted to announce that Alex has agreed to stay with the Club as a director.  His contributions to Manchester United over the last 26 years have been extraordinary and, like all United fans, I want him to be a part of its future.”

David Gill said:

“I’ve had the tremendous pleasure of working very closely with Alex for 16 unforgettable years – through the Treble, the double, countless trophy wins and numerous signings.

“We knew that his retirement would come one day and we both have been planning for it by ensuring the quality of the squad and club structures are in first class condition.

“Alex’s vision, energy and ability have built teams – both on and off the pitch – that his successor can count on as among the best and most loyal in world sport.

“The way he cares for this club, his staff and for the football family in general is something that I admire. It is a side to him that is often hidden from public view but it is something that I have been privileged to witness in the last 16 years.

“What he has done for this club and for the game in general will never be forgotten. It has been the greatest experience of my working life being alongside Alex and a great honour to be able to call him a friend.”

The wreckage caused by China’s great, juddering slowdown continues to spread far beyond the country’s shores. Although most commodities enjoyed a bounce on May 3, after better-than-expected U.S. employment data, the plunge in their prices over the past few months suggests the past decade’s rally is truly broken.

After walking through what happened during the period of 2000-2011 (which saw a surge in prices and talk about " peak oil" ) Sharma says the opposite discussion is now occurring, that we have perhaps reached peak demand.

Now, as emerging nations begin to embrace energy efficiency as well -- China is working hard on electric cars, for instance, despite continuing to build dozens of coal plants -- global demand might flatten out this decade. The debate over “peak oil” scenarios may shift from the threat of dwindling supply to the threat of peaking demand.

Certainly, the world is no longer terrified of running out of important commodities. High prices have drawn investment to copper mines, aluminum smelters and other basic sources of supply. In the past decade, the amount of capital invested in the energy and materials sector, which includes most nonfarm commodities, has risen 600 percent, compared with an average increase of 200 percent in other sectors.

The idea that peak oil is now decisively a concept of the past has been getting a lot of play lately. Part of it is due to the fall in commodity demand growth. Part of it is due to the huge expansion of potential US supply, and what that means for global trade balances.

Meanwhile, the Australian economy is starting to crack, as its highly exposed to Chinese demand, and a strong market for commodities.

(Via Derek Brower)